In its 40th year of operation, the European Investment Bank (EIB) fulfils its fundamental role in facilitating the transition to the single currency: on the one hand, the EIB contributes, through its lending to the less-developed regions, to the economic convergence of the European Union; on the other, by issuing loans and bonds in euros, it helps establish a large capital market in euros. Furthermore, the EIB authorises lending to encourage employment creation in Europe and to support the EU external development cooperation policies.