LONDON, March 3, 2008 (AFP) - The European Bank for Reconstruction and Development still has a 'crucial' role to play, despite strong economic growth in eastern Europe, a candidate for the bank's presidency said in an interview published Monday.

Speaking to the Financial Times from Berlin, Germany's Deputy Finance Minister Thomas Mirow said that as energy prices rose and conditions for credit tightened, the EBRD could act as an 'anchor'.

'If we have a slowdown in the world economy, the countries of operation may be affected,' Mirow told the business daily.

'A well-financed bank in this context is always a confidence anchor.'

He continued: 'The bank still has a crucial role to play, for instance, in the western Balkans, the Caucasus and central Asia, whose stability and prosperity are crucial to Europe.'

Mirow added that the bank's role in Russia would change in the years ahead: 'We have an interest in supporting Russia as it develops in areas beyond energy and natural resources but the role of the bank there is not only financial.'

'By being engaged in Russia, the EBRD acts as a guarantor that certain standards will be respected and that other lenders' investments there are secure.'

He also argued that his lack of banking experience should not hamper his candidacy, as he had overseen various development projects.

Jean Lemierre, the current EBRD president, will step down in July after eight years as head of the bank, his office said last month.