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06:35But in the real economy, there is no such a button.
06:38So will he do whatever it takes to save the princess?
06:42We are about to find out.
06:49Jakub Janis there on how Mario Draghi may be a superhero to some,
06:53but to others he is a man of the banks and a technocrat.
06:55For another view coming up, we will be joined by The Economist
06:59and author Janis Varoufakis, Greece's former finance minister,
07:02who had many moments with Mario Draghi while he was in office 10 years ago.
07:06Today, Janis Varoufakis leads a left-wing pan-European political party
07:11that he co-founded back in 2016 called Democracy in Europe Movement.
07:15Good morning, Mr. Varoufakis. Thank you so much for joining us.
07:19Look, this retreat is happening today
07:21and the European Union needs new momentum to bolster competitiveness. How?
07:30Exactly in the opposite direction of the one that they are travelling along.
07:34I'm afraid that yet again we have a summit
07:37where our great and good European leaders spectacularly fail
07:41to talk about the one thing they should be talking about.
07:44You heard all this discussion about euro bonds.
07:46It's another word for Europe borrowing money,
07:49which is something that I have been advocating now for decades.
07:51But when reasonable people have a discussion about issuing debt,
07:58shouldn't the first question be who on earth is going to be issuing the debt?
08:02Because, you know, we don't have a federal government in Europe.
08:05We have federal money.
08:06And this is our tragedy.
08:08We have a great central bank, a monolith of a central bank,
08:12and we have, you know, 20 treasuries that can't really rely on it.
08:17And at the same time, we don't have a treasury at the federal level
08:21looking after or supporting the role of the central bank.
08:25It is such a terrible design.
08:27And nobody is discussing the basic question
08:31that oozes out of Mario Draghi's report
08:33and out of what some of us have been saying now for decades.
08:36And it is this.
08:36Have you read the Mario Draghi report?
08:38Are we going to federate or not?
08:40That is the question.
08:41Because if they do not federate,
08:44they can't really seriously talk about euro bonds,
08:46which is, you know, federal debt.
08:49And have you read the Mario Draghi report, the 400 pages?
08:52Of course.
08:53And which camp are you in?
08:55You're clearly in the camp then who wants more Europe
08:57and not those who want to ditch the rules.
09:00Look, I'm putting it very, very simply to my fellow Europeans.
09:05It was a mistake to create federal money without a federation.
09:08The result has been the spectacular drop in investment,
09:13the stagnation, which is causing the lack of competitiveness.
09:17So we have two choices.
09:19We are at the fork on the road.
09:21We can move in the direction of federation
09:23or we can disband the euro.
09:26Unfortunately, the third choice is the one that our leaders are making,
09:30that is neither nor.
09:33And when you choose neither nor,
09:35you end up falling in between two stools.
09:37So are you not in favour then of this idea
09:39of the multi-speed Europe that von der Leyen has been floating?
09:43Could it be the end of the 27 as we know it?
09:46Mrs. von der Leyen is proving very adept
09:49at coming up with phrases that sound like a solution
09:56when they are simply a manifestation of a failure.
10:02But she's teasing another round of deregulation.
10:04The Polish are saying the same.
10:05That is the way the EU is heading inevitably.
10:08What is your view on that?
10:10It's great.
10:11It's like rearranging deck chairs in the Titanic.
10:15Maybe they were not arranged properly.
10:17Maybe we need deregulation.
10:18But the reason why Europe is stagnating,
10:21the reason why Germany is de-industrialising,
10:24the reason why Europe is fragmenting
10:27in front of, on the one hand,
10:29and the United States and, on the other hand, China,
10:33is because we haven't had any investment for 20 years.
10:35And we haven't had any investment
10:36because we have created the monetary system,
10:39the euro, which is federal in its monetary structure,
10:43but it doesn't have a fiscal
10:44and an investment dimension, pillar, to support it.
10:48So it's a very bad design.
10:50And unfortunately, our great leaders
10:52are going into a retreat in a castle with a moat,
10:56and the only one thing they will discuss is the...
11:00Actually, the only one thing that they will not discuss
11:02is the thing that they should discuss.
11:04Do they want to create a federal treasury
11:07and to change the structure of the European Union
11:10from a confederacy that is not working
11:12and failing Europe to a federation?
11:14That is the question.
11:15Well, that is the big question.
11:17That is the big question they're reflecting over today
11:19in the Belgian countryside.
11:20But you're clearly not a fan of EU leadership today.
11:23But just when it comes to your leadership,
11:24when you were in office,
11:25we had an interesting question on social media
11:27from a viewer,
11:28which is quite reflective on your time and power,
11:30reflecting on the book that Alexis Cipras wrote,
11:33saying that your proposals were often, quote,
11:35unrealistic or delusional.
11:37How do you respond, Mr Varoufakis,
11:39to these criticisms today?
11:40And how do you assess your own responsibility
11:41for the outcomes of that period?
11:45Ten years ago,
11:46I put to Mario Draghi,
11:48to Christine Lagarde,
11:49to Wolfgang Schäuble,
11:50to the European leadership at the time,
11:52a very simple proposition
11:54that either we could continue
11:56with socialism for the bankers,
11:57that is printing money for big business
11:59and austerity for the many,
12:01which would cause a deindustrialization
12:04in the end even of Germany,
12:06or we would have to move in a direction
12:11that even Mario Draghi is now advocating now,
12:15not ten years ago.
12:17And they made the wrong choice.
12:19Okay.
12:19I think I was right in what I was advocating back then.
12:21Okay.
12:21Mr Varoufakis,
12:23thank you so much for joining us this morning
12:25on Europe Today.
12:26See you very soon.
12:28Well, now, EU leaders are locking heads,
12:30of course,
12:30on fixing the EU economy,
12:31but they're also nervous
12:32about the never-ending war in Ukraine.
12:34February 24th will mark
12:35four years since the full-scale invasion of Ukraine
12:39by Russia,
12:39a date that was rumored in the media
12:41as the day President Zelenskyy
12:43would announce fresh elections,
12:44something he has clarified and rejected.
12:46For more,
12:47Sasha Vakilina,
12:48our Ukraine correspondent,
12:50joins me here on set.
12:52So, Sasha,
12:52President Zelenskyy said
12:53no elections are on the table.
12:55Tell us very sharply.
12:56He said there's no intention
12:57to announce any elections
12:58or, in fact,
12:59anything political on the 24th.
13:00He also said that
13:01this is the first time he heard about it
13:03was from the media reports.
13:05He did confirm that this issue
13:06has been raised numerous times
13:07by Ukraine's partners,
13:08specifically by the United States,
13:10but he said this is not something
13:12that is floated in Ukraine.
13:14Let's take a look at what he said
13:15regarding Ukraine's intentions.
13:18He said we are ready for elections.
13:19I said it is very simple to do.
13:22We'll do it when all the relevant
13:23security guarantees are in place.
13:25Make a ceasefire.
13:26There will be elections.
13:27That's it.
13:28It's a matter of security.
13:30He also added that there is no link
13:33between the U.S. security guarantees
13:34and the elections,
13:35because this is another speculation
13:36that we saw in the media reports.
13:38He said no,
13:39the United States is not threatening
13:40to withdraw or withhold
13:41any security guarantees
13:43in exchange for the election.
13:44and he also said
13:45it's going to be very foolish
13:47to use the date of the 24th
13:49to make any political statements, Maeve.
13:52And what about the peace talks, Sasha?
13:54Any update on the talks?
13:55Well, they are continuing
13:56and that's probably the best news
13:58and the best result of those peace talks.
14:00The next round is expected
14:01to be next week.
14:03The format is still to be clarified.
14:06We saw the trilateral talks,
14:07Ukraine, Russia and the United States.
14:09So this is expected
14:10to be the next format as well.
14:11But there's not much hope
14:13regarding the result.
14:15Now, your new sources
14:16at NATO in Brussels said,
14:18for example,
14:19that one of the main topics
14:20at the meetings this week at NATO,
14:22including the defence minister's meeting
14:24on Thursday today,
14:25is to have the better visibility
14:27regarding Ukraine's Pearl programme
14:29and to have the visibility
14:30from six months to up to one year.
14:32That's your answer
14:33about the expectations
14:34on the peace talks and the results.
14:35OK, Sasha, Vakilina,
14:36thank you so much, as always,
14:38for all those updates.
14:39And as the clock ticks down
14:40to all those deadlines,
14:41the clock is also ticking
14:42to a very important date
14:44in the EU agenda.
14:45That's the Hungarian elections.
14:46Just two months to go
14:48until Hungary's April election,
14:51where incumbent Prime Minister
14:52Viktor Orban is running again.
14:54Viktor Orban has repeatedly clashed
14:56with EU counterparts
14:57on migration and the war in Ukraine.
15:00And this campaign is no different.
15:02Viktor Orban is planning a visit
15:03to see Mr. Trump,
15:04President Trump next week,
15:06for the Board of Peace event.
15:07But meanwhile, back home,
15:08the campaign is getting heated.
15:10For more on this election.
15:11And who else is running?
15:13We're joined now by Sándor Giroz,
15:14our Hungarian correspondent.
15:16Good morning.
15:17So this election is getting quite heated.
15:19Tell us more and who's running.
15:21Well, surprisingly,
15:23the opposition party TISA,
15:25which is led by Peter Magyar,
15:26is leading in the polls
15:27with 7 to 10 percent
15:30ahead of Viktor Orban's Fidesz party.
15:32And this is unprecedented
15:33because Viktor Orban was in power
15:35since 15 years
15:37and his winning elections
15:38was never in question.
15:40But now we have a very, very strong
15:41and very aggressive opposition party.
15:44Nevertheless,
15:45that doesn't mean that the race is done.
15:48Fidesz can win.
15:49TISA can win.
15:50There is a large amount
15:51of undecided voters.
15:53And, you know,
15:54the campaign is heating up.
15:55TISA party released
15:56this election manifesto,
15:57which is full of promises
15:59related to the cost
16:00of the living crisis
16:01and inflation.
16:01They promised tax cuts.
16:04They promised family benefits,
16:05pension rights.
16:07And also,
16:08Viktor Orban continues
16:10to highlight
16:11his foreign policy agenda,
16:13namely targeting Ukraine.
16:15And he went on
16:17with a very aggressive wording
16:18over the weekend.
16:19Let's maybe take a look
16:20of what he said.
16:22Ukraine is damaging
16:23our elementary interest
16:25by constantly demanding
16:26and inciting Brussels
16:28to do so,
16:28that Hungary be cut off
16:30from cheap Russian energy.
16:32Anyone who does this
16:33is not an opponent
16:34of Hungary,
16:35but an enemy.
16:36Viktor Orban there.
16:37And Peter Meyer,
16:38who's leading the polls,
16:39has said,
16:39quote,
16:40the governing party,
16:41Fidesz,
16:41could release
16:41a compromising video
16:43to discredit him.
16:45What exactly does that mean,
16:47Shander?
16:48And what does it say
16:48about the campaign?
16:49Well,
16:50Peter Modjar said
16:51that there is
16:51a secretly recorded
16:52sex tape
16:54with him
16:54and his former girlfriend
16:56that the government forces
16:59are using
17:00to blackmail him.
17:01And here I have to quote
17:02Peter Modjar
17:03because he said that
17:04I suspect that
17:05they are planning
17:06to release
17:06a secret service
17:08recorded
17:08and possibly
17:09doctored recording
17:10of me
17:11and my then girlfriend
17:12having an intimate
17:14encarter.
17:15There is also
17:16a picture circulating
17:17online showing
17:18an empty room
17:19with a bed.
17:20This might be
17:21possibly related
17:22to this sex tape,
17:23but we don't know
17:24anything about
17:25this sex tape.
17:25This has not been
17:27released,
17:27we just see
17:28this picture.
17:29We don't know
17:30if this is a media hack
17:31or not,
17:32but this tells
17:33one thing,
17:34that this Hungarian
17:35electoral campaign
17:36is so special,
17:38it's so aggressive,
17:39it's going to be
17:40full of personal attacks,
17:41it's going to be
17:42full of,
17:43you know,
17:44full of hate
17:46and videos.
17:48And in the coming months
17:50we will see
17:51more and more
17:52of this.
17:53And then
17:53Prime Minister
17:54Viktor Orbán
17:55also said
17:56that in the last
17:57phase of the election,
17:58in the last days
17:59of the electoral
18:00campaigns,
18:01they will have
18:02released something
18:03on the opposition
18:04so they will have
18:05some munition
18:06against the opposition
18:08that they are
18:08willing to use.
18:10So we should expect
18:11a lot of dirty
18:12laundry to surface
18:13in the next couple
18:14of weeks and months
18:14into that election.
18:15Thank you so much
18:16for that update.
18:17Sándor Dírus there,
18:18our Hungarian
18:19correspondent.
18:20And of course
18:21for more on the
18:22EU Leaders Retreat
18:22taking place today
18:23you can follow
18:24our live blog
18:25on Euro News
18:26and by the way
18:27if you're interested
18:28in the topic
18:28of managing migration
18:30you can watch
18:31a very fiery debate
18:32from Strasbourg
18:33on The Ring.
18:34But that does bring
18:35this edition of Europe
18:36today to an end.
18:37Thank you so much
18:38as always
18:38for your company.
18:39Any comments,
18:40points for us
18:41do reach out to us
18:41either on social media
18:43or you can drop us
18:44an email
18:44europetoday
18:45at euronews.com
18:46That is our email address.
18:47Take care though
18:48and see you very soon
18:48right here
18:49on Euro News.
19:20if you're interested in
19:23with these
19:23a lot of stream
19:23in Wonderland.
19:24Bye-bye.
19:25Bye-bye.
19:27Bye-bye.
19:28Bye-bye.
19:29Bye-bye.
19:31Bye-bye.
19:32Bye-bye.
19:33Bye-bye.
19:35Bye-bye.
20:00Dzięki za oglądanie!
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