Europe Today: EU joins Ukraine peace talks in Abu Dhabi as race to replace Lagarde heats up

Name: Europe Today: EU joins Ukraine peace talks in Abu Dhabi as race to replace Lagarde heats up
Uploaded: 2026-11-10T08:13:27+00:00
Duration: 19 min 37 s
Channel: euronews (in English)

00:14Good morning. It's Tuesday, November 10th. You're watching Euronews and this is Europe Today.

00:22Our top stories. The European Commission and the European Council will send a joint team

00:27of senior officials to peace talks in Abu Dhabi between Ukraine, Russia and the United States.

00:33The EU institutions will be joined by France, Germany and the United Kingdom.

00:37Whether a face-to-face with Russia will happen is unclear this morning. The Abu Dhabi talks

00:43marked the resumption of trilateral peace negotiations since February when the war

00:48on Iran abruptly shifted Washington's focus. NVIDIA shares took a dive yesterday after the

00:55chipmaker's board announced an investigation into reports that Chief Executive Jensen Wang was the

01:01target of a foreign espionage operation. Wang, the face of the global AI boom, said he would cooperate

01:08with the probe. He apologized to his family and NVIDIA employees for an affair, which U.S. officials

01:15believe was with a woman working as a Chinese spy. And Hungary's former Prime Minister Viktor Orban's

01:22brother, Aaron Orban, has reportedly been arrested in a suspected human trafficking investigation.

01:29Prime Minister Peter Marjar announced the development yesterday, pointing to police raids in Budapest

01:35and surrounding areas. Investigators are probing an alleged network involved in arranging visas

01:41and residence permits for foreign workers in exchange for money. The case adds to a series of

01:48corruption investigations launched since Marjar defeated Viktor Orban in April. Welcome to the

01:54program. I'm Stefan Grobe. The Eurozone is facing a crucial moment. With the race to succeed ECB

02:01President Christine Lagarde gathering pace, European finance ministers must decide who will steer the

02:07single currency through an increasingly uncertain economic future. Since the outbreak of war in Iran,

02:13energy costs have surged while investors are demanding more to ensure against European sovereign

02:19debt risks. Can Europe really deliver growth while reigning in public spending? Who better to answer

02:26these questions than the president of the Eurogroup himself, Kyriakos Pyrrakakis, finance minister of

02:31Greece. Welcome to the program. It's great to have you here this morning. Good morning. Great to be

02:35joining you. So let's start with two warning sites that have been emerging recently, rising energy

02:41prices and bond yields. How concerned are you about the economic impact of these developments?

02:48We're obviously mindful and this is certainly something that the ministers of finance of Europe

02:52are discussing not only in the Eurogroup and the ECOFIN meetings but I would say continuously. We're

02:58continuously in touch to coordinate action. Obviously we're in an era of expensive capital, an era of cheap

03:04capital is behind us. Even if you make the comparison of 2016 and 2026, you know, average 10-year bond

03:11yield in 2016 was 1.1%. Now it's 4%. We're operating in an era of more expensive capital and this

03:17is

03:17happening for a series of reasons. Part of it is fiscal, double the average deficit compared to 10 years

03:22ago. Part of it is what you describe right now, energy, higher spending, social spending and greater

03:28investment priorities. So Greece has been through a massive economic and financial crisis. You know that

03:34better than anybody. Do you see any perils with the current situation or are we facing a

03:40fundamentally different set of circumstances?

03:43Every situation is different and I'm often asked, you know, from my Greek hat, are there lessons in the

03:49Greek crisis? And I often try to reply, one, that the word hubris is Greek and second, that I believe

03:54in

03:54inspiration in politics rather than in lessons. So the inspiration here is that right now you have

03:59five countries in Europe in headline surplus. It's Denmark and the four countries that run bailout

04:05programs in the previous decade. So we managed to take difficult decisions, take them, some with delay,

04:11some as fast as we could. And now we're in a position of fiscal strength. And this resilience,

04:16which is a title I would say overall for Europe, but certainly for Greece as well,

04:20is quite significant to be able to tackle the very significant headwinds that we have.

04:24Are there any lessons learned to be learned in Germany? Because there are a lot of calls right

04:30now that Germany needs to fundamentally engage in structural reforms. What can Germany learn from

04:38Greece?

04:38Well, I was recently in Berlin being asked exactly this. So this was what I said before was my reply.

04:44I believe in inspiration. There are certainly no lessons on my end for my good colleague Lars Klingbeil

04:50and the German government. I think Germany knows what it needs to do and what it needs to deliver.

04:54It has a phenomenal potential and it can unlock significant growth. It's a productive powerhouse.

05:00And in one phrase, Europe needs Germany and Germany needs Europe. So part of the reform agenda that we're

05:06prioritizing at the Eurogroup actually is going to help with the growth prospects of every single

05:10member state of Europe, the capital markets union, the banking union, our discussions on energy,

05:15all of those elements that can unlock growth potential will end up affecting Germany, will

05:20end up affecting Greece, every single citizen who's watching us. And this is why we need to...

05:24Speaking about citizens, how concerned are you about inflation? Do you fear that prices will go up

05:30again? And how can households be protected?

05:32First of all, the number which was announced, this 4% number, is obviously driven by energy.

05:36So overall, this is connected to your first question, the energy crisis that we have in

05:40front of us. And we're trying to coordinate our action and we're trying to coordinate our

05:44support towards citizens. This happens in different forms depending on the fiscal capabilities

05:49of every country. But generally speaking, the overall idea is to support citizens at a quite

05:55challenging winter. Now, obviously, the best thing that you can do is invest in energy infrastructure.

06:00This is the most sustainable response, I would say. But we also need temporary measures.

06:05We also need targeted measures. We also need tailored measures that will support especially

06:09the most vulnerable and those in need. So this is exactly what we're trying to do.

06:13And part of our job, I would say, at the Eurogroup, and I think I can't stress this enough,

06:18is having a common understanding of the problem and the common vocabulary of the problem.

06:22If you look at the solutions, if you look at how you can optimally react, if you look at

06:26what happened...

06:26I want to change topic for a second. Yesterday, NATO Secretary-General Marco Witte

06:34was with you, with the finance ministers. That is pretty unusual. Why was he invited

06:39and what did he have to say?

06:41Well, actually, it was a very interesting discussion. And what are we looking at? I mentioned at the

06:46beginning that we're operating in an era of more expensive capital. We need to make every

06:51Euro count. We need to unlock the value, the impact of every single Euro that we spend.

06:56And we have higher needs to invest in defense. So by definition, we have the National Escape

07:02Clause in defense. Our calculus changed after Russia's invasion in Ukraine. So what do we

07:07need to understand? How to do it? It's not only a question of how much. It's also a question

07:12of how. So we know that we're not doing enough joint procurement. We know that we're not doing

07:17enough R&D in Europe. We know that we need more interoperability in our systems. So coordinating

07:22this action, not only at the level of the defense ministers, by the way, but at the level of

07:26the finance ministers, who need to pay the bills.

07:27I have one more question briefly. The Eurozone is heading into the winter of decisions. There's

07:35the Ukraine thing. There's the budget, the next EU budget. And there is the succession

07:40of Christine Lagarde. Do you think you can wrap these issues up by December, find an agreement?

07:46That's absolutely the time frame that we have in front of us. And I was asked yesterday about

07:51the last element of your question, the ECB succession. Be that in the reforms, be that

07:55in the decisions, or be that in filling the posts. Christine Lagarde has announced that

07:59she's going to be staying at her post until February the 7th. This means that ideally we

08:04need to have a decision formally by the end of the year, by December. It's a decision happening

08:09at the leader's level. It's not only one position, actually. It's three positions. This is

08:13quite unprecedented. It's the president and two chief economists and one executive board

08:18member post as well. Many view this as a package. I think this is fair. So it's a decision taken

08:24at the level of the leaders. And the Eurogroup will facilitate.

08:27We will follow this closely as ever. Thank you so much, sir, for coming on this morning,

08:32Eurogroup President and Greek Finance Minister Kyriakos Pirakakis. On the ECB succession race,

08:38our Europe editor Maria Tadeo spoke exclusively with Spain's economy minister, Carlos Cuerpo,

08:44on the sidelines of the Eurogroup meeting. Madrid is pushing hard for its candidate,

08:49Hernandez de Kos, to replace Christine Lagarde. Let's take a listen.

08:53It's the right window of opportunity for Spain, not only because the way that we've been leading some

08:57of the important discussions at the European and the EU level, also looking at the performance of the

09:03Spanish economy, but mainly because I think we have the right candidate. Pablo not only has

09:07been in the central bank world for almost 30 years, he's been leading, as you said,

09:12the Spanish central bank, but also the BIS as a steady hand, a strong background in economics,

09:17and also, of course, a man who is able to gather consensus, which is very important at the head of

09:24an

09:24institution like the ECB. Some would argue the problem with the Spanish is that they are pro-debt,

09:29a more joint debt, and perhaps not as fiscally conservative as others would like to see

09:34around the governing council. Is that going to be a problem?

09:37The Spanish are very fiscally responsible. You just have to look at what has happened over the

09:41past few years with the Spanish fundamentals and the reduction in our debt to GDP ratio by more than

09:4722 percentage points, strong confidence from the markets, from investors in the Spanish economy.

09:52That's what we are putting forward as well.

09:54You're putting forward a candidacy in the midst of an election campaign. You may not be in government in

09:59just a few months. Is that not going to penalize this process?

10:02Well, I think and I hope that what we are presenting is a Spanish candidate, not a governmental

10:06candidate. It's a candidate that has consensus also throughout the different parties in Spain.

10:11But you have to lobby for it too, and the prime minister is not going to show up at a

10:15European

10:15council this week either. How are you pushing for your guy?

10:19Well, we've been lobbying for the past few months already very heavily, both at the prime minister level,

10:26and also myself trying to also push and make everyone understand that this is the right man

10:30at this point to lead the ECB. He's the right person. So let's see. Let's hope that the rest of

10:37the colleagues will also see it this way. And somehow it's for the leaders also to come to an agreement

10:42and

10:42to decide.

10:46Maria Tadeo speaking with Carlos Cuerpo. For the first time since February, Ukrainian, Russian,

10:53and U.S. negotiators are set to meet in Abu Dhabi for a new round of talks aimed at ending

10:59nearly five

11:00years of Russia's full-scale war against Ukraine. The two-day discussions beginning today are expected to

11:06focus on security guarantees after previous rounds earlier this year failed to deliver any

11:12tangible progress towards ending the war. For more on this, our correspondent Toby Gregory joins us now

11:18from the United Arab Emirates. Good morning, Toby. What do we know about the preparations,

11:24the negotiating format, and the issues on the agenda?

11:29Well, we know that overnight, Ukrainian, American, and Russian officials all landed here in the UAE. For the

11:35talks that are going to take place in a few hours' time. Of course, these are the first talks to

11:39take

11:39place since February, and they have been shrouded in secrecy. We don't know the venue, we don't know

11:45if there's any media access, and we certainly don't know any topics of discussion from authorities here

11:50in the UAE. But what we do know is it's a trilateral meeting. The United States were mediating between Kyiv

11:55and Moscow, and we also know that Ukraine are pushing for security guarantees, both against Russian

12:01aggression, and also what their future defensive capabilities might look like. So for the EU, it's slightly

12:07different. They're not involved in the direct talks today, but they are going to meet Ukrainian officials at some

12:13point during these meetings to discuss the future. There have also been talks that they should, suggestions

12:19that they should have a seat at the table. We'll certainly keep you updated throughout the day as the talks

12:24progress.

12:25All right, Toby Gregory in the UAE. Thank you very much for this update. Now, to make sense of what's

12:32happening in this round of peace talks, I have Sasha Vakulina with me here on the set. Good morning, Sasha.

12:38Sasha, you have been following these developments for a long time. Beyond security guarantees that I

12:46mentioned earlier. What else can we expect? And how much progress is there realistically, you know,

12:52in the pipeline? Let's just set the scene here. Ukraine still wants a ceasefire, and Russia still

12:57wants Ukraine to capitulate. Now, this is where we are, and this is how we are going into these talks.

13:02In an evening address on Monday, Volodymyr Zelensky said that Moscow also plans to cut Ukraine into

13:07two parts along the Dnipro River. That actually is even more territorial demands than what we've heard

13:12already from Moscow regarding the four regions, including the territory that Russian forces never

13:17occupied, plus annexed Crimea. Zelensky also confirmed that Ukrainian team will propose

13:23de-escalatory steps. This is, of course, in line with Ukraine's first and foremost goal of having any

13:32sort of a ceasefire, specifically when it comes to the civilian energy infrastructure. According to the

13:38US officials, now talks will proceed today in two parts. And both sides have allegedly shown a little

13:47bit more of flexibility privately when it comes to the territorial issue. This is, of course, the most

13:52crucial one, the most complicated one. And this is where Ukrainians are also hoping to take any steps

13:57and any progress regarding the possible trilateral meeting in the leaders format where the territorial

14:03issue could be discussed, Stefan. We've heard that there are European representatives in Abu Dhabi,

14:09but they won't probably have a seat at the negotiating table. What is their role then?

14:17That is a very interesting setup of what was happening at the talks. Indeed, the European representatives

14:23will be there. They will not be at the table in the trilateral format, as you said. Who will be

14:29there?

14:29We know that the representatives from the UK, France, Germany and Italy, as well as the EU

14:34and NATO will be there. There are certain consultations that are expected to take place

14:39with Ukraine and with the US representatives before the trilateral talk. So there will be some

14:45contact. Now, Ukraine and Ukrainian officials do really want to have the Europeans at the table.

14:50They see Ukraine, of course, as part of any future European security architecture. But Russia opposes this

14:57idea. And in fact, Putin's foreign affairs advisor Yuri Ushakov said, quote, no one is going to invite

15:03them to the negotiating table. This is what he said regarding the European representatives. So there

15:09might be a little bit of an awkward moment in Abu Dhabi at the talks, Stefan. Interesting. Thank you,

15:15Sasha Rakulina, for all these details. Nearly half a century after the island was divided,

15:21the Cyprus conflict remains one of Europe's longest-running unresolved disputes. But a fresh

15:27round of talks this week has raised hopes of breathing new life into the stalled reunification

15:33process. The challenge remains enormous. The Greek Cyprus side insists on a federal solution,

15:39while Turkey continues to push for a two-state arrangement. For more on this, let's head to Athens,

15:45where our correspondent Faye Dulgeri is standing by for us. Good morning, Faye. So, we haven't heard

15:55about the Cy... Yeah, we haven't heard about the Cyprus conflict in a long time.

16:02Why are there talks happening just now, Faye?

16:13Yes, good morning, Stefan. Good morning. Making progress on the Cyprus issue has been one of the

16:19major challenges and a personal bet, we could say, for the UN Secretary General Antonio Guterres,

16:25whose term is ending by the end of the year. So, he would like to deliver, we could say,

16:31a kind of a roadmap to his successor, because he has acknowledged many times himself that this is

16:37a very important issue for him, and he will consider his term very successful if he delivers that. Also,

16:45this has been one of the major challenges and the pre-election pledge of the President of Cyprus,

16:51Nikos Christodoulidis, who is approaching the halfway point of his term, and he also needs to deliver

16:58results, especially if he wants to get re-elected in the presidential elections of 2028. And,

17:06of course, we must not forget that the passage of time is making the prospect of a de facto partition

17:13of the island very difficult to reverse, bringing Cyprus closer than ever to a permanent division. And,

17:22of course, everyone in the region of the eastern Mediterranean would like a less source of

17:29tension in these difficult geopolitical times. And what can we expect from these talks?

17:38Yesterday's meeting was very positive. Nikos Christodoulidis, the President of Cyprus,

17:44when he left the meeting, was very cheerful. He said he was very satisfied by the meeting. The most

17:52important outcome was the opening of two new points in the green line that divides the island into. The next

18:05step. The yesterday's meeting paved the way to a new trilateral meeting between Nikos Christodoulidis,

18:13Tufan Erhuman, and the UN Secretary General this time, by the end of the year. And the main objective,

18:20of course, is to reach an agreement to convene an expanded meeting between Greece, Cyprus, Turkey,

18:29and the United Kingdom, which is a guaranteed country, in order to restart talks.

18:34And what are the complications in the process at this point?

18:40The main obstacle, of course, remains the disagreement on the form of the new state. The Greek, Cypriot,

18:49and Greece side want a bi-zonal, bi-communal federal state, while Turkey wants a two-state solution. Also,

18:58there are differences in political equity, in security arrangements, and the future of the

19:04Turkish troops on the island. So the two sides also remain divided over the conditions and the frame,

19:11the framework for resuming negotiations. All right, Feydul, Gary in Athens, thank you very much for these

19:19updates. And that's it for today. Thank you for watching. I'm Stefan Grobe. Take care and see you tomorrow.

Europe Today: EU joins Ukraine peace talks in Abu Dhabi as race to replace Lagarde heats up

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