Press conference - Eurogroup
9 November 2026
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Council of the European Union European Council
Follow its sittings00:18 - 00:48
Speaker 9
Good morning. Good afternoon, already to this press conference following today's Eurogroup meeting. We have with us today Kyriakos Pierrakakis, president of the Eurogroup, Valdis Dombrovskis, commissioner for Economy and Productivity, and Pierre Gramegna, managing director of the Euro of the ESM. We will listen to their statements first and then we will take your questions. President, please.
00:48 - 02:34
Speaker 1
Thank you. Ladies and gentlemen, good afternoon. Uncertainty has become the new norm in the global economy. The situation in the Middle East is affecting international markets on a daily basis, disrupting economic balances and creating new challenges for Europe. Just consider what has happened over the past 10 days: Brent crude oil approached 118 dollars a barrel and then fell to 94 dollars, as hope grew for a diplomatic solution to war.
All of these sharp fluctuations have taken place while, if you think about it, the situation in the Strait of Hormuz has remained largely unchanged. Markets can change direction from one day to the next, but families cannot adjust their household budgets at the same speed, and it is their concerns that must guide our decision-making. European natural gas prices remain roughly three times their pre-war levels while inflation in the euro area reached 4% in October. Underlying inflation has remained stable so far, but sustained pressure on energy prices calls for continued vigilance. Despite the current headwinds, the European economy has demonstrated considerable resilience.
Labor markets remain strong and the euro area now has greater experience and stronger tools to respond to crisis. Resilience, however, is a strength. It is not a guarantee. We must remain cautious, coordinate our policies and stand ready to support those most affected by the disruptions. Support, as we often repeat, must be targeted and temporary, so that it reaches those who genuinely need it.
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