Commenting on the current state of the European experiment, George Soros warned the European Union has plunged it into an existential crisis as a result of “dysfunctional” institutions and austerity mandates, and will require the bloc to reinvent itself to survive. Speaking at the Brussels Economic Forum, the billionaire investor said the EU had “lost its momentum” as he urged policymakers to abandon hopes of “ever closer union” driven by a top-down approach from Brussels, a statement which will likely displease Germany.
“The European Union is now in an existential crisis,” Soros told a Brussels audience. “Most Europeans of my generation were supporters of further integration. Subsequent generations came to regard the EU as an enemy that deprives them of a secure and promising future.”
Just a day after Brussels published a paper mapping out its vision of eurozone integration, Mr Soros warned that the single currency area had become “the exact opposite of what was originally intended” according to the Telegraph.
Quoted by CNBC, Soros said Europe’s “reinvention would have to revive the support that the European Union used to enjoy.” The reinvention would have to review past mistakes and explain what went wrong, and make proposals to make things right.
This post was published at Zero Hedge on Jun 1, 2017.
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