Speaking about the state of the European project in the wake of Brexit and the continuing advance of nationalism in EU member states, billionaire globalist George Soros warned the European Union has plunged into an existential crisis as a result of "dysfunctional" institutions and undemocratic decisions imposed on members, and will require the bloc to reinvent itself to survive.
Addressing the Brussels Economic Forum, the financier and notorious meddler in politics said the EU had "lost its momentum" and urged policymakers to abandon the push towards "ever closer union" which has been driven by a top-down approach from Brussels and a Franco - German accord which has been detrimental to smaller member states. His statement is likely to provoke a backlash from Germany, which has most to gain from futher political and economic integration, being already the dominant economic power in the bloc.
"The European Union is now in an existential crisis," Soros told the 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.
According to a CNBC report, Soros said "Europe's reinvention would have to revive the support that the European Union used to enjoy." The reinvention would have to consider past mistakes and to understand what went wrong, and make proposals to make things right, he added.
Soros, who is said by many to have been instumental in engineering Europe's immigration crisis, praised a German proposal to reduce EU payments aimed at reducing income inequalities for countries that defy Brussels diktat. Hungary and Poland, both net recipients of these 'cohesion funds', have been criticized by the EU Commission for their refusal to accept bureaucratically imposed immigant quotas.
The billionaire also had some harsh words for the high handed treatement by the bureaucrats of the EU on southern and eastern European nations which have been crippled economically by membership of the single currency (the Euro). "By imposing an austerity policy they made it practically impossible for the debtor countries to grow out of their debts. The net result was neither voluntary nor equal."
He also said loss of trust in the EU has led to support for anti-European political parties, explaining: "Now we need a collaborative effort that combines the top-down approach of the EU institutions with the bottom-up movements that are necessary to engage the electorate, instead of a “multi-speed” Europe we should aim for a “multi-track” Europe that would allow member states a wider variety of choices. This would have a far-reaching beneficial effect."
He urged the bloc to focus on three key areas - dealing with the refugee crisis, Brexit and "the lack of an economic growth strategy".
Predictably, the man who was behind the movement that sent 1 million allegedly Syrian refugees (but mostltly African and Asian economic migrants,) to Germany in the past 2 years, Soros said Europe needs to overcome the current existential crisis by fighting together against the rise of anti-European sentiment, xenophobic feelings and surrounding hostile powers.
“Externally the EU is now surrounded by hostile powers: Putin’s Russia, Erdogan’s Turkey, Sisi’s Egypt and the America that Trump would like to create but can’t,” Soros said.
He called for a rewriting of European treaties to make the EU work for all members rather than just Germany and the development of a "multitrack" bloc where countries would retain more sovereignty when it comes to decisions on integration, migrant policy and setting interest rates.
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