Soros: ‘The next crisis is coming from the opposite direction.’
The European Union is faced with an existential crisis, says George Soros, and needs to reinvent itself to prevent another major financial crisis.
The Financial Times reported that the billionaire investor highlighted the need for the EU to "reinvent itself" in a a keynote address at a meeting organised by the European Council on Foreign Relations on Tuesday,
In the address, Soros highlighted the refugee crisis, territorial disintegration and the austerity policy prompted by the financial crisis as hurdles to Europe's economic development.
He said the European migration crisis should be tackled first although European countries should not be forced to adhere to set quotas of refugees.
He cited the Dublin regulation, which is responsible for processing a refugee's asylum status, as a reason the economies of Italy and other Mediterranean countries are being weighed down.
He also said the EU was "addicted" to austerity measures which was worsening the European crisis while there was also a need for the bloc to transform itself so that countries such as Britain would want to continue being a part of it.
Click here for the full story at FT.com
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