There is a plan by hedge fund legend George Soros to get the European Union back together.
Following the referendum to leave the European Union, something Soros had actively spoken out against, the experienced investor presented a plan to mend the results of the ‘leave’ vote.
In a column for Project Syndicate he stated that in the turmoil following the referendum the people of Britain at last realized what they were about to loose by leaving the union.
While it may seem like the beginning of a possible disintegration of Europe, if this sentiment of regret spreads to the rest of the EU, it may in fact create a better and stronger Europe.
With the people of the UK realizing what they stand to loose by leaving the union, Soros points to a “regrexit”. After the call for a second referendum as well as some of the leading “leave” politicians such as Nigel Farage and Boris Johnson stepping down, the UK has a new fervor to actually want to stay in the EU. (Albeit there is anecdotal evidence of this “regrexit”, this may not be necessarily representative of the whole electorate.)
The feeling of regret needs to be capitalized on, according to Soros. While attempting to return to the fold, the UK could deal with the concerns the “leave” voters had with the union and so create a road map for other disaffected nations to follow, in order to mend their own concerns.
As Soros states, once discontent voters in Poland, Italy, Germany and
France realize how a united EU can better their own lives, the union will be stronger for it.
Otherwise the EU will disintegrate at a pace faster than currently expected by citizens and leaders alike.
According to Soros, Italy is the next in line to possibly leave the union. However, he described four points the organization can follow to avoid future confusions before this can become an issue.
For one, the nations in the eurozone need to link up closer. To be more closely integrated, Soros writes, the eurozone needs its own budget and treasury that should serve as its very own fiscal authority besides the European Central Bank, its monetary authority.
The union should make use of its credit. While its very existence is still at stake, it would be irresponsible by its leaders not to use the EU’s borrowing capacity.
Defense capabilities need to be strengthened. Currently the EU is not providing the defense support to the Ukraine that it would need (the US on the other hand is a lot more supportive). The Ukrainian citizens are willing to die for their nation and the Ukraine is without doubt the EU’s biggest asset.
Better planning in dealing with the refugee crisis. The current plans are permeated with inconsistencies and misconceptions that make them highly ineffective. Besides that they are terribly underfunded and seem to use coercive methods which then in turn bring about resistance.
As Soros points out, if the EU was to follow these four steps, it might just make out alive and in one piece.