Global politics are threatening to generate “another major financial crisis”, George Soros warned on Tuesday while also calling for a “reinvention” of Europe to solve its deepening flaws.
In a typically caustic keynote address at a meeting organised by think-tank the European Council on Foreign Relations, the billionaire financier said the EU faced three key problems: the refugee crisis, territorial disintegration exemplified by Brexit and an austerity policy, prompted by the financial crisis, that has “hindered Europe’s economic development.”
“The EU is in an existential crisis. Everything that could go wrong has gone wrong,” he said. To escape the crisis, “it needs to reinvent itself.”
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