Browse Category: EU Economic Crisis

Predictions By George Soros On the Collapse Of The EU

Billionaire George Soros has confirmed that the EU is on the verge of collapse. The EU which is composed of over thirty European states will soon, if this trend continues, join the list of international bodies that have been extinguished over the years such as the Soviet Union which faded away when the EU was being formed. According to George Soros, in an exclusive interview with Gregor Peter Schmitz of the famous German Magazine WirtschaftsWoche, what German Chancellor Angela Merkel predicted about the EU will soon be a reality.
The EU which has been enjoying quite an unprecedented spell of growth since 1989 is said to be affected by a number of issues some of which George Soros pointed out. The banking magnate highlights that the refugee crisis in Syria is one of the possible reasons for its collapse. He notes that since the EU does not have a refugee policy, member states have been taking different actions in favor of their own interests and at the expense of others. Therefore, the different opinions evident among the leaders of the EU member states as to whether to admit the refugees into their countries are not good for the union. For instance, in November last year when the People’s Party of Denmark accented into power there were insistent calls for the government to stop taking in Refugees.
The condition worsened when the Danish legislature enacted a law allowing the Ministry of Immigration to confiscate valuables of more than 1OOO Danish kroner ($1450). The seizure of these belongings is based on the ground that the refugees must pay for their sustenance. Other states such as Switzerland have adopted similar laws while others have developed strict refugee policies. However, Merkel has adopted a different approach. She has opened her country’s borders to the refugees; a fact that has led George to say that Merkel may be the only solution to the crisis. In an interview with the New York Review of Books, George asserts that the German people must accept the responsibilities of being the most dominant power in Europe by allowing the millions of Syrian refugees into her borders.

A second reason that the tycoon suggests for the likely collapse is the different political opinions that are being propagated in Hungary and Poland. George is of the opinion that the EU was founded on the principles of an open society. However, the political leadership in Hungary and Poland does not. He further contends that the fact that Poland has a different political inclination may work against Germany for she needs Poland against the resurgent Russia. Greece too has adopted a different ideology from that espoused by the EU. The Right-wing Independent Greek government has also openly challenged the EU open society school of thought. Whether or not the various factors affect the stability of the EU is a question that is yet to be answered.

Arwa Damon and Time Hume (Jan 26 2016) Denmark Adopts ‘Controversial’ Law to Seize Assylum Seekers Valuables, CNN <>
Edward Delman (Jan 27 2016) How not to Welcome Refugees, The Atlantic <>
John Jeffer (27 Jan 2016) The European Union May be on the Verge of Collapse, The Nation <>
New Year Review of Books (Jan 20 2016) The EU is on the Verge of Collapse: An Interview <>