Long Reads

English

How to Save Europe

May 29, 2018 George Soros

There is no longer any point in ignoring the reality that a number of European Union member countries have explicitly rejected the EU’s goal of “ever closer union.” Instead of a “multi-speed Europe,” where all members are still heading toward the same destination, the goal should be a “multi-track Europe” that offers member states a wider variety of choices.

LONDON – The European Union is mired in an existential crisis. For the past decade, everything that could go wrong has gone wrong. How did a political project that has underpinned Europe’s postwar peace and prosperity arrive at this point?

In my youth, a small band of visionaries led by Jean Monnet transformed the European Coal and Steel Community first into the European Common Market and then the EU. People of my generation were enthusiastic supporters of the process.

I personally regarded the EU as the embodiment of the idea of the open society. It was a voluntary association of equal states that banded together and sacrificed part of their sovereignty for the common good. The idea of Europe as an open society continues to inspire me.

We hope you're enjoying Project Syndicate.

To continue reading, subscribe now.

Already have an account? Log in

Support High-Quality Commentary

For more than 25 years, Project Syndicate has been guided by a simple credo: All people deserve access to a broad range of views by the world's foremost leaders and thinkers on the issues, events, and forces shaping their lives. At a time of unprecedented uncertainty, that mission is more important than ever – and we remain committed to fulfilling it.

But there is no doubt that we, like so many other media organizations nowadays, are under growing strain. If you are in a position to support us, please subscribe now.

As a subscriber, you will enjoy unlimited access to our On Point suite of long reads, book reviews, and insider interviews; Big Picture topical collections; Say More contributor interviews; Opinion Has It podcast features; The Year Ahead magazine, the full PS archive, and much more. You will also directly support our mission of delivering the highest-quality commentary on the world's most pressing issues to as wide an audience as possible.

By helping us to build a truly open world of ideas, every PS subscriber makes a real difference. Thank you.

Subscribe Now

George Soros

Writing for PS since 1997
118 Commentaries

George Soros is Chairman of Soros Fund Management and the Open Society Foundations. A pioneer of the hedge-fund industry, he is the author of many books, including The Alchemy of Finance, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means, and The Tragedy of the European Union: Disintegration or Revival? His most recent book is In Defense of Open Society (Public Affairs, 2019).

new comment has been posted. new comments have been posted.

0 Comments on this paragraph, 54 Comments on this article

Christine Constable Sep 23, 2018

The story and rationale for the EU has different narratives depending on what lies the politicians decided to peddle to which electorates. In the UK for example we were asked to join a trade group the "European Economic Community". We voted to join that trading club. Without reference to the British people, our UK politicians along with the connivance of the bureaucrats in the EU, through a series of "Treaties" whittled away at the EEC and turned it into a supra government, without consent, without explanation and without really knowing what they were doing and what they hoped to achieve from doing it.

The British have had huge concerns about the direction of the EU for years. Its failure to bring cheaper food; its failure to expand trade; its failure to improve democracy; its corruption; its power to control vast unwanted inward migration (4 million people to the UK from Europe) its power sucking from national governments its blatant lack of accountability and inability to correct the project when it is clearly going wrong, the cases of Greece and Italy being cases in point.

The British people had the opportunity to offer their verdict on the EU in 2015, after 44 years and nearly one trillion pounds in contributions and the verdict was we want to LEAVE. This was not a xenophobic; small minded; post Imperialist knee jerk reaction, rather it was a thoroughly considered position brought about by the incompetence and deafness of people like Mr Junker; Donald Tusk et al and their predecessors like Mr Barrosso (now employed by Goldman Sachs) and the ridiculous faceless bureaucrats in Brussels who have very little accountability across Europe to European tax payers and voters.

The EU has turned into the Germany and France club, designed to suit the needs of only those two economies, with protectionism and subsidies which (frankly) are an outrage to free trade. Never was Britain able to sell her financial services freely in Germany or France - some free market that was!!! We are rightly angered, when Germany swamps our markets with their products. Added to that, unilateral decisions by Mrs Merkel to admit nearly a million undocumented violent and persistant middle eastern migrants into Germany has caused untold damage to European Security, all done without consultation and without a vote, knowing as she must have done these people would in short time be able to flee right across Europe with a German passport - an absolute failure and disterous decision.

The British patiently hoped things would improve, there would be subsidiarity; there would be an increase in our exports; there would be lower food prices; there would be less immigration, but still the negatives outweigh the positives and despite promises of change there is no change.

How to save the EU ????- get rid of it in its current form.

The EU as a political project is dead, so few people have any faith in the EU to manage anything let alone 28 complex economies, return it to the EEC.

The involvement of the EU should be limited to standards and and trade and basic tenets and agreements on State involvement and workers right and sustainability.

International schemes like Erasmus can be paid for on an opted in and out basis; but sovereign nations should be free to manage much else including migration, Brussles micromanaging and the fools credo "one size fits all" must stop- it doesn't only and idiot believes that.

Co-operation on matters such as defence; security; bio hazards;pollution; natural disasters; etc can be agreed at a central European level with opt in and opt outs if justified collectively, but any notion that the EU will become the Government of Europe, with 28 different countries; economies; languages; cultures and beliefs is a complete and and one currency with so many different economic strengths is a non starter.

The EU is well past its competence and should stand back and remake Europe as a group of sovereign nation states who govern themselves but have some centrally agreed rules and agreements to keep a fair playing field.

Having Germany run Europe with France as its lapdog will ensure the EU destroys itself. It is high time the EU listened and learned and used Brexit as a way of reforming the EU into a "round table" of sovereign European nations, not vassal states to Germany.
- Pietro Ercolano Sep 26, 2019
  
  You asked to enter, De gaule refused, you asked again, and again. Later you voted in a first referendum and decided to stay (1975, 67% yes). You decided to leave, then leave, stop with this boring rethoric, no one sked you to enter (on the contrary) no one forced you to stay, no one tried to keep you in. As an european am sick of reading your continous and fastidious moaning. And, above all, do not ask for an extension, LEAVE, LEAVE, LEAVE.
  A new reply to this comment has been posted.
- Henk Crop Sep 27, 2018
  
  Christine. I have reponded to your comment. But I took the wrong link. It is now under Emanuel Muller. Sorry.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Emanuel Müller Jun 11, 2018

According to Brendan Simms, a professor at Cambridge, in the chapter 7 of his book "Europe: The Struggle for Supremacy, from 1453 to the Present", describes how after WW2 "...the ethnic diversity that had charachterized central and eastern Europe for hundred of years was no more.". In other words, since WW2 for most of Europe, nations and ethnicity are closely matched.
As a consequence what we might see when looking at the EU is a political entity that didn't achieve inter-ethnic unity yet, in other words it is a pre-racial entity, e.g. pre-white european.
At the other end of the spectrum, the USA seem to usher into a state of post-racial entity, e.g. Samuel Huntington, an Harvard professor, not caring a bit if americans are white, black or yellow or blue, as long as they assimilate into the anglo-protestant culture.
So the road map, for a united European union, would be first to aim for inter-ethnic unity, synonymous with european racial unity, before aiming at becoming a post-racial cultural unity in which non-white european can culturally assimilate into.
For example, I am half-japanese, one quarter swiss german and one quarter salvadorian, but if I say that I am european, most white europeans will be taken aback, because I am not visibly racially european, and there is no such thing in the mind of the various european ethnic groups as a european culture, what there is are ethno-national cultures, in which non-white europeans might assimilate into, e.g. black african french nationals that consider themselves culturally french.
- Henk Crop Sep 27, 2018
  
  Christine. You, like many British, complain much about what happened to them at the hands of the EU.
  
  - The UK was a senior EU member in the EU top. They were for 44 years responsible for shaping the EU. What have your politicians done in all these years ?
  
  - I observed that many British hardly understand what the EU is about and what is going on.
  Tony Brown asked me about it. So I have written a brief explanation.
  ( See Politico; Le Maire: Accepting Chequers Brexit Plan would be suicidal )
  Perhaps it gives you some answers.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Amira Halvorsen Jun 1, 2018

Mr Soros, you say : The refugee crisis is an European responsibility. I think you missed something here! How about dealing with the root cause of the problem by starting asking who created this refugee catastrophe ?

This refugee tragedy is an American made mess. Here is why:

1. It's linked to the following absurd wars: Iraq,Syria, Yemen and up to a certain extent Libya) and that is because Washington has always wanted to decide how and who should run those countries. Meaning that anyone put in charge should report to Washington not to their people. Isn't that right?

2. Those wars created an unprecedented golden opportunity for the weapons industry, showing the correlation of the weapons lobby and the creation of war in order to keep the billions flowing at the expense of million of lives and uprooted civilians.

3. The Americans added fuel to the conflict by supporting the so-called rebels who are nothing more and nothing less than fundamentalist extremists (linked to Al Qaeda) bent on killing, raping,destroying and occupying civilian towns.

3. Our Western hypocrisy and cooperation with the world most brutal regime which is Saudi Arabia did nothing but make matters worse by uprooting and disrupting the lives of entire cities and regions. The U.S project of controlling the Middle East has wrecked havoc in the region, thus causing million of Iraqis and Syrians to flee to neighbouring Lebanon, Jordan and Turkey. But Turkey didn't and still doesn't do it for free. They receive over five billion euros a year from the EU for hosting the refugees, which isn't the case for Lebanon and Jordan who have received more than the double of their populations.

Do you see why i don't agree with your argument that the refugee crisis is an European responsibility? The Europeans are to blame for tagging along the suicidal American foreign policy in the Middle East and for imposing an American made catastrophe on certain Eu member states, whereas, it should be the Americans and the Saudis who should be held accountable for the refugee crisis.
- george sos Jun 9, 2018
  
  Amira ,he knows that ,you are wasting your time.
  The propaganda machine has in effect convinced the world (those who dont care or wanted to be convinced) that the USAgression is above all,the moral authority ,the authority on democracy,human rights etc...
  Hypocrites that live on the loot from the wars the big mercenary death machine that they call "US army ".
  This global state is changing,and what is rising is not nicer(China)
  The break of Europe will signal the next level of their plans to grab everything before climate change hits hard .
  The rich think that they will be spared if they hide behind walls and are guarded by mercenaries.
  Eventually ,they will be eaten alive by their own slaves/"employees".
  No place to stand for them in the long run.
  And this is what is stupid about it.
  That they could save us all only if they gave up a tiny bit of their vast wealth ,and stopped trying to grab more,let people find their own ways to live.
  Stop bombing/selling weapons/extorting countries.
  Is it much to ask from US citizens to play their role in the global stage responsibly and not like asses?
  Not like idiots who support the rich few(Trump's gang + Democrats-regressive liars )
  A new reply to this comment has been posted.
- Henk Crop Jun 6, 2018
  
  Amira. The root causes of the refugee crisis are the population explosion in Africa, ME and Asia and religious conflicts, often more than a thousand years old. They are caused by the people there and can only be solved by them.
  Europe has no role or responsibility in that.
  Nevertheless the EU and the US have been interfering for various reasons.
  That has not always been successful and has sometimes been counterproductive. You give several examples. However these have not been addressing the root causes.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Hergen Heinemann Jun 1, 2018

This is truly true: Merkel had the wrong attitude and language when she said, that we are not going to build-back or partly dismantle the EU. The right attitude and language would have been that we correct the structural mistakes the EU has developed.
A new reply to this comment has been posted.
Hergen Heinemann Jun 1, 2018

"without incurring a direct obligation for itself or for its member states"? The truth is that obligation is obligation, whether direct or indirect.
A new reply to this comment has been posted.
Hergen Heinemann Jun 1, 2018

It`s totally difficult to see, why "The idea of a “fortress Europe” closed to ... economic migrants not only violates European and international law;"
- Henk Crop Jun 1, 2018
  
  Hergen Heinemann. The EU has no other option than building a Fortress Europe. Africa has 1250 million people and they will grow in to 2500 in 2050.
  Similar growth is in the Middle East and nearby Asia.The EU has 450 million people. If the EU does not close its borders it will disappear as a viable society.
  The EU leaders must make laws to protect the EU, its people and its culture.
  If mr. Soros wishes to support mankind, by far the best investments he could make is in birth control (education and condoms) in Africa, the ME, Asia.
  - george sos Jun 9, 2018
    
    Yes and a wall,navy ships ,tanks etc,will stop the desperate from being desperate....
    The world can not sustain such a situation my friend,we can not lock ourselves behind walls and think everything will be fine.History has too many examples of why this is not a solution ,not to mention that you will need to man the tanks and airplanes with humans who are not yet robots a dn would hesitate to kill kids and unarmed civilians...Except if your dream society is one full of murderous perverts (for example like Israel today)living "normal lives" ,having familes and trading amongst themselves ,since Africa would be excluded (who would buy from us then?China?USA?)
    Think it through before you allow racism and fear rule your tongue
    - Peter Schaeffer Jun 10, 2018
      
      GS, Israel and Australia have shown that walls and borders work rather well. Keep in mind that almost all migrants have paid smugglers to get to Europe. Once Europe says 'no', the migrants will realize that paying smugglers doesn't work and they will stop. Don't believe me? The number of smuggler boats trying to go to Australia has gone to zero, since Australia started saying 'no'. The key word is 'no'. Once the illegals get that 'no' is the answer they will stop trying.
      A new reply to this comment has been posted.
    A new reply to this comment has been posted.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Andrew Cole Jun 1, 2018

Germany is dug in, with control via the Eurozone creditors of the EU. When the UK wanted separation of Eurozone finances from EU, the answer was Nein. When the UK did not want to suffer Eurozone guarantees on the basis of no taxation without representation, the answer was Nein. When the UK wanted sterling recognised as a EU currency the answer was Non then Nein. When the EU was forecasting 2/3 of its population increase being dumped on the UK, which asked for mitigation in the form of an emergency break, the answer delivered by Merkel in London was Nein (forgetting 7 years of freedom of movement exemption Germany received). The idea that in the UK I as a taxpayer have to pay for Germany to transfer its bad debts onto me, then lay waste to southern Europe using internal deflation, disgusts me. The EU is not my Europe it is a German supremacist Europe. You have no idea of how to dislodge the Germany and the Eurozone creditors from their negative sum game, it has been tried, but with a key part of German supremacist policy being "no to a British Europe" we failed. I do not see Macron escaping from his own countries national interest, filling a chief servant role in the EU. He is not even advocating closing the duplication of Strasbourg. So I think all your strategy in the UK achieves is return to a fundamentally racist EU, with a law making process involving institutionalised corruption via German and French companies having more influence than most countries, and with the enforcement of fines based on nation and hence race...that is totally against Anglo Celtic expectations of governance.
- Henk Crop Jun 1, 2018
  
  Andrew Cole. Interesting article. From my observations the EU was mainly controlled by the European Commission. The trouble began with the introduction of the Euro, which tied the Eurozone economies more than expected. Macron and Juncker want to make the Eurozone a transfer Union, so Brussel will get even more control over the Union.
  Macron want to lead the EU. Juncker want his successor to become President of the EU. They have a fake European Parliament. Almost no power. The EP has an election process that ensures that one of their friends becomes President of the EU Commission ( Juncker), which is the most powerful job in the EU. They has no control over the Military yet.
  However, it looks like we are gradually drifting towards a Soviet state. Ironically; just 100 years after Lenin grabbed power in Russia.
  
  Recommended: The deep state of Europe - Basil Coronakis, 2016.
  - Christine Constable Sep 23, 2018
    
    Please Henk who are the power brokers in the European Commission Selmayer et all German and French dominate, you know that I know that Germany is running a proxy organisation, Germany is the commission - it underwrites the Euro (see Target 2 nightmare) and it chooses to co-operate with the UK and others, Merkel says Nein the EU says Nein.....
    - Henk Crop Sep 25, 2018
      
      Christine. The EU is managed by the EU Council, comprising the Government Leaders of the member states.
      Germany, being the biggest member, is having a dominant role.
      But I understand matters are discussed in the team.
      Juncker and Segmayer are civil servants.
      A new reply to this comment has been posted.
    A new reply to this comment has been posted.
  - george sos Jun 9, 2018
    
    Indeed ,very accurate observations.
    I only maybe disagree with the fatalistic result .
    I believe there is still a way to change what you describe.
    It requires of course the European citizens to realise the connections between euroelections and national elections,accpt the facts of corruption for politicians so far,and try to vote representatives who are honest,and have a dream of a united peaceful world for all.
    Every one has to take responsibility for his /her actions and not hide behind blaming in general the status quo.
    Bankers/vulture investors etc are only allowed to do what they do because we let /help them (those who accept to work for them for example).We can eliminate the cancer of our society ,starting from judges (who are mostly corrupt),politicians,public servants,and even private corporations when they break the law(not the law they created by funding politicians in the EU,the other one the one made by the people forthe people)
    Yes it is a big task,it seems daunting and almost due to fail ,but what is our alternative?To lay down and wait to die?
    A new reply to this comment has been posted.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Henk Crop Jun 1, 2018

The EU is killing itself by unlimited centralization. It will die like the Soviet Union, and most communist States.
Who are the killers ? The Europhiles and the Euro.
Solution: Confederation of Sovereign Nations (somewhat like the NATO).
A new reply to this comment has been posted.
Stephane Genilloud May 31, 2018

The European Union can hardly achieve anything because it has very little centralized authority. Its 28 members can do whatever they want, but there's scant chance they will agree on much.
So, the question is down to each member individually, or maybe to group of members. They might for example integrate at regional levels, with better cooperation and common policies, paving the way for common EU policies.
We don't see much coming, though.
A new reply to this comment has been posted.
Peter Schaeffer May 31, 2018

The EUSSR has lost any pretense of legitimacy and is dying. The decision of Sergio Mattarella to veto the finance minister proposed by the elected government of Italy was the final straw. Democracy in Europe is over. Europe can not and should not be "saved". China now has a more democratic government than much of Europe. The UK was wise to leave.

The Europe of Soros's dream is a paradise for the cosmopolitan elite (extreme left-wing social policies, extreme right-wing economic policies), but tragic for everyone else. The people of Europe are rejecting the Soros nightmare. The time has come to recognize that Soros is the problem, not the solution.
A new reply to this comment has been posted.
Mauricio Duran-Loriga May 31, 2018

After WWII the USA needed a united block in Europe to stop the advance of the USSR.
Today, the enemy is China, not Russia. So who cares Europe. The UK put the writing on the wall. When Trump asked Europe to pay for its part of NATO, he meant European marginal utility for the USA is gone, so if you want our services, please stand at the cashier. A defenseless disintegrating Europe facing the immigration invasion. Looks pretty.
A new reply to this comment has been posted.
M M May 30, 2018

One must differentiate between the EU countries and the EU Project. The EU countries survived centuries and they will survive centuries more, as to the dodgy EU project, well, enough has been said about it....
A new reply to this comment has been posted.
Kevin Remillard May 30, 2018

THE PRICE MECHANISM, BUREAUCRATS AND FINANCIAL MANIPULATORS

Generally speaking, when two parties wish to engage in trade, the purchaser will announce a price he is willing to pay (the bid price) and seller will announce a price he is willing to accept (the ask price).

The primary advantage of such a method is that conditions are laid out in advance and transactions can proceed with no further permission or authorization from any third party OR exposure to capital markets.

The price mechanism is a mechanism where price plays a key role in directing the activities of consumers, producers and resource suppliers. When any bid and ask pair are compatible, a transaction occurs, with “block chain” technology (perhaps) automatically.
A new reply to this comment has been posted.
Theodoros Porfyrides May 30, 2018

With due respect, the refugee crisis is a worldwide problem. The situation in Africa and M.East is a consequence of the policies of countries (mainly the USA) and big corporations who take advntage of the weakness of these countries.
The EU could close its borders creating more chaos and humanitarian crisis. Hence, this is not only the EUs problem and an international cooperation is needed against big corporation's interests.
- george sos Jun 9, 2018
  
  Spot on Theo.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Jean Pierre de Lutz May 30, 2018

Brexit will likely (hopefully) take many more years to accomplish, if ever, suggest reading 'Sionaidh Douglas-Scott: Brexit and the Constitution' published in London Review of Books
https://www.lrb.co.uk/v40/n10/contents
A new reply to this comment has been posted.
Jean Pierre de Lutz May 30, 2018

"Exacerbation" is quite an understatement.
The United States bears the largest share of responsibility in these crises : the Irak war destabilized the middle east generating the refugee crisis and the emergence of ISIS; runaway financialization driven in large part by the Wall Street Casino built the house of cards that collapsed in 2008 (destroying a generation of middle class wealth); the devolution of its societal model and polis paved the way for a populist leader who refutes the rules base international order and its institutions.
The forces seeking to divide Europe are largely represented in the protagonists of the crises mentioned above, some sought the election of Trump, some Brexit, some the populists destabilizing Europe today - they are emboldened and on the verge of succeeding.
- Christine Constable Sep 23, 2018
  
  The US is only blamed because Europes forces are too underfunded and immature to stand against any enemy.
  
  I am sure the Europeans would be the first to scream about the beheading of innocents in the middle East by ISIS had it been allowed to run rampant.
  
  The USA and the UK have taken up the responsibility when it has been easier for others to turn the other cheek then get the blame for the problems "they" caused.
  
  Extreme Islam is responsible for a lot of misery in the world; lack of tolerance; over crowding and over population; climate change (helped along by China and India now) the USA/UK are some of the most chilled nations many aspire to belong to, if they weren't we wouldn't be having so many millions desperate to get there.
  
  The failure in Europe is the EU; never did anything meaningful on foreign policy; never improved trade; never gave emerging economies enough scope to trade; and continued its power grab with Ukraine upsetting Russia in the process.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Peter Lintner May 30, 2018

Soros writes that EU is in existential crisis and the solution is to borrow 30bn EUR annually and give it to Africa. Is this a joke?

Also. He writes that protecting borders violates international laws, can he name which laws it violates? Protecting borders is the basic DUTY of any country since time immemorial. Do we have now laws that deny this DUTY? Name them please.
- Peter Schaeffer May 31, 2018
  
  The fact that Soros proposes to "solve" a vast crisis by spending 30bn EUR in Africa shows that he (and the rest of the EU establishment) are out of ideas. They are at a dead end. The problems are easy to solve. Israel and Australia have shown that fences and tow-back policies are extremely effective and quite cheap. Of course, Soros and the rest of the EU elite don't like these policies and don't want the problem(s) solved. Hence no real action.
  
  As long as Soros and his friends are running Europe, nothing will be accomplished. Only when the Soros/EU clique are removed will real change occur.
  - george sos Jun 9, 2018
    
    There goes humanity and values ...(christian or other)...
    All buried under a wall..
    Are you serious?You want to live in a prison?
    And for how long you think these wallls will hold?
    Andhow you would grab the necessary resources for creating the weapons that would protect you ?
    I hear in africa it will be hard to get metals/minerals
    Please rethink it through and if you ever get a serious answer ,propose it.
    Throwing your racism in plain view is not a solution for our world.
    - Peter Schaeffer Jun 10, 2018
      
      GS, Everyone lives behind walls... Either the wall the defend the borders of a nation or the walls of a gated community. The gated community crowd loves Open Borders. Cheap labor and cheap moral supremacy in on package. Everyone else wants national borders and walls.
      
      Like most people, I live in a house. It was a locked front door. I let in only those that I choose to let in. It is not a prison. The walls and doors keep others out. I am not trapped or a prisoner.
      
      How long will my front door work? Likely forever.
      A new reply to this comment has been posted.
    A new reply to this comment has been posted.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Jack kessler May 30, 2018

Europe needs political-validity, in addition to economic-efficacy — can’t sustain the latter without the former, people must “believe” in the System making them money.
A new reply to this comment has been posted.
Hermann Arnold May 29, 2018

The most important step would be to truly trust the people: https://www.linkedin.com/pulse/brexit-trump-italy-lessons-visions-direct-democracy-hermann-arnold/
A new reply to this comment has been posted.
Hermann Arnold May 29, 2018

How do you combine your two prescriptions? Bottom-up processes and recinding Brexit? Couldn't a Brexit be the wake up call for the EU?
https://www.linkedin.com/pulse/brexit-wake-up-call-big-chance-eu-hermann-arnold
A new reply to this comment has been posted.
Peter Krall May 29, 2018

The analysis is not wrong but I think that it falls short. If we consider the dynamics of asset ownership - which includes transactions on markets, but also inheritance, or the change of the owned assets' characteristics, e.g. by a change of expected cash-flows from an investment due to technological progress or evolution of business models, it seems that capitalism has an intrinsic tendency to yield wealth agglutination. This could be balanced by taxing inheritance and land, thus reducing the expected growth rate for conservative estates below the GDP growth and making room for growth of innovative enterprises and for incentives for qualified workers. But that did not happen. Rather, money masses were increased to an extent that now affects the usability of money as a symbol system for modulating economic activity.

I think that we desperately need comprehensive models that represent economic systems, and that the EU desperately needs the institutions to implement efficient politics defined on basis of these models. Ending austerity and/or institutional reforms are important but will not suffice.
A new reply to this comment has been posted.
Despoina Tripylioti May 29, 2018

What about the refugees from the Middle East though?
A new reply to this comment has been posted.
Paul Griggs May 29, 2018

I have a different take on this situation than does Soros. I don't see open borders as a good solution, at least at this time. I think it is much preferable to stabilize problems at the source. Certainly, a free flow of ideas, trade and people is always desirable but what Soros is proposing is uncontrolled flow and no borders. Soros' calling people opposed to his ideas xenophobic is hyperbole. For every xenophobe opposing his ideas there are tens of thousands of realists out there and it's unfair to lump them all together. My big complaint with the EU is its huge network of regulations that seek to normalize everything between countries. I think this has done more to suppress the individuality and heritage of the smaller countries. I also think the EU got together as a way of competing on the world stage with the USA and USSR. Soros claiming that the EU led to 50 years of unprecedented peace is misleading as the world has been at constant war as super powers (USA, Russia/USSR, Europe) have continued to fund proxy wars in third world countries to prevent the spread of opposing political views and keep these areas down (to be cynical). Soros is misguided and naïve at best or positioning the markets to his advantage yet again. I don't trust him very much.
A new reply to this comment has been posted.
RE Mant May 29, 2018

You'll notice how for Soros and their ilk, "open society" translates into "easy money."
A new reply to this comment has been posted.
Ragnar Olegard May 29, 2018

The refugee crisis is not the responsibility of the European countries but the responsibility of United States and UK who created it by invading Irak on false premises of Irak possessing nuclear weapons and ignoring the reassurance by UN´s inspector Hans Blix that they had no such Weapons.
- Jean Pierre de Lutz May 30, 2018
  
  Yes that is correct, BUT the current migration pressure is the first wave of a far greater storm that is being generated by climate change. The US would not have, today will never acknowledge any responsibility; its soft power culture will continue to decline whatever happens to the Trump presidency and China' "neo-colonial" developmental strategy will have little impact on Europe's migratory attraction.
  - george sos Jun 9, 2018
    
    Correct ,but what is the solution then?
    To regress into a China-like state in order to avoid helping (giving back actually) those who suffer due to actions from some European countries part?
    (here i must point out that countries like Greece ,who had no part in the imperialism plans -(or any share from the loot ) of the European big powers is prepared to share the burden , that the German, Anglosaxon and French greedy forefathers of today's big EU rulers have created.
    And this only because we want to set an example of what a responsible human citizen of this planet has to be like/do. Which in one word is SHARE)
    A new reply to this comment has been posted.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Elizabeth Pula May 29, 2018

The migrant issue has terribly overwhelmed reasonable social structures in the European communities. I am only an outsider, in the US. From my very distant perspective, I empathize with all the people, including the migrants. HOWEVER, and that's a very big however, people who enter another society need to respect especially the laws, lifestyle and cultures of the communities they are entering. Although, historically, intermingling allows for new fusions of laws, lifestyle and new cultures, the present influx of people appear to be entering with an intent that is to destroy the communities of tolerance, and inclusion that have accepted them. The culture clash is centered on misinterpretations and ignorance of religious dogmas and customs. The conflicts occurring on the streets of Europe and globally are due to specific intent to destroy social, and religious stability of non muslim states. Unfortunately for most of us worldwide, political leadership continues to disregard the consequence, and supports the international destruction. Who is responsible for creating hell for the majority of us in living color? The few or the many? Or is the world just like its always been?
- Heinz Günther Jun 4, 2018
  
  As i live in one of the areas of germany with the highest rate of migration, i can tell you, you are wrong.
  Certainly some refugees and muslim migrants are not interested in integrating and beeing part of the society but thats not the majority. Where you make an effort and give chances to them, they will integrate.
  Further, there are no fights in the streets. Interestingly, the christian migrants from the east of europe are in everyday live way more disturbing than muslim migrants.
  - Christine Constable Feb 10, 2019
    
    Well you need to visit places like Birmingham; Coventry; some parts of London they are Asian monocultural and you get enough volume into Germany the same will happen the pattern is replicated around the world.
    - Heinz Günther Feb 10, 2019
      
      Do these asian monocultures interfear in your personal live? In which way do they not respect the laws of the UK? Or your religion? Or your livestyle?
      A new reply to this comment has been posted.
    A new reply to this comment has been posted.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.
Federico Giovannini May 29, 2018

More than anti-European, the 5 star movement, is anti-establishment. Indeed, their position on the euro and the EU changed a lot overtime. Even amongst within their electorate, as todays polls show, there is ambiguity towards the euro and the EU.
A new reply to this comment has been posted.
Anna Brouwer May 29, 2018

The EC and ECB are the figthers for an ever closer Europe, if we want to reinvent Europe, EC and ECB are totally undemocratic, they have to dismantle themselves at first, if they have a hart for Europe.
What about the Chinese investments in Africa?
A new reply to this comment has been posted.
Vidvuds Beldavs May 29, 2018

Science and innovation are supported by all member states. Britain wants to continue to participate in Horizon 2020 and its successor programs as terms of Brexit are negotiated. Science also links to Africa with participation by African scientists open to financial support from the EU. Africa, however is vulnerable to climate change which could drive increased pressure to emigrate to Europe.

Space-based solar power has advanced from its initial concepts by Peter Glaser where a credible case can be made for delivery of power to the Earth 24/7 for less than €.05 per kWh with zero CO2 emissions. Technical feasibility has been established by internationally credible experts. The financing mechanism referenced in the article could be used to construct SPS systems to serve Europe and Africa. Such systems would beam microwave power from geosynchronous orbit to receiving antennas on Earth. Research over decades points to no health risks from microwave beams with intensity well-below international norms.

A system financed at €20 billion could fully demonstrated the concept. An initial use could be in disaster relief with electronic switching of the beam enabling rapid delivery of power to a disaster zone speeding up time to recovery and saving lives while cutting costs. In the longer term, an international consortium of utilities could deliver power that can compete with all known sources on cost and generate revenue flows in the hundreds of billions to meet an increasing share of humanity's energy needs.
- Robert Merrifield May 29, 2018
  
  The key mistake has been to let the extremists (one EU fits all) run the EU. They see nothing else but their vision.
  
  The pressures that caused Brexit did not build up post the GFC but were present a decade earlier, indeed Tony Blair promised a referendum - but did not keep his word.
  
  Would the result have been similar then? Quite probably. After all, we've voted to stay out of most of the unification projects...
  - Vidvuds Beldavs May 29, 2018
    
    All larger organizations go through cycles of centralization and decentralization because there is no timeless solution to how an organizations should be structured. The external environment and people change, new threats and opportunities emerge. The EU is a work in progress. The core vision is clear: people that share a history and culture in Europe are committed to a rules based order based on open societies.
    What I propose is a mega project, a moon-shot that can engage all member states, free Europe from the constraints imposed by the need to import gas and oil and enable Europe to more effectively address the pressures facing neighbors to the South. Space-based solar power would also amplify EU capacities in space technologies that are key to the digital Europe strategy. It would also strengthen European leadership in programs like Moon Village aimed at establishing permanent research and commercial facilities on the Moon.
    A new reply to this comment has been posted.
  A new reply to this comment has been posted.
A new reply to this comment has been posted.

https://prosyn.org/Tm5lq5h

Cookies and Privacy

PS OnPoint

Long Reads

How to Save Europe

To continue reading, subscribe now.

Support High-Quality Commentary

New Comment

Email this piece to a friend

Contact us

Handpicked to read next

Liberal World Order, R.I.P.

The End of the Oil Age

Agents of Automation

The Enduring Populist Threat

Why the Social Market Economy Succeeds

Log in/Register

Cookies and Privacy

PS OnPoint

Long Reads

How to Save Europe

To continue reading, subscribe now.

Support High-Quality Commentary

Handpicked to read next

Edit Newsletter Preferences

Set up Notification