"What seemed like the inevitable disintegration of the EU could be instead creating positive momentum for a stronger and better Europe," Soros argues in his commentary posted on Project Syndicate, Censor.NET informs.
"Europe's leaders must recognize that the EU is on the verge of collapse. Instead of blaming one another, they should pull together and adopt exceptional measures.
"First, a clear distinction must be drawn between membership of the EU and of the eurozone. Those fortunate countries that are not members of the eurozone should not face discrimination. If the eurozone wants to be more closely integrated, as it should be, it needs to have its own treasury and budget, to serve as a fiscal authority alongside its monetary authority, the European Central Bank.
"Second, the EU should put its excellent and largely untapped credit to use. Leaders would be acting irresponsibly if they failed to employ the EU's borrowing capacity when its very existence is at stake," Soros argues.
"Third, the EU must strengthen its defenses to protect itself from its external enemies, who are liable to take advantage of its current weakness. The EU's greatest asset is Ukraine, whose citizens are willing to die in defense of their country. By defending themselves, they are also defending the EU - rare in Europe nowadays. Ukraine is fortunate to have a new government that is more determined and more likely to deliver the reforms for which both its citizens and its outside supporters have been clamoring. But the EU and its member states are not providing the support that Ukraine deserves (the US is much more supportive)," the investor says.
"Fourth, the EU's plans for dealing with the refugee crisis need to be thoroughly revised. They are riddled with misconceptions and inconsistencies that render them ineffective. They are woefully underfunded. And they use coercive measures that generate resistance. I have proposed a detailed remedy for these problems elsewhere," Soros concludes.
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