Wednesday, 30 May 2018
A Major Financial Crisis Is Knocking?
As the sentiment in European markets worsens in the light of the recent political developments in Italy and Spain, Billionaire investor George Soros anticipates “another major financial crisis”.
“The European Union is in an existential crisis. Everything that could go wrong has gone wrong,” Soros said at a meeting hosted by the European Council on Foreign Relations.
In his opinion, the only way out for the EU is “to reinvent itself.” Soros - founder and chairman of the Open Society Foundation - identifies three problems that are currently threatening the future of the bloc: the refugee crisis, separation of key states (Ex. Brexit) and austerity policies.
These factors have been limiting the development of the European economy for the past few years, as Soros explains. Despite the fact Soros proclaims to be pro-European Union, he insists that each nation should have the right to decide on whether or not to accept refugees and in which quantity.
According to the Dublin regulation, the country the refugee first enters is largely responsible for processing the asylum. This measure has created a strong unbalance between nations within the union, especially for those with borders in the Mediterranean sea.
Regarding the “addiction to austerity”, Soros believes it’s time for the European Central Bank to start correcting its path into policy normalization. The delicate state of mind among European citizens is being used for advantage of populist and anti-EU politicians.
Meanwhile, Bank of Italy governor Ignazio Visco warned that the nation is at risk of losing the “asset of trust”, referring to antiseptic parties leading opinion polls.
“The rules of the game can be debated, even criticised; they can surely be improved,” Visco said in his annual speech. “Yet, we cannot disregard constitutional constraints: protecting savings, balancing the accounts and respecting the treaties.”
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