George Soros: EU, At Risk of Falling Apart, Must Unite

Friday, 14 Mar 2014 11:53 AM

By Dan Weil

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The European Union is at risk of falling apart, but must instead move closer together, says legendary investor George Soros, chairman of Soros Fund Management.

"For a fervent believer in the open society it is heartbreaking to admit that the euro crisis has already transformed the EU from a voluntary association of equals into a creditor-debtor relationship, which is neither voluntary nor equal," he writes in the Financial Times.

"Anybody who finds the prevailing arrangements are intolerable is pushed into an anti-European posture, so I expect the process of disintegration to gather momentum."

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Soros expects the EU to face continuous political crises. "Europe is at a crossroads. It faces two crucial decisions: one is the future of the eurozone, the other is Britain’s role in Europe," Soros writes.

"The eurozone needs to become more integrated. It needs a common fiscal budget policy, a banking union and a more level economic playing field," he says.

As for Britain, it should draw closer to Europe, Soros says. "Britain’s exit would be a further step in the disintegration of the EU and . . . would be a great loss not only for Europe but also for the world."

Meanwhile, some experts say deflation remains a danger for the eurozone.

"The risk of deflation is most significant, albeit still low, for the eurozone among the world's major advanced economies (MAEs)," Fitch Ratings says in a statement.

"Eurozone inflation is already the lowest among MAEs, and policy options to respond to potential deflationary shocks are more limited than elsewhere."

Editor's Note: Govt Prohibited From Helping Seniors (Shocking)

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