Soros called four ways to prevent the collapse of the EU after Brexit

European leaders must recognize that the EU is on the verge of collapse”, to unite and to take exceptional measures were written by the American billionaire George Soros in a column on the Project Syndicate website.

First of all, it is necessary to strictly divide the EU membership and Eurozone membership, says the financier. “Those fortunate countries that are not Eurozone members, should not face discrimination,” he notes. According to Soros, if the Eurozone wants more integration, it needs to have its own Treasury and budget functions of the fiscal Department in addition to the implementation of monetary policy through the European Central Bank.

Secondly, the EU should use the huge credit potential, which largely remains has not been implemented, he said. The political leadership of the EU to behave irresponsibly, if you can not borrow right now, “when at stake is the very future of the EU,” he stressed.

Thirdly, the EU should strengthen the protection from external enemies”, which can take advantage of his current weakness,” writes Soros. “The biggest asset of the EU is the Ukraine, whose citizens are ready to die defending their country. Protecting themselves they also protect the EU is rarely found in Europe today”, — said the author of the column. According to him, Ukraine is lucky to have a new government that is more strongly and are more likely to conduct reforms, which required her citizens and of its foreign supporters”. “But the EU and its members do not provide the support that Ukraine deserves (USA has much more support),” writes Soros.

In addition, Soros called the existing EU leaders plan to resolve the refugee problem “is riddled with misconceptions and contradictions which make them ineffective.” In particular, he noted the lack of funding for the implementation of these plans. As a fourth measure, Soros called on the EU leadership to reconsider the current approach to resolving the refugee crisis.

What the EU cannot do is to punish the British, ignoring their legitimate concerns about the shortcomings of the block, adds a billionaire. “European leaders should realize their mistakes and recognize the democratic deficit in the existing institutional arrangements. Instead of to perceive as Brexit talks about divorce, they should take the opportunity to re-invent the EU, turning it into a kind of club to which the UK and other threatened release [of EU countries] want to join,” writes George Soros. Following the UK a potential issue for the EU it is Italy.

According to Soros, after the announcement of the referendum results in the UK, the collapse of the European Union “seemed almost inevitable.” However, after the initial shock, we began to happen “something unexpected,” he writes. In particular, Soros is convinced that many Britons began to feel “syndrome repentance” and “mobilized” — how to vote for secession or for the preservation of EU membership, and those who didn’t even come to the polling stations on the day of the referendum. Evidence of changes in the public consciousness, the billionaire calls the online petition for submission to the Parliament for a re-conduct of referendum, supported by more than 4 million people.

The spontaneous reaction of the British on the outcome of the referendum Soros called positive. If these sentiments will spread to the rest of Europe, the seemingly inevitable collapse of the EU can be a positive driving force for a stronger and better Europe,” writes Soros.

In the referendum of June 23, 51,9% of Britons voted for the country’s withdrawal from the EU. The EU, in turn, called on the British authorities as soon as possible to start the implementation of voting decisions. George Soros said earlier that a British exit from the EU is “the breakup of the EU is virtually irreversible.” He also urged to “reconstruct” the Union.

“We must not give up. The European Union, according to generally accepted opinion, design flaws. After Brexit all those of us who believe in the values and principles that the EU aims to support, should get together to save it, carefully reconstructed” — he stressed.