Economy Opinion World

Crisis: Europe “all wrong” (Soros)

The leaders of European countries… ” focusing on the wrong problem” in their fight against the financial crisis that erupted in 2007, said the U.S. billionaire George Soros quoted by the Wall Street Journal.

According to Mr. Soros, speaking to reporters on the sidelines of World Economic Forum in Davos, the reaction “chaotic” European authorities to the crisis has demonstrated their lack of understanding of the functioning of financial markets.

The billionaire has urged Europe to introduce common bonds in the euro area, the only structural reforms are insufficient. According to Mr. Soros, the widespread application of austerity measures in European countries would be likely to cause the political disintegration of the EU.

Last October, George Soros and 95 other politicians, economists and businessmen from the European Union have sent an open letter to the authorities of the euro area, urging them to resolve the crisis of sovereign debt in the shortest possible time . In their view, any delay could lead to the collapse of the global financial system.

The letter writers have proposed to set up a unique treasure in the euro area, to attract funds in the region and oversee budgetary discipline in member countries of the EU.

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