In an interview, published today, George Soros has set out how the European Union (EU) can maintain its AAA rating and finance its COVID-19 recovery package.
Through supporting ‘perpetual bonds’ – or ‘Consols’, as they are known in the UK and US – Mr Soros believes the EU can address the dual crises of COVID and climate change, which currently threaten the bloc.
In een vandaag gepubliceerd interview heeft George Soros uiteengezet hoe de Europese Unie (EU) haar AAA-rating kan behouden en haar COVID-19-herstelpakket kan financieren.
Door het steunen van “eeuwigdurende obligaties” – of “Consols”, zoals ze in het Verenigd Koninkrijk en de Verenigde Staten worden genoemd – is de heer Soros van mening dat de EU de dubbele crisis van COVID en de klimaatverandering, die op dit moment een bedreiging vormt voor het blok, kan aanpakken.
George Soros and Gregor Peter Schmitz
GREGOR PETER SCHMITZ: You have seen many crises. Is the COVID-19 pandemic comparable to any previous one?
GEORGE SOROS: No. This is the crisis of my lifetime. Even before the pandemic hit, I realized that we were in a revolutionary moment where what would be impossible or even inconceivable in normal times had become not only possible but probably absolutely necessary.
Within a matter of weeks authorities will have to take decisions that will determine the fate of the European Union. The EU can either pull together and fulfill the expectations and aspirations of its citizens or it will continue to disintegrate.
When the European Council’s virtual summit convenes on April 23 to address how the European Union should cope with the economic fallout of the COVID-19 pandemic, it should consider the Spanish government’s submission carefully. Indeed, it should be the first item on the meeting’s agenda.
European Commission President Ursula von der Leyen has announced that Europe will need about €1 trillion ($1.1 trillion) to fight the COVID-19 pandemic. This money could be used to establish a European Recovery Fund. But where will the money come from?
By: George Soros and Chris Canavan
The Covid-19 pandemic is a one-two financial punch for developing economies. Not only has it put extraordinary pressure on the budgets of governments, which need to ramp up public health spending and prop up their reeling economies, but it has also caused a sharp exodus of capital from emerging markets.
By: George Soros and Eric Beinhocker
The catastrophic collapse in U.S. employment due to the coronavirus crisis demands far more from the federal government than it has done so far.
Nearly 17 million Americans filed for unemployment in just the three weeks ending April 4.
Since the beginning of its intervention in Syria in September 2015, Russia has not only sought to keep in place its most faithful Arab ally, Syrian president Bashar al-Assad. It has also wanted to regain the regional and global influence that it lost since the fall of the Soviet Union.
Neither the European public nor European political and business leaders fully understand the threat presented by Xi Jinping’s China. Although Xi is a dictator who is using cutting-edge technology in an effort to impose total control on Chinese society, Europeans regard China primarily as an important business partner.