George Soros: How to save the EU from the euro crisis

guardian.co.uk

13 pointsakkartik3 comments

Let me sum up my argument. I contend that Europe would be better off if Germany decided between eurobonds and exit than if it continued on its current course of doing the minimum to hold the euro together. That holds true whether Germany agreed to eurobonds or decided to leave the euro; and it holds true not only for Europe but also for Germany, except in the very near term.

Would it work in the long term? I don't know. However, in the short term things certainly would get a lot better.

Part of his argument is that the people in power have a duty to push through long-term reforms when times are good. Because if you don't you leave the system in an unstable equilibrium which slides back into scarcity -- and now it's hard to do the right thing.

He points out, for example, that the EU came into being by taking small steps in a direction that would lead to further small steps, gradually bringing about huge changes. It seems clear that Soros wants us to go back on that path towards full European unification.

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