Soros proposals: Audacious plan might save the EU

Though it was not on the agenda, it is highly likely that the intervention by billionaire financier George Soros in the Brexit debate will have been on the minds of those attending last night’s annual dinner of the British-Irish Chamber of Commerce.

In a keynote address to the 400 business and political leaders gathered in Dublin from both sides of the Irish Sea, Tánaiste Simon Coveney outlined the Irish government’s position which remains vigorously opposed to a hard border.

But he never dared suggest – nor would he ever - that the British think again about leaving the union.

Soros does dare say such a thing, arguing that the process of leaving the EU is becoming so tortuous that it is bound to cause lasting harm not just to the UK but also to what is left of the European Union.

He has the money and influence to make a real difference in the Brexit debate and he plans to use both to launch a campaign to secure a second Brexit referendum within a year.

“Brexit is an immensely damaging process, harmful to both sides,” says Soros.

“Divorce will be a long process, probably taking more than five years. Five years is an eternity in politics, especially in revolutionary times like the present.”

At the same time, he correctly identifies failings within the EU, saying it is facing an existential crisis not only as a result of Brexit but also because of an addiction to austerity, failure to tackle the migrant crisis and the rise of populist political movements as a result.

As if on cue, financial markets fell into turmoil on Tuesday amid a deepening political crisis in Italy.

Soros said the EU had lost its way since the 2008 banking crisis and required radical transformation in order to survive.

The European Union is in an existential crisis and must reinvent itself to escape it. A “multi-track Europe” would allow member states a wider variety of choices that would have far-reaching benefits. https://t.co/eL0CgL6gWv

— George Soros (@georgesoros) May 29, 2018

“The EU is in an existential crisis. Everything that could go wrong has gone wrong,” he said.

Soros often comes across as an ageing, bumptious, overbearing billionaire with more money than sense.

Nevertheless, he has outlined a three-point plan in order to preserve the EU. It is an audacious plan that might actually work.

It proposes addressing the refugee crisis by removing regulation which dictates the number of refugees that each country should accept.

This would also involve the EU borrowing on the international markets in order to invest in Africa, thus stemming the flow of refugees.

His plan includes abandoning austerity in order to give heavily indebted countries like Greece and Italy time to recover, moving from further integration to allowing member states more choice over their political and economic direction, and facilitating a second UK referendum.

The plan has much to recommend it as it identifies the reasons that Britain voted to leave in the first place and recognises that the EU - with or without the UK - cannot continue on its current path.

It may not be embraced in Brussels or London, but it should, at least, be given the consideration it deserves.