Billionaire financier George Soros warned the European Union on Thursday that it was facing an “existential crisis,” saying the bloc should not let protracted Brexit talks distract it from making vital reforms.
Soros, a liberal philanthropist, wrote in an article published by Project Syndicate that Europe needed to radically reinvent itself.
“Negotiating the separation with Britain will divert the EU’s attention from its own existential crisis, and the talks are bound to last longer than the two years allotted to them,” he said. “Five years seems more likely.”
Soros said the EU should approach the Brexit negotiations in a “constructive spirit” and at the same time should make itself attractive again to people, especially younger generations.
British Prime Minister Theresa May, who faces elections on June 8, said earlier this week that Britain would leave the EU without an agreement if it was unable to achieve a satisfactory agreement with the bloc.
While stressing the need for a constructive attitude to talks with Britain, Soros said the EU had become an organization in which the euro zone constitutes the inner core and the other members are relegated to an inferior position.