George Soros, one of the most successful hedge fund managers in the world, has recently retired at the age of 85. He has taken a back seat from his successful financial strategies and has begun to apply those same principles that made him so successful in the marketing world, into his new endeavors of philanthropy and politics. One of the most recent political topics that Soros has been involved in has been the immigration phenomena in Europe. Soros recently made a prediction that the European Union is on the verge of collapse.
According to an interview conducted by CNBC Soros said, there are three main things that are causing the threat of collapse to the European Union. These three things include the free and open flow of travel within the Shengen area. This is a luxury that citizens, as well as those granted with visas, can enjoy about the EU. Another right or luxury provided by the structure of the EU is the open and free trade of money. These two fundamental rights or privileges were established at the very foundation of the European Union and are arguably some of the most critical things holding that structure together. The third threat cited in the CNBC interview is the threat of terrorism. With the large influx of refugees into the EU, made precedent by Angela Merkel, chancellor of Germany, when she opened the borders of Germany to refugees. Since 2015, around 1 million refugees have gone into Germany. The CNBC interview admitted this was a humane decision but one that will question the future structure of the EU.
With the two pillars of the EU under attack, the free and open flow of travel and trade, the future of the EU is unpredictable. For the point of terrorism, the CNBC interview admitted that drawing parallels between terrorism and the influx of refugees is not only not accurate but very unproductive. Instead, according to the CNBC interview, the focus should be put on assimilating the refugees into the European culture. This can be accomplished by providing the refugees with jobs and other social rights while also teaching them the languages of the countries that they would reside in.