Soros Says There is Hope Brexit Vote Could Restructure Europe

The Brexit vote was a negative shock but the tragedy no longer looks like a ‘fait accompli,’ George Soros said in a speech at the European Parliament on Thursday, and it has created “positive momentum for a stronger and better Europe.”

He added that over four million people have petitioned Parliament to hold a second referendum. “By the time the Parliamentary debate on this petition takes place, it is not inconceivable that more people will have signed the petition than voted for Brexit,” Soros said.

Soros further added that while the popular vote cannot be reversed, a signature collecting campaign could transform the political landscape for EU membership.

“This approach could then be replicated in the rest of the European Union by forming a movement that would seek to save the EU by profoundly restructuring it. I am convinced that as the consequences of Brexit unfold in the months ahead, more and more people will be eager to join this movement,” Soros said, adding that the EU should not penalize British voters while ignoring their legitimate concerns about the “deficiencies of the European Union”

Brexit has not only created an opening to reinvent the European Union but has also aggravated two looming dangers, he said.

“First, it unleashed a crisis in the financial markets, comparable in severity only to 2007/8,” he said, adding that while this has been unfolding in slow motion, Brexit will accelerate it and reinforce deflationary trends that were already prevalent.

Aggravating the refugee crisis is the second danger according to Soros. “The EU faces growing military threats. Our external enemies have been emboldened, posing new, as-yet unfathomable dangers in various parts of the wider region, that are also liable to aggravate the refugee crisis.”

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza