George Soros agrees with Germany’s Chancellor Angela Merkel that the European Union is being pushed to the brink of collapse by the current immigrant crisis. To fully understand how the crisis is going to impact European Union, you need to understand a few things from NY Books about the union and a few things about George Soros.
The European Union essentially acts as one country because all 28 countries in the union signed what is known as the Shengen agreement. The pack creates what is known as the Shengen area. What this means is that you only need to enter the European Union once with a foreign passport. Once inside the area, you are free to move around as you please with limited security. Citizens of Shengen countries are also allowed free movement across the concert. They can get a job and live in another country with limited security.
The European Union also uses one currency — the euro. And since the Shengen area allows free movement of people, it also allows the free movement of money. So a financial crisis that affects one country, affects all countries. This is a hard lesson learned from the Greek bankruptcy crisis of 2011.
There is great fear in Europe, partly due to the free movement insured by the Shengen agreement. There is real fear of terror attacks. The fear comes from immigrants flooding into the European Union from Syria and other parts of the Middle East. Once inside of Europe, these immigrants are allowed free movement and citizens fear terrorism. With this fear, valid or not, tourism takes a downturn and hits Europe’s economy.
Soros And The Immigrants
George Soros is a hedge fund manager who is semiretired and sits on a mountain of money — $27 billion. He is also a former immigrant that escaped war-torn Turkey shortly after World War II. He found success after graduating from the London school of economics and he believes that the vast majority of immigrants are good people just like him.
He also sees their influx as a threat to the economy of the European Union. Millions of immigrants could enter the Shengen area, threatening the economies of all the countries in the European Union. When one country takes a hard-line stance on denying immigration, it does not matter. The Shengen agreement makes it impossible to take control of the crisis.
Soros believes that the people of Germany and its Chancellor Angela Merkel need to take responsibility as the most powerful country in the union. They need to lead in order to forge one immigration policy across the union that allows immigrants into the Shengen area at a safe rate, saving the immigrants and the economy of the EU.