On September 9, 2012, US financier and philanthropist George Soros was a guest of the Institute for Human Sciences at its Political Salon. In a talk on The Future of the Euro, held before invited guests, Mr Soros presented his vision of how the European financial crisis can be solved. His considerations were commented by Austrian Minister of Finance Maria Fekter and subsequently discussed with the audience.
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Georg Soros condenses the problems of the euro with his remarkable ability to boil down a complex issue to its essential components. I would like to comment on two points. The first one connects the fate of the euro with that of the European project as such, and the second one is that there are …
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Europa befindet sich in einer Doppelmühle zwischen einem noch unzulänglich sanierten Bankensystem und einer immer brisanter werdenden Staatsschuldenkrise. Gewonnen werden kann dieser Kampf nur bei gleichzeitiger Nachadjustierung bisheriger Konstruktionsdefizite des Euro und konsequenter Sanierung des Finanzsystems. Die Arbeiten an beiden Fronten benötigen Zeit zur Umsetzung. Jeder Versuch radikaler Sofortheilung wäre mit unermesslichen Folgekosten eines unkontrollierten Zusammenbruchs des Euro und des globalen Finanzsystems verbunden.
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George Soros offers an excellent analysis of the causes and consequences of the current Euro crisis. Particularly fruitful – not only in terms of explanatory power, but also with a view to possible solutions for the current crisis – is the fact that Soros simultaneously addresses political as well as economic aspects instead of exclusively …
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Misdiagnosing the causes of any crisis is costly. To give the right medicine, it is critically important to distinguish between the symptoms and the root causes of the crisis. Following the argument of George Soros, the transfer of monetary policy competencies to the ECB without establishing a true fiscal union lies at the heart of …
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