George Soros is almost as well known for his insightful political and economic commentary as he is for his incredibly successful career as an investor. In addition to serving as the Chairman of Soros Fund Management, he is also the founder and current Chairman of the Open Society Foundations. In an article for Project Syndicate, Soros goes to great lengths to explain how the EU could be a strong force in fighting for the continued independence and democratic reform of Ukraine. Essentially, Soros proclaims that by helping Ukraine through this difficult time of political and economic transition, Europe would gain many benefits for itself.
Promising Elections in Ukraine
Soros notes that the 2014 elections in Ukraine are cause for celebration of democratic reforms and a strong commitment to saving the country from Russian aggression. Soros’ take on the elections in Ukraine is one of optimism and opportunity. There seems to be a dedication to maintaining and spreading the democratic reforms in Ukraine that have already been underway. At the same time, George Soros comments that the elections in Europe are showing far less support among the general public for the continued existence of the EU. There seems to be a much more nationalistic sentiment growing that threatens to unwind the momentum that the EU has been able to build over the years. He finds hope in that Ukraine could be a source of unification for EU member countries that would stand together in preventing the further spread of Russian aggression.
George Soros – Project Syndicate
The Danger of Russia as a Continued Rival of the EU
Soros thinks that Russia needs to be viewed as still a threat to the existence of the EU and the sovereignty of European countries in general. No matter what the international opinion is of Putin, he remains very popular among many of his own citizens, especially in light of the recent annexation of Crimea. Even though Putin would like to continue aggressive policies for Ukraine, Soros points out that a stable Ukraine would actually be in the best interest of Russia without Putin. If Ukraine could raise its status as a prosperous nation, it could help as a trading partner with Russia and EU member states. Thus, aiding in the protection of Ukraine right now could pay off dividends for Europe in the future. It could also help to cement a mutually beneficial relationship with Russia at the end of Putin’s rule.
Europe Should Consider Political Risk Insurance in Ukraine
Even though Europe has many internal problems to deal with at the moment, Soros pushes for political risk insurance to encourage business and investment in Ukraine. He argues that this proposition is not too costly because many international financial institutions already maintain this same program in other parts of the world.
Soros gives a very convincing argument for why a stronger Ukraine means a better Europe. His arguments are directed at leaders of the EU with the means to make a real difference.
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