The controversial George Soros believes that the pandemic could bring the end of the European Union as we know it.
Unless the EU issues perpetual bonds to help itself and the less wealthy countries, such as Italy, “it may not be able to survive the challenges it currently confronts," said Soros. From his point of view, the only solution that can work is for the Union to keep the credit rating at the same level, to issue the bonds and to have money-power to cover it.
Although for some, this idea is good, there is a need for solidarity between the European countries. But given the current situation, even the Franco-German monetary help is viewed with negativity by some states. After France and Germany presented their idea, the benchmarks opened lower, France40 shedding 0.9%, and Germany30 falling 0.5%.
The world can wait and see what will be the EU's next move.
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Sources: forexlive.com, reuters.com, dailymail.co.uk