Billionaire’s hedge fund manager has been a staunch advocate of the reestablishment of Ukraine’s economy. Recently, he wrote an article on Project Syndicate, highlighting why the European Union will benefit from helping the troubled country. Basing on this, he explains that Ukraine should be Europe’s topmost priority.
George Soros is of the opinion that the Ukrainian crisis largely resulted from Crimea’s annexation by Russia. The full blown crisis that has resulted from the annexation is threatening the unity of the EU. The union has been hesitant to act because numerous crises are almost crippling it. According to Soros, the European Union needs to put its house in order so that it can address the crises bedeviling it.
Why Ukraine Should be Saved from Further Turmoil
The hedge fund billionaire opines that on formation, the European Union wanted to promote individual sovereignty among member countries whilst enhancing the common good of the entire bloc. For years, this acted as the guiding light of the union, which was regarded as the archetype of good governance. Unfortunately, the crises faced by the EU in the course of its existence, have weakened it instead of galvanizing it. The euro crisis in particular, has wedged a significant rift between debtor and borrower countries.
Many citizens currently perceive the union as a relationship of convenience between rich nations and poorer nations. The former have been incessant in imposing their ideologies on the latter. This is the situation that is currently facing Ukraine. The annexation of Crimea is a pointer of neocolonialism and tyranny. The occupation happened at a time when the EU was faced with the Greek crisis among other challenges. It was therefore unable to act decisively.
The Maidan Revolution gave birth to a new Ukraine, which is resolute in its efforts to oppose Russian ideologies. This explains why Moscow has been relentless in its efforts to destabilize Kiev. So far, Ukrainians have managed to stand up against Russian advancement. This is the right time for the European Union to offer its support to Ukraine. For a long time, Ukrainians have shown their willingness to be part of the EU. The union should lead the way in showing them that they have its support.
George Soros – Forbes
Strategies that Can Help Ukraine Stabilize
According to Soros, there is need for the European Union to draw a raft of measures, which will help bring things back to normal. Problems that bedeviled the old Ukraine such as massive corruption and tyranny, should be done away with. Political reforms must be put in place so that public institutions become accountable to the public.
Economically, the EU should help Ukraine market its products to a wider market. Providing the country with the necessary management expertise will similarly go a long way in helping its economy to recover. Investors should also be lured to the country because it has a massive potential. All investments made in Ukraine should be guaranteed by bodies such as the World Bank’s Multilateral Investment Guarantee Agency. This show of goodwill will spur Ukrainians into working towards the economic recovery of their country.
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