QUESTION: Europe is still in
deep recession. What are we doing wrong? What is it that we can learn
from the United States to overcome the crisis?
SOROS:
First of all, the euro crisis is a direct consequence of the financial
crisis that started in the US in 2007. And it has to do with the design
of the eurozone, which is fundamentally flawed. The global financial
crisis revealed some of those flaws, though some are not properly
recognized even today. So the US is, in fact, doing better. Europe now
has to solve its own crisis, which is, of course, a combination of a
financial crisis and a political crisis.
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