George Soros: The Promise of Regrexit

Soros discusses how to keep the EU together

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Jul 12, 2016
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LONDON – Until the people of the United Kingdom voted to leave the European Union, the refugee crisis was the greatest problem Europe faced. Indeed, that crisis played a critical role in bringing about the greater calamity of Brexit.

The vote for Brexit was a great shock; the morning after the vote, the disintegration of the European Union seemed practically inevitable. Brewing crises in other EU countries, especially Italy, deepened the dark forecast for the EU’s survival.

But as the initial shock of the British referendum wears off, something unexpected is happening: the tragedy no longer looks like a fait accompli. Many British voters have started to feel a degree of “buyer’s remorse” as the hypothetical becomes real. Sterling has plunged. Another Scottish referendum has become highly likely. The erstwhile leaders of the “Leave” campaign have engaged in a peculiar bout of internecine self-destruction, and some of their followers have started to glimpse the bleak future that both the country and they personally face. A sign of the shift in public opinion has been a campaign, supported by more than four million people so far, to petition Parliament to hold a second referendum.

Just as Brexit was a negative surprise, the spontaneous response to it is a positive one. People on both sides of the cause – most important, those who didn’t even vote (particularly young people under 35) – have become mobilized. This is the kind of grassroots involvement that the EU has never been able to generate.

The post-referendum turmoil has highlighted for people in Britain just what they stand to lose by leaving the EU. If this sentiment spreads to the rest of Europe, what seemed like the inevitable disintegration of the EU could be instead creating positive momentum for a stronger and better Europe.

The process could start in Britain. The popular vote can’t be reversed but a signature collecting campaign could transform the political landscape by revealing a newfound enthusiasm for EU membership. This approach could then be replicated in the rest of the European Union, creating a movement to save the EU by profoundly restructuring it. I am convinced that as the consequences of Brexit unfold in the months ahead, more and more people will be eager to join this movement.

What the EU must not do is penalize British voters while ignoring their legitimate concerns about the deficiencies of the Union. European leaders should recognize their own mistakes and acknowledge the democratic deficit in the current institutional arrangements. Rather than treating Brexit as the negotiation of a divorce, they should seize the opportunity to reinvent the EU – making it the kind of club that the UK and others at risk of exit want to join.

Continue reading the article at Project Syndicate here.

If disaffected voters in France, Germany, Sweden, Italy, Poland and everywhere else see the EU benefitting their lives, the EU will emerge stronger. If not, it will fall apart faster than leaders and citizens currently realize.