When Ukraine non-combatants launched a miserable attack on the military forces in Kyiv, Russia on February 20th, their sense of representing the country far overshadowed their fear for their individual mortality. The result was a blow to an already divided society, the European Union (EU). That divergence of the European Union became evident when Russia hopelessly ignored their involvement during their negotiation with Ukraine. Whether the unity between Ukraine and Russia will be established depend on how Europe will unite and act.
Good News is that the Ukraine government have shown a commitment to close ties with Europe, along with the International Monetary Fund to put together a multi-billion package that will save the country from its prevalent financial turmoil.
This however will not be enough to sustain the national unity that Ukraine inevitably need in the coming years according to George Soros. George Soros also added that despite his foundation’s involvement to serve as a defender of those embattled by official’s authoritarianism as well as create a well strong democratic (open society) institution, He still believe that Ukraine needs outside backing that only EU can provide.
Just like the transformation of the central Europe during the 1990 crisis, the EU lead by Germany can transform Ukraine by tapping into its resourceful diversified economy, attractive investment destination and its high quality human capital.
http://www.nytimes.com/topic/person/george-soros http://www.forbes.com/profile/george-soros/”>George Soros – Forbes
Ukraine need the European Union to improve its business climate within individual sectors and across the entire economy by;
o Abolishing the country’s fragile rule of law that discourage domestic and foreign investment
o Addressing the prevalent corruption that slows down economic development.
Apart from encouraging foreign and domestic investment, the European Union can also offer support to native companies’ manager by assisting them develop effective business stratagems with service providers compensated by equity stakes.
The EU can also encourage participation by its European Bank for Reconstruction and Development investing in companies along with local and foreign investors. This was the same thing that was done at Central Europe during the 1990 crisis and could eventually open up Ukraine’s domestic market to products manufactured and assembled by the many companies in Europe.
And as Project Syndicate reports George Soros Ukraine hope and trust that EU, led by Germany will rise to this occasion and prevent a financial crisis that would originally affect Ukraine and its neighboring countries before spreading to the rest of Europe.
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