Billionaire Hungarian-born financier George Soros told an audience Thursday that the European Union is in an “existential crisis” and it needs to be reinvented in the face of growing threats.

Speaking at the Brussels Economic Forum, Soros said: “The reinvention would have to revive the support that the European Union used to enjoy.”

Such reinvention would have to review the past and explain to European citizens what went wrong and then make proposals to make things right.

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