Commenting on the current state of the European experiment, George Soros warned the European Union has plunged it into an existential crisis as a result of "dysfunctional" institutions and austerity mandates, and will require the bloc to reinvent itself to survive. Speaking at the Brussels Economic Forum, the billionaire investor said the EU had "lost its momentum" as he urged policymakers to abandon hopes of "ever closer union" driven by a top-down approach from Brussels, a statement which will likely displease Germany.