The Hungarian-born billionaire George Soros has offered a three-point plan in order to preserve the status of the European Union.
Europe's alliance has been under strain as bigger more powerful countries demand that those with struggling economies rein in their spending to reduce debt. This enforced austerity has led to high unemployment in countries such as Greece and Italy. Added to the mix was a migration spike from the Middle East and Africa into many countries that were already struggling in the wake of the financial crisis.
Speaking at the European Council on Foreign Relations annual council meeting Tuesday, Soros said Europe was in "an existential crisis."