Billionaire George Soros has told the BBC that the European Union may not survive its "long-lasting stagnation".
He says that Germany is responsible for many of Europe's problems because it has not taken on a leadership role.
Talking to the Today programme, he said; "My hope is that Germany is going to change and realise that the policy of austerity is counter-productive.
"Their memory is inflation, so they continue fighting inflation when the threat is deflation."
He added: "The only people who can change it are the Germans, because they are in charge. They don't want to be in charge, in fact they are determined not to be in charge. And that's the tragedy."
Mr Soros, an investor and philanthropist, is famous for speculating against the pound in 1992, contributing to its collapse and exit from the EU exchange rate mechanism (ERM), the forerunner of the euro.
Recommended Content
Editors’ Picks
EUR/USD rises toward 1.0800 on USD weakness
EUR/USD trades in positive territory above 1.0750 in the second half of the day on Monday. The US Dollar struggles to find demand as investors reassess the Fed's rate outlook following Friday's disappointing labor market data.
GBP/USD closes in on 1.2600 as risk mood improves
Following Friday's volatile action, GBP/USD pushes higher toward 1.2600 on Monday. Soft April jobs report from the US and the improvement seen in risk mood make it difficult for the US Dollar to gather strength.
Gold gathers bullish momentum, climbs above $2,320
Gold trades decisively higher on the day above $2,320 in the American session. Retreating US Treasury bond yields after weaker-than-expected US employment data and escalating geopolitical tensions help XAU/USD stretch higher.
Addressing the crypto investor dilemma: To invest or not? Premium
Bitcoin price trades around $63,000 with no directional bias. The consolidation has pushed crypto investors into a state of uncertainty. Investors can expect a bullish directional bias above $70,000 and a bearish one below $50,000.
Three fundamentals for the week: Two central bank decisions and one sensitive US Premium
The Reserve Bank of Australia is set to strike a more hawkish tone, reversing its dovish shift. Policymakers at the Bank of England may open the door to a rate cut in June.