"The reinvention would have to revive the support that the European Union used to enjoy," the Hungarian-born Soros said at the Brussels Economic Forum.

Such reinvention would have to review the past and explain to European citizens what went wrong and then make proposals to make things right. Soros welcomed a German idea to cut European funds aimed at reducing income inequalities at the regional level for those countries disrespecting the rule of law. Both Hungary and Poland, which are net recipients of the so-called cohesion funds, have been criticized by European institution for their weak standards with regards to the rule of law.

Hostile powers

Soros said Europe needs to overcome the current "existential crisis" by fighting together against the rise of anti-European sentiment, xenophobic feelings and surrounding "hostile powers."