Jim O’Neill: Ukraine a Symptom of Europe's Issues

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March 12 (Bloomberg) -- Former Goldman Sachs Asset Management Chairman Jim O’Neill and Eurasia Group Director of Russia and Emerging Markets Strategy Alex Kliment discuss the Ukraine crisis on Bloomberg Television's “Bloomberg Surveillance.” (Source: Bloomberg)

Chairman of goldman sachs international.

Alex clement with us as well from the eurasia group.

Between secretary kissinger's op-ed a number of days ago, we see george soros on decades of europe.

How fractious and fragile is the european experiment as ukraine comes to the white house?

The interesting thing about the clippings up something i've been focusing on.

We were joking before i came on now -- the europeans never really anticipate and stop our crisis.

They always have to wait -- reactive institution.

In a very peculiar way, this ukraine mess is another symptom of the same sort of issues that led to many of the problem.

Is a dangerous for us, particularly those of us of an older vintage, to equate the events now with iraq and the other moments that we remember -- with prague and the other moments that we remember?

Is this new or is this history repeating it self?

It is dangerous to use that supposed to framework even though there are aspects of it.

It is sort of indicative of the fact that the world economy has changed so much, but world governance -- has not.

Alex, pick up on that.

Is that what we've got here?

One of the interesting things about the conflict in ukraine is how much of the rhetoric around this conflict is framed by things that happened 50 or 70 years ago.

World war ii -- chris jeff, 1954. -- khrushchev, 1954. hungary, prague.

We thought these were answered after 1991. in fact, they have not been.

We have a critical moment on sunday when the residence of crimea vote to potentially lead ukraine and go to russia, and yet the german chancellor has said she won't acknowledge that.

How do you resolve crimeans voting to do one thing or the other and yet europe saying it is not going to her knowledge?

I think everyone fair well understands that crimea will no longer be part of ukraine.

The europeans say they will escalate sanctions in response to the decision, but the real escalation will come if vladimir putin decides to invade eastern ukraine or southern ukraine.

Jim and i were talking about this before the segment -- early on, three weeks ago, the idea that russia would invade crimea and take it away from ukraine would have been unthinkable.

He stared everyone with the prospect of intervention in eastern ukraine that now everyone thinks -- is russia still a bri see -- bric?

For about the past five years i get the e-mails everyday asking if they are.

Same stock answer -- i do it on the economics.

Despite all these complications, it is still in the top 10 economies the world and it will take a very large russian crisis for that cannot be the case, given how much many other countries struggle.

That is what gives the parameters for me.

Going back to the governance issue, -- i travel around all sorts of parts of the world and here angles from the other side -- we can't believe they have to do things on the criteria just as we want when we don't necessarily live to them ourselves.

In the u.k. we have a referendum on scotland.

People in that part -- how can we call out ukraine when -- an additional complication.

Countries in the west have gone into other areas of the world without being invited and without being fully agreed by all parties in the u.n. there are major, major complications about this which goes back to the core point -- we haven't got consensual governance.

When the crises erupt, economic

This text has been automatically generated. It may not be 100% accurate.

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