Billionaire investor George Soros has given a damning verdict on the launch of the European Central Bank's (ECB) trillion-euro quantitative easing program, warning that that it will create bubbles in the region's asset markets.
"My main concern that it will make divergence between rich and poor bigger than it already is," he said at a CNBC panel at theWorld Economic Forum in Davos Friday.
"It will benefit the owners of assets and actually wages will remain under pressure through competition and unemployment."
He warned that he would have "political consequences" and will also have an effect on international currency markets.
"The sheer size of the massive injection and the duration, and so on, will have undoubtedly an effect...If I were still active in the business I could see some fairly substantial moves coming and financial stability can create dislocations and turmoil from time to time."