You can add legendary investor George Soros to the list of those expressing some skepticism about the European Central Bank (ECB)'s 1.1 trillion euro ($1.23 billion) quantitative easing (QE) program.
While he called it a "very powerful set of measures" at the World Economic Forum in Davos, Switzerland, Soros also said it could "reinforce inequality" in the eurozone,
BBC News reported.
That reinforcement would presumably come as QE boosts financial markets as much as the economy. The wealthy, of course, hold many more financial assets than the poor and middle class.
"Excessive reliance on monetary policy tends to enrich the owners of property, and at the same time will not relieve the downward pressure on wages," Soros noted.
On the plus side, he said that if the ECB succeeds in boosting economic growth, that will make it easier for countries such as France to implement restructuring measures to increase economic efficiency.
The eurozone should spend more on infrastructure, including energy pipelines, electricity networks and roads, Soros suggested.
Mohamed El-Erian, chief economic adviser to Allianz, offered a more pessimistic assessment of the QE program.
"The ECB will succeed in weakening the euro and maintaining generally low interest rates," he told
The New York Times. "But this is insufficient to deliver a growth breakthrough, and comes with the risk of collateral damage and unintended consequences."
The euro indeed has slumped to an 11-year low after the ECB's announcement.
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