By creating the European ...

By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.
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 George Soros

Quotes from the same author

Throughout the 19th century, when there was a laissez-faire mentality and insufficient regulation, you had one crisis after another. Each crisis brought about some reform. That is how central banking developed.
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 George Soros
Mankind's ability to understand and control the forces of nature greatly exceeds our ability to govern ourselves
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 George Soros
The pro-Israel lobby has been remarkably successful in suppressing criticism. Politicians challenge it at their peril because of the lobby's ability to influence political contributions.
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 George Soros
The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.
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 George Soros
Giving government aid to a bank basically transforms it into a utility. The huge salaries in this sector are only a symptom of a more profound misalignment. The profitability of the finance industry has been excessive. [...] That was absurd.
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 George Soros