The U.S. Treasury Department in 2008 helped devise and implement the myriad liquidity programs used to recapitalize big banks and reassure investors when questions arose over their stability and integrity of deposits.

But uncertainty over what would happen in a run on European banks has added to the volatility of the European debt crisis.

"The European crisis is more serious than the crisis of 2008," Soros said in an appearance at the meeting here of the World Bank and International Monetary Fund . "The authority needed (in 2008) was in place."

Soros, who has for many years supported various liberal political causes, has called for a number of measures to take on the European Union sovereign debt crisis, including the establishment of a unified Treasury.

"I very much hope the heads of state of the member countries will recognize that," he said. "That will open the way to containing the crisis."

European authorities need to get more creative beyond the establishment of the European Financial Stability Facility, which would be unlikely to be able to provide sufficient liquidity should a Greek debt default set off a series of similar actions in other countries with severe debt burdens.

Soros repeated his call that bank deposits need to be protected, perhaps through creating a type of insurance fund and guaranteeing early portions of bailout payments.

He also has said previously the European banking system should be recapitalized and put under broad European supervision.

"There are a number of options and I'm mad that they're not all being considered, because something needs to be done," he said.