19 October 2019

Mohamed A. El-Erian

Chief Economic Adviser at Allianz and a member of its International Executive Committee, is Chairman of President Barack Obama’s Global Development Council. He previously served as CEO and co-Chief Investment Officer of PIMCO.
  • Up to now, too many inherently influential institutions have lagged in identifying and implementing reforms. Photo: Wikimedia Commons

    Dealing with damaging institutional inertia

    - Oct 6, 2017 12:15pm
    Deeply rooted, credible, accountable, and effective institutions have long been deemed crucial for a society’s lasting wellbeing and prosperity. They shield countries from frequent and unsettling volatility, be it economic, political, or social, and they reduce the...
  • China is responding to the global system’s weakening core by accelerating its efforts to build small networks, including the establishment of the Asian Infrastructure Investment Bank and the pursuit of the 'Belt and Road Initiative'. Photo: AIIB

    The risk of a new economic non-order

    - Sep 20, 2017 9:57am
    Next month, when finance ministers and central bank governors from more than 180 countries gather in Washington, DC, for the annual meetings of the International Monetary Fund and the World Bank, they will confront a global...
  • In an ideal world, the International Monetary Fund's SDR would have evolved into more of a reserve currency during the era of accelerated trade and financial globalization. Photo: Bloomberg

    New life for the SDR?

    - Apr 25, 2017 10:57am
    The rise of anti-globalization political movements and the threat of trade protectionism have led some people to wonder whether a stronger multilateral core for the world economy would reduce the risk of damaging fragmentation. After all,...
  • If Trumponomics is to work, key countries -- particularly, Germany, China and Japan -- must promote their own pro-growth policy adjustments, but that seems unlikely. Photo: Reuters

    Trump’s economic plan faces global hurdles

    - Dec 20, 2016 10:32am
    US President-elect Donald Trump should have a relatively clear road ahead at home for the implementation of his economic program: with Republicans holding majorities in both houses of Congress, he seems likely to benefit from a...
  • The US stock market rally is largely due to president-elect Donald Trump's remarks that have focused on pro-growth measures such as deregulation, corporate-tax reform and infrastructure spending. Photo:

    Sustaining the Trump rally

    - Nov 29, 2016 10:00am
    Donald Trump’s victory in the US presidential election surprised most of the world. But the president-elect is not finished defying expectations. Contrary to the predictions of many experts, stock markets have rallied strongly since his victory,...
  • Britain's future generations could inherit an economic legacy of too little growth and too much debt. Photo: Internet

    How the millennials lost the Brexit vote — and their future

    - Jul 19, 2016 8:56am
    Once again, young people have gotten the short end of the political stick. The outcome of the United Kingdom’s Brexit referendum is but another reminder of a yawning generational divide that cuts across political affiliation, income...
  • After years of fiscally irresponsible populist rule by the Kirchner family, Argentina has opted for Mauricio Macri, a former businessman running on a right-wing platform, as president. Photo: AFP/Argentinian presidency

    Latin America’s rising right

    - Jun 8, 2016 11:21am
    From changes in government in Argentina and Brazil to mid-course policy corrections in Chile, Latin American politics appears to be undergoing a rightward shift. But rather than being “pulled” by the attractiveness of the economic policies...
  • Vision 2030 is spearheaded by Prince Mohammed bin Salman. Photo:

    Saudi Arabia’s bold vision for economic diversification

    - May 17, 2016 9:31am
    Saudi Arabia has captured the world’s attention with the announcement of an ambitious agenda, called Vision 2030, aimed at overhauling the structure of its economy. The plan would reduce the country’s historically high dependence on oil...
  • Greece can overcome its economic troubles only if it modifies its approach. Greece and its creditors must agree to a credible debt-reduction program that would support domestic reform. Photo: AP

    Time to give Greece the debt relief it needs

    - Apr 25, 2016 10:16am
    Once again, Greece is at an inflection point. With its cash balances severely stressed, it seems unlikely to be able to pay the cascading debt payments that are falling due over the next few months. So...
  • Brexit advocates say they are fighting to protect Britain from an uncontrollable influx of immigrants, from imported terrorism and from laws made by foreigners who lack understanding of British culture. Photo: Internet

    No sure thing whichever way Brexit vote goes

    - Mar 30, 2016 9:40am
    During a recent visit to the United Kingdom, I was struck by the extent to which the question of whether the country should remain in the European Union is dominating the media, boardroom discussions and dinner...
  • There will come a time when China’s domestic and international responsibilities will again be relatively well aligned but that time is not now. Photo: Reuters

    Can China balance its domestic and international obligations?

    - Jan 12, 2016 10:03am
    The recent decline in China’s currency, the renminbi, which has fueled turmoil in Chinese stock markets and drove the government to suspend trading twice last week, highlights a major challenge facing the country — how to...
  • The Fed (left) and the ECB will try to push interest rates in opposite directions. Photos: Bloomberg

    Why US-Europe policy divergence could mean more volatile market

    - Dec 3, 2015 10:05am
    Over the next few weeks, the US Federal Reserve and the European Central Bank are likely to put in place notably different policies. The Fed is set to raise interest rates for the first time in...
  • Western governments will not succeed unless they become more open to creative destruction, allowing not only tools and procedures, but also mindsets, to be revamped and upgraded. Photo:

    Governments’ self-disruption challenge from tech innovations

    - Oct 14, 2015 9:34am
    One of the most difficult challenges facing Western governments today is to enable and channel the transformative – and, for individuals and companies, self-empowering – forces of technological innovation. They will not succeed unless they become...
  • A Syrian asylum seeker displays his refugee travel document issued by the German authorities. Europe has had an uneven response to the refugee crisis. Photo: Reuters

    Why the refugee crisis is an opening for European policymakers

    - Sep 22, 2015 9:14am
    There is a simple truth beneath the growing human tragedy of Europe’s refugee crisis and the European Union cannot address the massive influx of exhausted, desperate people in a manner compatible with its values unless governments...
  • The dynamics of the energy markets have changed considerably in the past two years. Photo: Bloomberg

    Oil’s new normal

    - Aug 17, 2015 9:18am
    Oil prices have been heading south again, with a barrel of US crude recently falling below US$42 – the lowest level since March 2009, the nadir of the global financial crisis. And, while last year’s sharp...
  • America’s willingness to tolerate a sharp appreciation of the US dollar’s exchange rate is not guaranteed, so the current wave of  competitive currency devaluations could persist for a while. Photo: Bloomberg

    Currency war not a solution

    - Feb 12, 2015 10:07am
    More than six years after the global financial crisis, central banks in emerging and developed economies alike are continuing to pursue unprecedentedly activist — and unpredictable — monetary policy. How much road remains in this extraordinary...
  • The world's economies can be divided into four groups,  exemplified by the US, China, Europe and Russia. Photos: Bloomberg

    The multispeed global economy

    - Dec 9, 2014 8:39am
    In the coming year, “divergence” will be a major global economic theme, applying to economic trends, policies and performance. As the year progresses, these divergences will become increasingly difficult to reconcile, leaving policymakers with a choice:...
  • The strengthening of the US dollar against the yen could raise import prices in Japan and reduce the risk of deflation. Photo: Bloomberg

    The return of the US dollar

    - Nov 12, 2014 8:49am
    The US dollar is on the move. In the last four months, it has soared by more than 7 percent against a basket of more than a dozen global currencies and by even more against the...
  • A lot is riding on whether countries like Egypt embrace durable economic, financial, institutional, political, and social reforms. Photo: Reuters

    The three-track Middle East

    - Jul 16, 2014 8:46am
    During a recent trip to the Middle East, I was struck by the growing gap between countries – so much so that, more than ever, I came away convinced that it makes no sense today to...