Demands on central banks have created critical juncture – El-Erian
Politicians must deliver reforms if world is to return to stability, economist says
Supposedly "unthinkable" political events throughout 2016 make more sense when one understands the instability caused by excessive demands placed on central banks, veteran economist Mohamed El-Erian said today (November 23).
The unthinkable has become the "new reality", he said. The UK's Brexit vote, the election of Donald Trump as US president, the breakdown of market correlations and the backlash against globalisation all relate to the "consistent failure" of the West to deliver high and
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