Mohamed A. El-Erian is chief economic adviser at Allianz SE. He is chairman of President Barack Obama’s Global Development Council and the former chief executive officer and co-chief investment officer of PIMCO. He is the author of When Markets Collide:¬†Investment Strategies for the Age of Global Economic Change. He is a¬†Financial Times contributing editor and a columnist at Bloomberg View. On Twitter: @elerianm.

Writing in the Cairo Review