Experience Stern | News & Events

Excerpt from Charlie Rose -- "After the global financial crisis, somepeople like Mohamed El-Erian, who is the co-CEO of PIMCO, said we are entering the new normal, a period of time where economic growth in advanced economies would be low, anemic, sub-par and so on...Our point is that this situation is one that is not a stable equilibrium. It is not even a stable disequilibirium. It is an unstable disequilibrium. Take for example the eurozone. You can't have just a monetary union without banking, political, economic, fiscal union. Either you move towards more integration, or you are going to have fragmentation disintegration."

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