The fractures in the banking system could still have a major impact on Americans thanks to the lingering threat of “economic contagion,” prominent economist Mohamed El-Erian has warned—and there is little policymakers can do to stop it.
In an op-ed for Bloomberg, El-Erian, chief economic adviser at Allianz and president of Queens’ College at the University of Cambridge, warned that “fallout” from the troubled banking sector was adding to the pressure on an already delicate economy.
