The ECB threatens to end up in a dead end

New York, Frankfurt He warned early on: Mohamed El-Erian has been accusing the US Federal Reserve for months of not taking inflation seriously enough. Allianz’s chief adviser, who is also President of Queens’ College in Cambridge, isn’t sparing the European Central Bank (ECB) either. Both central banks, he says, were too committed to the thesis of “temporary inflation”. “After that, it’s difficult to get rid of such a thesis in time,” he says.

The US economist, who grew up in Egypt, keeps a close eye on the markets. From his time as co-head of the US fund company Pimco, which belongs to Allianz, he is used to analyzing the big trends.