El-Erian: Anti-Establishment Movement to Get Louder

The transcript discusses the need for a more federal European Union with a treasury and elected officials. It explores Brexit's potential impact on Europe, suggesting it could either fuel anti-establishment movements or lead to a realization of the challenges in replacing existing structures. The conversation highlights the risk of a larger economic crisis if political leaders do not address structural issues. It concludes with a reflection on the political learning process from past economic events, emphasizing the need for recognizing structural changes.

What is suggested as necessary for strengthening the European Union?

• A single European language

• A European army

• More member states

• A European treasury and legislation

What are the two potential outcomes of Brexit mentioned?

• Emboldening anti-establishment movements or witnessing buyer's remorse

• Strengthening of the EU and economic growth

• Increased trade with non-EU countries or isolation

• Immediate economic collapse or political stability

What does the speaker believe might be necessary to wake up the political class?

• A new political party

• A larger economic and financial crisis

• Increased voter turnout

• A technological breakthrough

What has characterized the economic road that is coming to an end?

• High inflation and unemployment

• Low but stable growth and central banks repressing volatility

• Rapid technological advancement

• Increased global trade

What realization has sunk in regarding the nature of current economic issues?

• They are caused by external factors

• They are cyclical and temporary

• They are easily solvable

• They are structural in nature