Summary of Mohamed A. El Erian's The Only Game in Town

Summary of Mohamed A. El Erian's The Only Game in Town is a discussion of the role of central banks in confronting the current financial and economic dangers facing the world. Following the financial collapse of 2008, central banks pursued aggressive and innovative policies in an effort to stabilize the world economy. Policy makers have failed to enact the measures necessary to ensure growth, and so central banks have had to continue to innovate and stabilize. In the long term, however, central banks cannot sustain growth on their own. If governments do not take steps to create growth and regulate financial markets, there will be another financial crisis...