El-Erian examines the future of the world economy and markets in The Only Game in Town, laying out the decisions we must make on a personal and a societal level in the face of financial instability and economic unpredictability. El-Erian demonstrates how and why our central banks became the crucial policy actors—and, more importantly, why they cannot continue in this role alone—starting with their response to the global financial crisis of 2008. They prevented the financial system’s collapse in 2008 and a protracted economic crisis, but they don’t have the resources to support the restoration of high inclusive growth and long-term financial stability.
