I'm hoping for a Sputnik moment-the collective realisation that,if we don't do something now,something bad is going to happen,said Mohamed El-Erian,referring to the Soviet Union's launch of the Sputnik satellite in 1957 that triggered the Cold War space race with the United States.Mr.El-Erian,chief economic advisor at Allianz,was commenting following the latest UK poll,which showed Britons leaning against approving the Brexit,the prospective British leaving of the European Union that goes to referendum on Thursday.*
If Brexit were to occur,it would add institutional instability and accelerate the journey to the neck of the T-junction of the global markets and the economy.Imagine this chair with one-and-a-half legs.Monetary union is complete;banking union halfway.We need to complete the regional architecture in Europe,and we need a lot better global policy engine.*
Mr.El-Erian is a native of Egypt and formerly headed the Harvard Endowment.He was most recently co-CEO and co-CIO at PIMCO.*
Allianz SE (Milan:ALV)
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