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Mohamed A. El-Erian

The Dangers of Policy Drift

The annual spring meetings of the International Monetary Fund and the World Bank signaled yet another wasted opportunity for enlightened and aggressive policy leadership at a time when the global economy desperately needs better steering.
A meeting of the minds, yet nothing to write home about. Pete Marovich/Getty Images
A meeting of the minds, yet nothing to write home about. Pete Marovich/Getty Images

No market-moving news, and no significant economic signals. That's what traders should conclude this morning after a weekend full of policy meetings, communiques and news media commentaries that attended the conclusion of the annual spring meetings of the International Monetary Fund and the World Bank.

The meetings also signaled yet another wasted opportunity for enlightened and aggressive policy leadership at a time when the global economy desperately needs better steering.