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Opinion
Mohamed A. El-Erian

Global Markets and Economy Can’t Escape War in Ukraine

The West’s response to Russia’s invasion will most likely have significant consequences for the financial system and investors.

The West’s response to Russia’s attack will have serious ramifications.

The West’s response to Russia’s attack will have serious ramifications.

Photographer: Jason Redmond/AFP/Getty Images

“If your life still feels normal, ask if you are doing the right things… .”

Scotland’s First Minister Nicola Sturgeon made this observation about fighting Covid-19, but it also provides a useful lens to assess economic and market reactions to Russia’s invasion of Ukraine and what may come next.