The longer the advanced economies delay in delivering higher and more inclusive growth, the greater the risk that their futures will include costly recessions, unsettling financial instability and even messier politics. Fortunately, as detailed in previous columns, what is holding us back is no longer an economic engineering problem. The four main elements of the solution are gaining greater acceptance. Adding to the good news is that what is required need not be a policy "big bang;" a small bang would suffice.
More than ever, the basic issue is political implementation. And the advanced world's political class is running out of time to step up to their economic governance responsibilities.
Mohamed A. El-Erian is a Bloomberg View columnist. He is the chief economic adviser at Allianz SE and chairman of the President’s Global Development Council, and he was chief executive and co-chief investment officer of Pimco.
This column was provided by Bloomberg News.