Have no doubt, European voters have given clear messages to their politicians. Delivering on them, however, will be far from easy. Absent bold political leadership, the result could well be further frustration, political anger and economic stagnation – and the higher risk of national and regional polarization that comes with all that.
Mohamed A. El-Erian is a Bloomberg Opinion columnist. He is the chief economic adviser at Allianz SE, the parent company of Pimco, where he served as CEO and co-CIO. His books include “The Only Game in Town” and “When Markets Collide.”