El-Erian: 'New Normal' Has Become Ingrained And It's Alarming

Over half a decade since the beginning of the financial crisis, the ingrained acceptance of slow economic growth is concerning, said Mohamed El-Erian, chief economic adviser at Allianz SE , on Thursday. Speaking at a CFA Institute conference, he said that's reflected in the wide use of the term "new normal," which he often used to describe the current era of slow growth while he was CEO of Pimco. "It's become so consensus that people want to find different names for it. And it's a worry because while it has become consensus, not much is being done about it," El-Erian said. He added the onus is on policy makers to help spur growth.