2. If this interpretation is correct, Bernanke is following theexample of Mario Draghi , the president of European Central Bank . Draghi has been unusually vocal in recent weeks about the needfor politicians in Europe to step up to the plate and deliver ontheir policy responsibilities; and he has been clear about the riskthat relying just on the ECB may, in my words, again end upproviding a bridge to nowhere. 3. This is all consistent with the growing view in both academicand policy circles that unusual central bank activism is becomingless effective overall. Indeed, Bernanke referred to this in the Q and A. And this relates to both lower expected benefits and the risk ofgreater collateral damage and unintended consequences. 4. Central bankers are becoming more nuanced and thusdifferentiating between the trio of policy willingness, ability andeffectiveness. They are telling us that they are willing to do moreif conditions deteriorate; the ability is there though impacted byimperfect policy instruments; and effectiveness is not what it usedto be. 5. There is a risk that central bankers may be ahead of somemarkets are at this stage. And to reinforce this, just witness thereaction to the announcement out of China earlier today regarding monetary policy changes there. With an understandable short-term mentality dominating after all,so many macro factors are in flux these days (economic, financialand political) and thus an "unusually uncertain" outlook weshould expect markets to continue to bundle what central bankersand others feel should be more differentiated. The likely upshot iscontinued volatility underpinned by alternating periods of risk-onand risk-off. Mohamed El-Erian is the CEO and Co-CIO of PIMCO, which overseesnearly $1.8 trillion in assets and runs the Pimco Total ReturnFund, the largest bond fund in the world. His book, "When MarketsCollide," was a New York Times and Wall Street Journal bestseller,won the Financial Times/Goldman Sachs 2008 Business Book of theYear and was named a book of the year by The Economist and one ofthe best business books of all time by the Independent (UK). We are high quality suppliers, our products such as Precision Steel Shaft Manufacturer , China Hollow Metal Rod for oversee buyer. To know more, please visits Hydraulic Piston Rods.
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