The recent nosedive in the Chinese stock market and the slowdown in the world's second-largest economy will certainly be front and center for global investors in the near term, influential economist Mohamed El-Erian said Friday.
But he believes there's a more important shift underway.
The Allianz chief economic adviser told CNBC's " Squawk Box " the bigger issue for financial markets is that central banks are increasingly becoming unable to suppress volatility.
To that end, any shocks to the markets will take longer to reverse themselves, El-Erian, former Pimco co-CEO, told CNBC.
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