Mohamed El-Erian, Chief Economic Advisor of Allianz and Former Chairman of President Obama's Global Development Council, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Lucy Nicholson

Mohamed El-Erian, Chief Economic Advisor of Allianz and Former Chairman of President Obama's Global Development Council, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Lucy Nicholson

Mohamed El-Erian, Chief Economic Advisor at Allianz and Former CEO and Co-CIO of PIMCO, attends the Asian Financial Forum in Hong Kong, China January 16, 2017. REUTERS/Bobby Yip

Mohamed El-Erian, Chief Economic Advisor at Allianz and Former CEO and Co-CIO of PIMCO, attends the Asian Financial Forum in Hong Kong, China January 16, 2017. REUTERS/Bobby Yip

Mohamed El-Erian, CEO and Co-Chief Investment Officer, Pacific Investment Management Co., speaks during the "Financial Recovery: When and How?" panel at the 2009 Milken Institute Global Conference in Beverly Hills, California April 27, 2009. REUTERS/Phil McCarten/File Photo

Mohamed El-Erian, Chief Economic Advisor of Allianz, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson

Mohamed El-Erian, Chief Economic Advisor of Allianz, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson

Mohamed El-Erian, Chief Economic Advisor of Allianz, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson

Mohamed El-Erian, Chief Economic Advisor of Allianz, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson

Mohamed El-Erian, Chief Economic Advisor of Allianz, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson

Mohamed El-Erian, Chief Economic Advisor of Allianz, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson

Mohamed El-Erian, chief economic advisor for Allianz, speaks at the Reuters Global Investment Summit in New York, November 17, 2015. REUTERS/Brendan McDermid

Mohamed El-Erian, chief economic advisor for Allianz, speaks at the Reuters Global Investment Summit in New York, November 17, 2015. REUTERS/Brendan McDermid

Mohamed El-Erian, chief economic advisor for Allianz, speaks at the Reuters Global Investment Summit in New York, November 17, 2015. REUTERS/Brendan McDermid

Mohamed El-Erian, chief economic advisor for Allianz, speaks at the Reuters Global Investment Summit in New York, November 17, 2015. REUTERS/Brendan McDermid

Mohamed El-Erian, chief economic advisor for Allianz, speaks at the Reuters Global Investment Summit in New York, November 17, 2015. REUTERS/Brendan McDermid

Moderator and Wall Street Journal Editor-in-Chief Gerard Baker (C), Kenneth C. Griffin (R), CEO of Citadel, and Entiq Mohamed El-Erian, Chief Economic Advisor of Allianz, take part in a panel during the Milken Institute Global Conference in Beverly Hills, California April 27, 2015. REUTERS/Mario Anzuoni

Entiq Mohamed El-Erian, Chief Economic Advisor of Allianz, takes part in a panel during the Milken Institute Global Conference in Beverly Hills, California April 27, 2015. REUTERS/Mario Anzuoni

Entiq Mohamed El-Erian, Chief Economic Advisor of Allianz, takes part in a panel during the Milken Institute Global Conference in Beverly Hills, California April 27, 2015. REUTERS/Mario Anzuoni

Mohamed El-Erian, Chief Economic Advisor, Allianz, takes part in a panel discussion titled "Navigating Europe's New Volatility" at the Milken Institute Global Conference in Beverly Hills, California April 27, 2015. REUTERS/Mario Anzuoni

Muslim Brotherhood's senior member Mohamed El-Beltagy (R) and deputy head of the Freedom and Justice Party Essam El-Erian (L) gesture the four-finger Rabia sign from behind bars with other Muslim Brotherhood members at a court in the outskirts of Cairo, April 21, 2015. An Egyptian court has sentenced ousted Islamist president, Mohamed Mursi, to 20 years in jail on charges of inciting the killing of protesters in Cairo in December 2012. The Rabia sign symbolizes support for the Muslim Brotherhood. REUTERS/Amr Abdallah Dalsh TPX IMAGES OF THE DAY

Deputy leader of Egypt's Muslim Brotherhood Khairat El-Shater (L) and Deputy Head of the Freedom and Justice Party Essam El-Erian sit behind bars with other Muslim Brotherhood members at a court in the outskirts of Cairo December 14, 2014. Egypt declared Mohamed Mursi's Muslim Brotherhood a banned terrorist organization last December and Egyptian courts have sentenced hundreds of the group's members to death in mass trials that have drawn strong international criticism. REUTERS/Asmaa Waguih (EGYPT - Tags: POLITICS CRIME LAW CIVIL UNREST)

Deputy leader of Egypt's Muslim Brotherhood Khairat El-Shater (L), head of the Egyptian Muslim Brotherhood's Freedom and Justice party Saad al-Katatni (2nd L) and deputy head of the Freedom and Justice Party Essam El-Erian (3rd L) wave with the Rabaa sign, symbolizing the support of the Muslim Brotherhood, as they sit behind bars during their trial with ousted Egyptian president Mohamed Mursi and other leaders of the Muslim Brotherhood on charges of spying and terrorism at a court in the police academy on the outskirts of Cairo, November 18, 2014. REUTERS/Amr Abdallah Dalsh (EGYPT - Tags: POLITICS CIVIL UNREST)

Deputy leader of Egypt's Muslim Brotherhood Khairat El-Shater (L), head of the Egyptian Muslim Brotherhood's Freedom and Justice party Saad al-Katatni (2nd L) and deputy head of the Freedom and Justice Party Essam El-Erian (3rd L) wave with the Rabaa sign, symbolizing the support of the Muslim Brotherhood, as they sit behind bars during their trial with ousted Egyptian president Mohamed Mursi and other leaders of the Muslim Brotherhood on charges of spying and terrorism at a court in the police academy on the outskirts of Cairo, November 18, 2014. REUTERS/Amr Abdallah Dalsh (EGYPT - Tags: POLITICS CIVIL UNREST)

Bank of Japan Governor Haruhiko Kuroda (L) and Mohamed A. El-Erian, Chief Economic Advisor of Allianz, attend a conference of central bankers hosted by the Bank of France in Paris November 7, 2014. REUTERS/Charles Platiau (FRANCE - Tags: BUSINESS)

Allianz Chief Economic Advisor Mohamed El-Erian speaks in a discussion of the role of the private sector in global development during the Bretton Woods Committee annual meeting at World Bank headquarters in Washington May 21, 2014. REUTERS/Jonathan Ernst (UNITED STATES - Tags: POLITICS BUSINESS HEADSHOT)

Inter-American Development Bank President Luis Alberto Moreno (L-R), Allianz Chief Economic Advisor Mohamed El-Erian, William Rhodes of William R. Rhodes Global Advisors, and Bretton Woods Committee International Council Chairman Richard Debs discuss the role of the private sector in global development during the Bretton Woods Committee annual meeting at World Bank headquarters in Washington May 21, 2014. REUTERS/Jonathan Ernst (UNITED STATES - Tags: POLITICS BUSINESS)

Inter-American Development Bank President Luis Alberto Moreno (L) and Allianz Chief Economic Advisor Mohamed El-Erian discuss the role of the private sector in global development during the Bretton Woods Committee annual meeting at World Bank headquarters in Washington May 21, 2014. REUTERS/Jonathan Ernst (UNITED STATES - Tags: POLITICS BUSINESS)

Michael Diekmann (R), chief executive of Europe's biggest insurer Allianz SE, talks next to Chief Financial Officer Dieter Wemmer during the company's annual news conference in Munich February 27, 2014. Allianz expects problems at bond fund manager Pimco to weigh on group performance in 2014 after investors withdrew money last year and Pimco chief executive Mohamed El-Erian said he would leave. REUTERS/Lukas Barth (GERMANY - Tags: BUSINESS)

Michael Diekmann, Chief Executive of Europe's biggest insurer Allianz SE, talks during the company's annual news conference in Munich February 27, 2014. Allianz expects problems at bond fund manager Pimco to weigh on group performance in 2014 after investors withdrew money last year and Pimco chief executive Mohamed El-Erian said he would leave. REUTERS/Lukas Barth (GERMANY - Tags: BUSINESS HEADSHOT)

Michael Diekmann, Chief Executive of Europe's biggest insurer Allianz SE, smiles during the company's annual news conference in Munich February 27, 2014. Allianz expects problems at bond fund manager Pimco to weigh on group performance in 2014 after investors withdrew money last year and Pimco chief executive Mohamed El-Erian said he would leave. REUTERS/Lukas Barth (GERMANY - Tags: BUSINESS HEADSHOT)

Michael Diekmann, Chief Executive of Europe's biggest insurer Allianz SE, talks during the company's annual news conference in Munich February 27, 2014. Allianz expects problems at bond fund manager Pimco to weigh on group performance in 2014 after investors withdrew money last year and Pimco chief executive Mohamed El-Erian said he would leave. REUTERS/Lukas Barth (GERMANY - Tags: BUSINESS)

Michael Diekmann, Chief Executive of Europe's biggest insurer Allianz SE, talks during the company's annual news conference in Munich February 27, 2014. Allianz expects problems at bond fund manager Pimco to weigh on group performance in 2014 after investors withdrew money last year and Pimco chief executive Mohamed El-Erian said he would leave. REUTERS/Lukas Barth (GERMANY - Tags: BUSINESS)

Michael Diekmann, Chief Executive of Europe's biggest insurer Allianz SE, poses before the company's annual news conference in Munich February 27, 2014. Allianz expects problems at bond fund manager Pimco to weigh on group performance in 2014 after investors withdrew money last year and Pimco chief executive Mohamed El-Erian said he would leave. REUTERS/Lukas Barth (GERMANY - Tags: BUSINESS)

Michael Diekmann, Chief Executive of Europe's biggest insurer Allianz SE, gestures before the company's annual news conference in Munich February 27, 2014. Europe's largest insurer Allianz expects problems at bond fund manager Pimco to weigh on group performance in 2014 after investors withdrew money last year and Pimco chief executive Mohamed El-Erian said he would leave. REUTERS/Lukas Barth (GERMANY - Tags: BUSINESS)

Michael Diekmann, Chief Executive of Europe's biggest insurer Allianz SE, talks during the company's annual news conference in Munich February 27, 2014. Europe's largest insurer Allianz expects problems at bond fund manager Pimco to weigh on group performance in 2014 after investors withdrew money last year and Pimco chief executive Mohamed El-Erian said he would leave. REUTERS/Lukas Barth (GERMANY - Tags: BUSINESS)

A riot police maintains order on al-Azhar university campus after clashes broke out during student protests in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST)

Riot police are seen on al-Azhar university during clashes with student protesters in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST)

People and police are seen through a hole in the wall of the al-Azhar university administration building after students tried to break-in during student protests in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST)

A riot police maintains order on al-Azhar university campus after clashes broke out during student protests in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST)

Riot police maintain order on al-Azhar university campus after clashes broke out during student protests in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS CIVIL UNREST EDUCATION)

Riot police search students before letting them exit the al-Azhar university campus after clashes broke out during student protests in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST)

People stand outside the ruined al-Azhar university administration building after clashes broke out during student protests in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST)

Police detain students in al-Azhar university after student protests in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST TPX IMAGES OF THE DAY)

A man looks out behind broken window panes in al-Azhar university after student protests in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST TPX IMAGES OF THE DAY)

Police detain students in al-Azhar university after a student protest in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST)

People stand outside the al-Azhar university's administration building which was ruined after clashes broke out during a student protest in Cairo October 30, 2013. Egyptian police fired teargas at protesting students at Cairo's al-Azhar university on Wednesday hours after authorities announced the detention of Muslim Brotherhood leader Essam El-Erian, part of a crackdown against the Islamist movement. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS EDUCATION CIVIL UNREST)

Members of the upper house of the parliament Sobhi Saleh (L) and Essam el-Erian (R) talk during a session in Cairo June 10, 2013. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS)

Mohamed A. El-Erian, CEO and co-CIO of PIMCO (L) and Ken Griffen, founder and CEO of Citadel. take part in a panel discussion titled "Global Markets in Uncertain Times" at the Milken Institute Global Conference in Beverly Hills, California April 29, 2013. REUTERS/Fred Prouser (UNITED STATES - Tags: BUSINESS)

Mohamed A. El-Erian, CEO and co-CIO of PIMCO, takes part in a panel discussion titled "Global Markets in Uncertain Times" at the Milken Institute Global Conference in Beverly Hills, California April 29, 2013. REUTERS/Fred Prouser (UNITED STATES - Tags: BUSINESS)

Mohamed A. El-Erian, CEO and co-CIO of PIMCO, takes part in a panel discussion titled "Global Markets in Uncertain Times" at the Milken Institute Global Conference in Beverly Hills, California April 29, 2013. REUTERS/Fred Prouser (UNITED STATES - Tags: BUSINESS)

Essam El-Erian (L), who is in charge of the Political Bureau of the Muslim Brotherhood members of Egypt's constitution committee, speaks with former presidential candidate Mohammad Salim Al-Awa at the Shura Council during the final vote on the new draft constitution in Cairo November 29, 2012. An assembly drafting Egypt's new constitution voted on Thursday to keep the principles of Islamic law as the main source of legislation, unchanged from the previous constitution in force under former President Hosni Mubarak. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS RELIGION)

Essam El-Erian, who is in charge of the Political Bureau of the Muslim Brotherhood Members of Egypt's constitution committee, smiles at the Shura Council during the final vote on a draft new Egyptian constitution, November 29, 2012. The assembly writing Egypt's new constitution convened on Thursday to start voting on the final draft, a move the Muslim Brotherhood hopes will help end a crisis ignited by a decree expanding President Mohamed Mursi's powers. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS)

Mohamed El-Erian, chief executive office and co-chief investment officer of PIMCO, speaks during The Economist's Buttonwood Gathering in New York October 24, 2012. REUTERS/Carlo Allegri (UNITED STATES - Tags: BUSINESS MEDIA)

Saad al-Katatni, vying with Essam El-Erian for the position of chairman of the Muslim Brotherhood's Freedom and Justice Party (FJP), is seated after casting his vote in the chairman election in Cairo October 19, 2012. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS ELECTIONS)

Saad al-Katatni and Essam El-Erian, who were vying for the position of chairman of the Muslim Brotherhood's Freedom and Justice Party (FJP), celebrate after al-Katatni was chosen as the new head of the party in Cairo October 19, 2012. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS ELECTIONS)

Saad al-Katatni (C), vying with Essam El-Erian for the position of chairman of the Muslim Brotherhood's Freedom and Justice Party (FJP), greets his supporters after he cast his vote in the chairman election in Cairo, October 19, 2012. Al-Katatni was chosen as the new head of the party. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS ELECTIONS)

Essam El-Erian, vying with Saad al-Katatni for the position of chairman of the Muslim Brotherhood's Freedom and Justice Party (FJP), is seated after casting his vote in the chairman election in Cairo October 19, 2012. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS ELECTIONS)

Saad al-Katatni and Essam El-Erian, who were vying for the position of chairman of the Muslim Brotherhood's Freedom and Justice Party (FJP), celebrate after al-Katatni was chosen as the new head of the party in Cairo October 19, 2012. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: POLITICS ELECTIONS)