El-Erian on global imbalances

What is your assessment of the risks arising from the build-up of "global imbalances"?

While the situation may appear stable in the short run, the global imbalances are resulting in a cross-border allocation of capital that will eventually be both unsustainable and inefficient from a global welfare standpoint. Indeed, the question is not whether there will be a re-alignment of the imbalances at some stage; the question is when does this happen, and does the re-alignment occur in an orderly fashi