the 2010 per jacobsson lecture delivered by the head of pimco, mohamed a. el-erian, was titled "navigating the new normal in industrial countries". in the lecture el-erian stated that "our use of the term was an attempt to move the discussion beyond the notion that the crisis was a mere flesh wound...instead the crisis cut to the bone. it was the inevitable result of an extraordinary, multiyear period which was anything but normal".