Pacific Investment Management Co.’s Mohamed A. El-Erian said the European Central Bank is waiting for the region’s sovereign governments and the International Monetary Fund to “step up” before taking further action.

It is “fascinating to watch” the market volatility prompted by ECB President Mario Draghi’s comments today, El-Erian, the chief executive officer of the world’s largest manager of bond funds, said during an interview on Bloomberg Television’s “In the Loop” with Betty Liu.

The euro declined the most in three weeks against the yen after Draghi said he didn’t signal the central bank would step up bond purchases to spur growth.

Pimco’s $241 billion Total Return Fund, the world’s largest mutual fund, has returned 3.1 percent this year, trailing 75 percent of peers. The fund has risen an average of 7.6 percent over the past five years to beat 97 percent of rivals, according to data compiled by Bloomberg.