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Populism’s threat to underperforming macro institutions

Underperforming and under-reforming macro institutions represent a risk to global macro and financial market stability. Populist (and other) critics have a decent case for demanding change; inflation has been too low and fiscal stimulus too meek over the past decade. But there is a growing risk that populism could trigger radical and ill-conceived interventions that could compromise central bank independence and fiscal frameworks. And these could occur just as inflationary pressures are on the rise and potentially lead to severe macro and market turbulence.

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