Up to now, the evidence on the ground has not been comforting. Despite talk to the contrary, anti-establishment movements have yet to decisively break the political malaise that has held back both actual and potential economic prosperity. And voters remain disillusioned, divided and disappointed with their ruling elites -- suggesting that yet more political surprises may await down the road, including in the next Italian elections.
Mohamed A. El-Erian is a Bloomberg View columnist. He is the chief economic adviser at Allianz SE and chairman of the President’s Global Development Council, and he was chief executive and co-chief investment officer of Pimco.
This column was provided by Bloomberg News.