People who breathed a sigh of relief after French voters defeated presidential candidate Marine Le Pen earlier this month shouldn't declare the death of populism just yet, a group of analyst said Monday.

Anti-establishment sentiments still run strong in both Europe and the U.S., and could be rekindled again even in France if centrist President Emmanuel Macron doesn’t deliver on his promises, they said.

“There’s still a lot to come—there’s going to be a lot more political volatility, political drama before it gets better,” said Neil Howe, managing director of demography at Hedgeye Risk Management.

During a panel discussion of politics and populism at the CFA Institute Annual Conference in Philadelphia, Howe and two other global economic analysts ranged from deeply concerned to outright pessimistic about the impact that the populist wave may continue to have on politics and economics in the West.

Indeed, they all agreed that it is far from certain that populist sentiments have crested, despite the defeat of the populist La Pen in France’s presidential elections.

Howe noted that in the first round of those election, more than 50 percent of French voters cast ballots for political leaders who spoke of withdrawing the country from the European Union.

“I think it’s even odds that the EU won’t be around in a few years,” he said.

Michala Marcussen, managing director and global head of economics at Societe Generale Corporate & Investment Banking, was more hopeful, noting that polls taken just before the election showed that French voters were clearly in support of the EU and the euro.

“Voting for Le Pen does not necessarily make you want to get out of Europe and the European Union,” Marcussen cautioned.

Marcussen, however, along with Howe and Willis Sparks, director of global macro at the Eurasia Group, said they viewed populism as a force that could have more negative than positive impact on the world. They spoke ruefully of a report released by hedge fund manager Bridgewater Associates last week that concluded the populist movement is strongest in developed nations to a degree not seen since the 1930s.

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