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.

Specifically, the report found that 5 percent of voters in developed nations cast votes for populist candidates in 2010. Last year, the report said, the percentage rose to 35 percent.

Sparks described himself as “very concerned” about the parallels between today’s movement and the period of history that led to the rise of the authoritarian regimes of Adolf Hitler in Germany and Benito Mussolini in Italy, and eventually the start of World War II.

Because of nuclear weapons, he said, “this story can’t end in the same way that that story ended.”

Howe agreed, saying, “Populism, historically speaking, always results in authoritarian figures taking power … That is the nature of the beast.”

Attempting to explain the strength of the populist movement, the analysts agreed that it appears to be driven by a middle-class population that feels a loss of both control and safety.

Populist candidates such as Donald Trump, they said, have taken advantage of this mood by making campaign promises that directly respond to those fears.

That is why the course of events in France will greatly depend on how successful Macron is in building an effective coalition government, Marcussen said.

Where Trump will ultimately stand in the U.S. version of the populist movement remains unclear, the analysts said.

Trump has pursued a traditionally Republican legislative agenda rather than the promises he made in his stump speeches during the course of the campaign, Howe noted.

“He came in on this very populist platform and we haven’t seen much of it yet,” he said.

Sparks said we’re already seeing political parties across all spectrums, including the Democratic Party in the U.S., reshaping their message to respond to these popular sentiments. Democrats, for example, are ready to seize upon the health care issue as a populist-friendly issue if the Republicans repeal Obamacare and leave millions of people stranded without health insurance.

“I think I’m less interested in Donald Trump than I am in the Donald Trump voter,” Sparks said. “There’s going to be a competition now for that voter.”