Populists in power, like Five Stars and the Lega in Italy, can do serious damage. In the case of Italy, the key risks are long-term rather than immediate.
Though the populists have triumphed in Italy, examples show that populists often abandon their most dangerous demands and their euro scepticism in the pursuit of power.
To advance their prospects of finding partners, both 5Star and Lega have ditched the most dangerous part of their erstwhile agenda. But significant risks remain.