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The Paradox of Endogenous Nationalism and the Role of Quantitative Easing

Author(s): Massimo Morelli

Date published: Mar 2020

SUERF Policy Note, Issue No 140
by Massimo Morelli, Bocconi University and CEPR


JEL-codes: D72, D78, F14, F16.
Keywords: Globalization, populism, nationalism, fiscal space.

This article argues that the role of the ECB (especially through quantitative easing) has been crucial in keeping the populism wave at bay – what we could call the ECB levee. But global fiscal policies are necessary to avoid the long term flooding of liberal democracies by such waves, because the causes of the waves are not just a temporary shock but structural problems that cannot be faced by monetary policy alone.

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SUERF Policy Note, Issue No 140SUERF Policy Note, Issue No 140

The Paradox of Endogenous Nationalism and the Role of Quantitative EasingWeb version: The Paradox of Endogenous Nationalism and the Role of Quantitative Easing

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