After four years of frantic firefighting on both sides of the Atlantic, there was a brief period of stabilization between 2012 and 2014, demarcated by Draghi’s “whatever it takes,” Obama’s reelection, and the run-up to the Paris climate accords. But this stabilization proved short-lived. Between 2014 and 2016 the status quo was rocked by the Ukraine crisis, the commodity price collapse, the Syrian refugee crisis, Greece’s near default, China’s near-miss financial meltdown, Bernie Sanders’s unexpectedly strong challenge to Hillary Clinton, Brexit, Trump’s victory, and the Gilets Jaunes
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