Tea Party Populism in Europe

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The recent elections in Finland showed greater popular support for a populist party that opposes the bailout of countries in the Eurozone. The party also opposes immigration. It increased its share of the vote from 5% to 19% and will be a factor in Parliament.

There has been rising reaction in Europe from those who believe that their economic problems were caused by the banks and that the banks have been let off of the hook at their expense. The Tea Party in the US also opposed the bank bailout but it has no opportunity to express their concern in the two party US presidential system. They are aligned with the GOP which initiated the bank bailout and which has opposed reform of the banking system. The Tea Party is also opposed to immigration but it gets support from the GOP on that issue.

In any case, there is rising populism in the US and in Europe. It is bound to have a political influence on policy responses to current and future crises in the banking sector.