Who will suffer if a populist leader takes over the helm?
It is exactly the two countries performing more poorly in economic terms that the risks of an economic slowdown are the highest if a populist leader came to power.
"From an economic point of view, obviously France with a president Le Pen would face the biggest problems," Brzeski from ING said, given that the far-right leader wants France to exit the euro zone and to turn the country's debt from euros back to the French franc.
"Theoretically, the two countries which are performing best (the Netherlands and Germany) would have less problems coping with the economic policies of populists as long as they are mainly directed at social transfers and more government spending," he added.
Jones from Johns Hopkins agreed that France would suffer the most from a political point of view, "as the institutions of the Fifth Republic are not well designed for power-sharing." This is because according to the French political system, the president needs to work with a prime minister that has a majority in the national assembly. So if the majority in the national assembly is not Front National, then Le Pen would have to govern with a prime minister supported by a non-far right majority.
While Italy does not yet have an election scheduled, the political instability thrown up by former prime minister Matteo Renzi's resignation could mean a vote is not that far way. And the country would be hit hard, Jones believes, if the Five Star movement led the polls.
"Italy would suffer the most from an economic standpoint because of the huge size of its government bond market and the persistent threat that international investors would speculate actively against the country at a time when the ECB's (European Central Bank) capacity to support it is limited," he added.
Fuest from the Ifo Institute explained that "populist economic policy is normally expansionary, irrespective of the economic situation." He added that populist parties usually raise the right issues but "the answers they give are normally simplistic and the recipes don't work."
Germany and the Netherlands are not totally safe
However, despite the stronger economic positions of Germany and the Netherlands, they are not totally safe.
"The bad news is that all four countries face considerable risks both at home (in the form of elections) and abroad. For my money, the foreign sources of risk are more worrying than the domestic ones," Jones added.
"We still do not know how Brexit is going to play out, whether the Trump boom will turn into a bubble that pops, and what will be the impact of a change in international attitudes toward the free movement of goods and services," he said.