SINGAPORE (June 4): “There is essentially in many countries around the world a sense that the average performance of the economy is much better than the individual performance of the citizens in that country. And that’s what’s given rise to the wave of populism.” — Morgan Stanley CEO James Gorman, arguing that the European Union faces no existential threat but is merely dealing with the same issues as many other nations.

Here are five things you need to know this week:

1 Italy has become embroiled in political turmoil as two populist parties, Five Star Movement and League, abandoned plans to form a coalition government. The two parties had collectively won more than half the votes at Italy’s March election, but their choice of euro-sceptic economist Paolo Savona as finance minister has been vetoed by Italian president Sergio Mattarella (pictured).

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