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The risk of destabilized global financial markets now has formal institutional weight behind it.
European Central Bank officials have raised concerns that potential shifts in United States economic policy could produce exactly that outcome, putting the warning on the record at one of the world's most systemically significant central banks.
The framing is explicitly conditional. The concern turns on policy changes that ECB officials characterized as potential.
When central bank officials choose to voice an external risk in those terms, they are mapping a threat. The act stops well short of a policy commitment.
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