In the aftermath of the global financial crisis, 'quantitative easing' (QE) was unleashed to help kick-start economic growth. As economies recover, QE will be wound down and eventually withdrawn. This Insight assesses the likely impact of QE on the global economy, and highlights the risks associated with QE taper. Turkey, Indonesia, Chile and Ukraine are all at risk. Commodity markets are also exposed – we assess the impact of QE unwind on oil, gas, coal, power, and chemicals.