On the downside, the financial sector is still strained, and we cannot rule out the possibility that a stronger or more protracted negative feedback loop between the real economy and the financial sector may develop. Concerns also relate to a renewed increase in international commodity prices, an intensification of protectionist pressures and a disorderly correction of global imbalances.
The Greek debt crisis still remains pending and there are also downside risks on the geopolitical front, even in this region (e.g. the events in Ukraine, particularly with the Minsk II ceasefire under increasing strain). Several central banks (including all four major, i.e.