Cazenove's Janet Mui: The biggest risk facing European elections

Will anti-establishment parties make gains in the polls?

Last year, Europe's sudden weakness rekindled concerns about the region's persistent structural challenges: lacklustre long-term growth, questions over debt sustainability, demographics and political risks.

In the long term, eurozone trend growth is set to slow due to diminishing labour supply.  Given a lack of progress in structural reforms and lower capital investment, eurozone productivity is unlikely to pick up enough to offset the negative demographic effect.  Lower long-term growth leaves the eurozone more prone to economic shocks, which in turn feeds investor anxiety. Lower growth also underscores the bloc's debt problems, raising the scale of debt relative to GDP and resulting in lower tax revenues. 'This goes further than most of us thought it would': ECB to introduce meas...