The euro zone could face its third recession in six years in 2014 if emerging market growth slows more than forecast, a senior economist from Standard & Poor's rating agency said on Thursday.
Jean-Michel Six, the Paris-based chief economist for Europe, the Middle East and Africa, said that developing economies like Turkey and Brazil were highly exposed to the policies of the world's major central banks and any decline in their growth could hit the euro zone hard.
"An exogenous shocks from, for example, emerging markets slowing more than expected, could see the euro zone facing a situation of falling growth — and then that is its third dip into recession," said Six, in a news briefing in London.
Any emerging market risk to the euro area would most likely come from Turkey, Brazil India, South Africa and Indonesia, which Six termed the "fragile five". Their large current account deficits and vulnerability to international capital flows leaves them highly exposed to a fall-off in global central bank liquidity, he said.
(Read more: Fragile five: The new focus of currency wars)