Europe's recovery this year will not be straightforward, according to Axel Weber, the chairman of UBS, who warned against complacency in the euro zone with banking stress tests and anti-EU sentiment waiting to derail modest growth.
"What we will not see is a straight line recovery where growth will continue to strengthen in a pretty monotonous fashion," he told CNBC Friday. "That's not what we're likely to see."
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With elections this year in several European countries, Weber spoke of the potential for a rise in anti-EU sentiment, with national discussions focusing on economic problems in the bloc. While European governments continue to form closer bonds, fringe political parties have also seen a rise. Current polls point to gains for Eurosceptic groups across the continent, including for parties such as the U.K. Independence Party and the Party of Freedom in the Netherlands.
Weber said we were currently witnessing a strengthening of anti-European forces at the democratic level, adding that elections this year would bring to the fore these issues.