Things are certainly looking up for Europe's economy and with hefty monetary stimulus it's no surprise that stock markets in the region are on a tear.
Yet for some strategists the level of complacency in markets is a source of worry and some major risks are being overlooked. These include the fallout from conflict in Ukraine and Greece, which is under intense pressure to find cash to meet looming debt-service payments.
"Ukraine is something that people are just not pricing into the markets. There are many worries that markets are just not pricing in at all -- Greece is another one," UBS Global Asset Allocation Strategist, Ramin Nakisa, told CNBC Europe's "Squawk Box" Tuesday.
"We're above our year-end target for the STOXX 600, which was 380, and markets are pricing in very little risk."