Europe's economy is in the best shape in six years though progress in the recovery is slow, the chief executive of Credit Suisse told CNBC.
"I think Europe is in the best position it has been since 2010," Tidjane Thiam told CNBC at the World Economic Forum in Davos on Wednesday.
His comments come as Europe traded sharply lower on Wednesday, taking cues from a weak session in Asia and fresh lows in the oil markets.
The pan-European STOXX 600 stumbled around 3 percent in early deals, with all major European benchmarks also down in excess of 2 percent. U.S. stock index futures pointed to a sharply lower open, with Dow futures sinking in excess of 300 points.
"I've never been optimistic on Europe. I'm actually quite on the record as a euro bear, so I think that the fact that I swing to a positive here I hope is meaningful," he added.
The euro zone economy grew 0.3 percent in the third quarter of 2015, a slowdown from the 0.4 percent recorded in the previous quarter.