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Nandini Ramakrishnan, global market analyst at JPMorgan Asset Management, warned that Italy is the biggest current threat to the eurozone.

Speaking to CNBC, the analyst admitted that results in the Dutch and French Elections had led to the “less-risky” result.

She said: “As we've gone through the year, the Dutch (and) the French elections have gone in what we'd call the less-risky or more market-friendly result.

“And actually all of that is based on euroscepticism and Macron, as a victor, is not posing the most Eurosceptic risk in France.”