Populism clouds the European outlook

The euro area is at present enjoying the tailwinds of low oil prices, an accommodative monetary policy and a weaker currency. 

In addition, there is no longer in aggregate any drag from fiscal policy and a greater share of the structural reforms should begin to bear fruit.

Finally, the Juncker plan should provide some support. Medium-term, analysts nonetheless remain concerned that reform efforts are still not sufficient to lift trend potential against a backdrop of an ageing population. 

Societe Generale notes...

There seems to be little in the domestic euro area economy on the 2015 horizon that would trigger a newsharp downturn. 
Rather, the risks we see today stem from the political front.