Fitch Ratings released its Risk Radar Global 1Q15 on Monday. The agency said that deflation in the Eurozone is the largest potential risk, despite the European Central Bank's (ECB) quantitative easing programme.

Fitch Ratings pointed out that underlying inflation remains subdued and longer-term inflation expectations are still below the ECB's 2% target. The agency noted that quantitative easing should help reduce the risk of prolonged deflation in the Eurozone due to a weaker euro.

Emerging markets face increasing pressures due to the structural adjustment in China and recession in Russia and Brazil, the report showed. The growth in emerging economies is expected to be 3.6% in 2015 and 4.2% in 2016, according to the report.