Acknowledging that the forecasting consensus has missed many of the big stories of recent years, analysts at HSBC have attempted to outline the biggest potential risks for investors in 2015.
Beware currency wars in 2015
Europe's economy is clearly deteriorating, with the stand-off between Germany and the peripheral nations continuing to hamper attempts to reform the region.
Another year of pain for the bond bears in 2015?
Jupiter's John Chatfeild-Roberts has predicted the European Central Bank (ECB) will unveil a long-awaited quantitative easing programme at the start of next year, boosting the region's equity markets in the process.
European stocks rebounded on Friday after ECB president Mario Draghi said the central bank is ready to expand its asset purchasing programme if inflation in the eurozone continues to lag.
The European Central Bank's monetary stimulus programme is likely to fail without full-blown bond purchases and could lead to a recession in the eurozone, Standard & Poor's has warned.
How defensively are European funds positioned?