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.”
Ms Ramakrishnan then admitted that Italy posed the biggest current risk for the bloc, as Euroscepticism remains strong.
She added: “In Italy though, the reason it remains the highest on our European severe risk is because if you poll the populists, so looking at survey data, asking just the man and woman on the street, there is the least amount of support for the euro, as the eurozone in Italy.
“There are a couple of steps before a referendum could be called in Italy, it is not currently legal in the constitutional system.
“If there was a referendum called, you have got all those people voting to leave the euro.
“That could be potentially disastrous for the monetary union, for the European Union.
“You can’t just leave the euro and not leave the EU.”
New figures released by the Bank of Italy shows the country’s national debt was €2.26trillion (£1.94tn) in March.
The next Italian general election is to be held no later than May 2018, with a mildly eurosceptic movement, lead by charismatic comedian Beppe Grillo polling strongly.
His Five Star Movement (M5S) has pledged to call a referendum on membership of the EU single currency, suspend the Schengen free movement agreement and lower taxes for the poor.