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Allianz's chief economic adviser, Mohamed El-Erian, pointed to Brexit and a shrinking German economy as key drivers of a downturn.
"They're all crazy, not only because we aren't talking about it, but because it would be wrong to so this from the standpoint of economic policy."
We now have conclusive proof that Europe is in an economic slump, and that two of its biggest economies are careering towards recession
Industrial production throughout the whole of the eurozone dropped sharply, pointing to only a glacial pace of growth at the end of 2018.
Speaking on Tuesday afternoon, Valdis Dombrovskis, the European Commission vice president responsible for the euro, said Brussels had "no alternative" but to reject the proposals.
Italian assets have taken a pounding in recent weeks — here’s why Goldman Sachs thinks it could get a whole lot worse
Moody's downgraded Italian debt to a Baa3 rating last Friday, placing it one notch above junk status and reflecting the country's ongoing budget crisis.
European Union authorities on Thursday rejected budget proposals put forward by Italy earlier in the week, accusing the eurozone's third largest economy of an "unprecedented" break of EU rules around spending and deficit limits.
While most stock markets are contending with fears of a global slowdown, Italian investors have also got to consider a cocktail of domestic risks, largely linked to the country's ongoing budget crisis, which has seen its government clash with the European Union over its spending plans.
"The larger the stimulus used by China to offset the trade war impact, the bigger will its deficit likely be," UBS's Tao Wang, Chief China Economist, said in a report on Tuesday
For the third time in just over two years, Italy is causing markets and eurozone watchers a serious headache as a major row over its annual budget unfolds.
"The recent sell-off presents investors with an attractive opportunity to buy Italian two-year bonds," Mark Haefele, the chief investment officer of UBS Wealth Management, said on Wednesday.