Bank stability has deteriorated this year in 15 European countries, improved in 13 and is unchanged for nine, according to Euromoney Country Risk

From west to east, political risks remain in the foreground, challenging investor decision-making, but with such risks more difficult to quantify than economic data, the views of experts may be the best there is to go on.

Mario Monti's shock decision to step down as prime minister of Italy, and Silvio Berlusconi's declaration to contest the February election, means Italy's political risk score is lower than Namibia, according to Euromoney Country Risk.