What's the Biggest Risk to the European Economy?

The way TPI has been designed, it's definitely not done in a way that would protect the governments against its own mistakes. If you could come up with a situation where the market is punishing a state for things which they haven't even announced, then TPI is probably there. But so far, at least, we have from Italy, which is the biggest issue in there, is that the new government wants to be prudent. So if they don't do anything that would make the ECB nervous, they could actually benefit from TPI.