After the turbulence in the banking system caused by rising interest rates, particularly Credit Suisse's involvement in the global banking system, which issued loans that are now worth nothing, has had a significant impact on many other banks worldwide, as well as individual investors.

In the fund manager's sector in Europe, there is exceptional concern, with nearly one in three stating that "credible events to the system" are the most significant risk factor for the market. This increased from just 8% in the survey conducted in February and caused financial concerns to become the most significant issue for the first time in nine months.

The survey also found that the risk of stagflation and high inflation with a stagnant economy is increasing. More than half of the 212 global funds surveyed believe that the global economy will slow down, but 84% predict that inflation rates will decrease, and 88% believe that stagflation is the most likely outcome in the next 12 months.

Among fund managers in Europe 61% expect the Eurozone economy to enter a recession next year up from 55% in February and 42% expect the global economy to enter a recession up from 24% last month.

However, the President of the European Central Bank's supervisory board Andrea Enria said that "the capital and liquidity positions of banks remain very strong, with CET1 ratios averaging 15.3% and the liquidity coverage ratio at 161% as of the fourth quarter of 2018 to withstand severe liquidity shocks".