In Scope’s assessment, 2018 promises continued economic recovery in Europe and robust global growth. However, Scope cautions that global risks are building. In Europe, reforms to the euro area institutional framework, the resolution of Brexit, Italian elections in the spring, the end of the Greek programme and any change in accommodative financial conditions are the key credit-relevant developments to watch. In the United States, political risks and the Federal Reserve’s monetary tightening are the main risks for 2018. Concerns about high levels of public- and private-sector debt constrain China’s rating. Meanwhile, geopolitical tensions require monitoring.