Escriva, the ECB's governing body, said the downside risks to eurozone economic expectations outweighed the upside risks. "The more disruptive scenario has not materialised," said the Bank of Spain governor. "That does not mean there are no surprises. We need to be more prepared than ever to revise our forecasts, so be cautious about that." "There are some upside risks, such as fiscal policy, as long as it is sustainable, but the downside risks are more pronounced than the upside risks," said Escriva. The current environment is "highly uncertain", with the US government being the main reason for this, Escriva said.