Why is the euro zone the most negatively affected by the global rise in risk aversion?

Each time the economic (signs of slowdown in growth, protectionist policies) or geopolitical situation (tensions with Iran, etc.) deteriorates, euro-zone financial markets (bonds, equities) deteriorate sharply, more than those in other countries. What accounts for this high sensitivity of euro-zone financial markets to negative shocks? The fact that euro-zone growth is seen as fragile (low productivity gains, high sensitivity to global trade, lack of economic policy leeway); The fact there are well-known weaknesses in the euro zone: Italy, banks, etc.