The head of the European Bank for Reconstruction and Development said on Wednesday a debt standstill in Dubai, which has shaken global markets, represented a warning that more such trouble could lie ahead.

Speaking to Reuters in Kazakhstan, EBRD president Thomas Mirow said global markets have recovered well from a short-term shock stemming from Dubai's debt troubles but investors should stay vigilant.

It is at least a warning that there might be further asset bubbles in the world, especially in the construction sector, and that any over-reliance on this is extremely risky, he said.