Fidelity smashes myth of cyclical growth

Fidelity is backing peripheral EU member states such as Ireland to continue powering ahead of core countries such as Germany. The group believes the tax and interest policies of the EU are building in huge advantages for the likes of Spain and Greece at the expense of their larger continental neighbours. "I would like to attack a commonly-held myth about Europe," said Alexander Scurlock, portfolio manager of the group's European Blue Chip Sicav. "It is that that the differential economic growth across the Eurozone is cyclical. I disagree - it is structural." Scurlock pointed out that i...