The optimism I felt earlier in the year concerning reform in Europe and subsequent outperformance of...
The optimism I felt earlier in the year concerning reform in Europe and subsequent outperformance of European stocks has been dealt a blow by recent economic and market turmoil. The anticipated evolution of tax, welfare and savings systems in a more market-oriented direction is proving almost impossible to achieve during the current atmosphere of crisis. In place of these potentially major improvements, the existing rigidities of the eurozone have again attracted the attention of investors. Markets like Germany and France have recently been among the laggards of the developed world. ...
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