Where's the growth? Euro zone still lacks investor appeal
"Knowing that a backstop is there has led to a level of stability in the market," said Novak, whose firm acquired a significant interest in British discount retailer B&M last year.
Novak, who expects 2013 to be a transition year for Europe, said his firm would continue to look for investments in businesses with strong exports located in Britain and northern Europe. But more evidence of long-term stability was needed to make deals in southern Europe attractive, he added.
The ECB's pledge to buy unlimited quantities of bonds of weaker nations has led to the near-halving of Italian and Spanish borrowing costs from their euro crisis peaks, with some fund managers dipping back into hard-hit sovereign bonds after months of absence.
Herbert Scheidt, chairman of Swiss private bank Vontobel, said Draghi's action had been a potent antidote to the bets many hedge funds had been placing on the collapse of the euro and was a stabilising factor in the market.
But the prospect of prolonged, austerity-led stagnation in the region is making assets in places like Italy, Spain, Germany, Portugal and Greece still unpalatable for many long-term overseas investors.
Bankers and investors agree these countries need to continue to push through painful labour and welfare reforms to improve the region's competitiveness.
But some are skeptical about politicians' ability to use the breathing
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