Investment Conundrums: Fiera Capital's CIO François Bourdon on why the next decade will be make or break for eurozone

'Protectionist wave' big risk

François Bourdon, global CIO of Fiera Capital, the $131bn investment manager, has warned of a "protectionist wave" dominating the geopolitical landscape, triggered by a recession in 2020.

Speaking to Investment Week, Bourdon warned the rise in populist governments and an impending recession will lead to increasing protectionism, creating a negative environment for investors. The CIO said the issues would be felt most acutely in Europe where the "dysfunctional family" still remained unprepared to solve the structural issues of the region, especially in the banking system. The next five to ten years, he said, would either lead to a breakdown of the eurozone or a fiscal union, depending on how the region reacts to crises such as recent events in Italy. 'Draghi's succes...