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At the discussion on the sector’s future, Crispin Longden, European Assets manager, and Mark Lovett, manager of Charter European, concluded investment company growth in the past five years is grounds for “cautious optimism”.

Companies in the AIC’s Europe sector have grown on average 109 per cent in the period, while European Smaller Companies were up 185 per cent.

Mr Lovett claimed there are good investments to be found in the struggling European markets and economies.

He said: “While economic growth in Europe remains relatively anaemic, within the stock market itself we can identify a series of attractive investments with structural growth opportunities on exceptionally inviting valuations.

“As an example, the luxury goods sector is a key play on increasing levels of consumption and wealth creation in the emerging markets such as China, the Middle East and Eastern Europe.”

Annabel Brodie-Smith, communications director of the AIC, said: “While none of us can be sure of the markets’ next move, it demonstrates the importance of taking a long-term view of your investments. If you are concerned about stock market volatility you should consider regular investing. Regular saving each month gives you a lower risk profile by smoothing out the highs and lows in the price of shares and you do not have to worry about deciding when the best time to invest is.”