MILAN-International investors are missing opportunities in Italy because of pre-formed ideas of insufficient market transparency, weak rental growth, below-average building quality, high tax rates and inefficient bureaucracy, says Hendersons Global Investors.

In a new study by Henderson Research, it said that economically, "two decades of anaemic economic growth, the absence of meaningful structural reforms and notorious dysfunctional politics do not help Italy’s reputation as an investment destination."

However the 'Club Med' term not only displays inappropriate arrogance towards southern Europe, it also bands together economies that have little in common. Italy does not fit well into either group, and is far from being peripheral.