ling PE divided by US 10-yr trailing PE 45% 125 4.0% 3.5% 115 3.0% 1.05 25% 7 OM, 0.95 1.5% _ 10% 0.65 5% O75 0.0% Peak Versailles Unificaban (since PotentialcostofEMU = gas reparations (1925) 1991) transtfar union 1998 20000 anne 2004 2006 2008 anid Source: Carl-Ludwig Holtirerich, Hallelnstitute for Economic Res