yr trailing PE divided by US 10-yr trailing PE Percentof GDP, annual 4.5% 1.25 4.0% 3.5% 1.15 ni 1.05 2.5% 2.0% 0.95 1.5% 1.0% 0.85 0.5% 0.75 0.0% Peak Versailles Unification (since Potential costof EMU 0.65 reparations (1929) 1991) transfer union 1998 2000 2002 9004 2006 2008 2010 Source: Carl-Ludwig Holtfrerich, Halle