11 See Daniel K. Tarullo (2016), “Next Steps in the Evolution of Stress Testing,” speech delivered at the Yale University School of Management Leaders Forum, New Haven, CT, September 26, www.federalreserve.gov/newsevents/speech/tarullo20160926a.htm. 12 See Daniel K. Tarullo (2014), “Rethinking the Aims of Prudential Regulation,” speech delivered at the Federal Reserve Bank of Chicago Bank Structure Conference, Chicago, IL, May 8, www.federalreserve.gov/newsevents/speech/tarullo20140508a.htm.
And the first thing that came to mind was something that people said many years ago and then stopped saying it: The euro is like a bumblebee. This is a mystery of nature because it shouldn’t fly but instead it does. So the euro was a bumblebee that flew very well for several years.