*  *  *  Ladies and gentlemen, Let me begin by thanking Notre Europe and the Egmont Institute for the invitation to this conference today in honour of Tommaso Padoa-Schioppa. Tommaso was a man of culture, a man of vision and a man of action.
CAPM is capital asset pricing model. Source: Federal Reserve Board staff calculations. 2016  Figure A.2: Changes in 10-Year German and U.S.