Between 2001 and 2011, the nominal value of these assets increased by nearly 90 per cent in Italy, 110 per cent in the euro area, 160 per cent in the UK and 240 per cent in Ireland.
*  *  *  Ladies and Gentlemen, 1 It is a great pleasure for me to be given the honour of addressing a few words to you on the occasion of this year’s award ceremony of the Bernácer Prize to Professor Markus Brunnermeier from Princeton University.