The document discusses the challenges faced by the European Monetary Union (EMU) due to economic disparities among member countries. It compares hypothetical monetary unions and their dispersion measures, highlighting the uniqueness of the EMU. The document also analyzes US equity valuations using Graham-Dodd and Shiller P/E ratios, considering inflation and historical earnings data. It includes various charts and tables illustrating these analyses.
documents/EFTA01176566.pdf
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