62 4 And the third thing is that there are bubbles in markets: the dot-com boom at the end of the 1990s, the banking boom in the run-up to 2008, and probably in the bond markets now. When interest rates eventually get back to more normal levels, which major currency is the most vulnerable? I'll give you a steer. The country with the world's thirdlargest sovereign debt is Italy. And what are those debts denominated in? Euros, of course. Questions 1 Who is poorer after having gone on holidays in Europe? Série 1/ An Spanish tourist 2/ An American tourist 3/ A French tourist 4/ An English tourist 5/ A German tourist 3 2 When was the Dollar closed to parity with Euro? 1/ Last week 2/ In 1980 3/ A few months ago 4/ A few years ago 5/ 30 years ago 3 When is it good to have flexible rates? 1/ Today 2/ Never 3/ In an uncertain world 4/ Insure world 5/ During crisis