Ms Schnabel, the global economy is only slowly recovering from one of the most severe economic crises in living memory, but the mood on stock markets is better than ever. Do you find that a cause for concern? We are closely monitoring this. Developments in Europe have not been extreme up to now, but there are signs of excesses here too, for example in the real estate market. In the United States, the cyclically adjusted price/earnings ratio is now higher than it was before the financial crisis of 2008. Have equity and real estate prices reached such heig (full story)