Paolo Angelini, Deputy Governor of Banca d'Italia, gave the welcome address at the 11th edition of the International Conference on 'Sovereign Bond Markets', which is dedicated to 'Sovereign Bond Markets: Sailing in Calm and Stormy Waters' and was organized in Venice by Banca d'Italia in collaboration with the Bank of Canada, the Deutsche Bundesbank, the European Central Bank, Imperial College/Brevan Howard Centre for Financial Analysis, the Leibniz Institute for Financial Research SAFE, London Business School/AQR Asset Management Institute and the NYU Stern/Volatility and Risk Institute.