Central Banks in Times of Crisis: The FED vs. the ECB. CEPS Policy Brief No. 276, 11 July 2012,

Different economic and financial structures require different crisis responses. Different crises also require different tools and resources. The first ‘stage’ of the financial crisis (2007-09) was similar on both sides of the Atlantic, and the response was also quite similar. The second stage of the crisis is unique to the euro area. Increasing financial disintegration within the region has forced the ECB to become the central counterparty for the entire cross-border banking market and to intervene in the sovereign bond market of some stressed countries. The actions undertaken by the European Central Bank (ECB), however, have not always represented the best response, in terms of effectiveness, consistency and transparency. This is especially true for the Securities Markets Programme (SMP): by de facto imposing its absolute seniority during the Greek PSI (private sector involvement), the ECB has probably killed its future effectiveness.

Mobile Incubation in Waved Albatross (Phoebastria irrorata): Associated Hatching Failure and Artificial Mitigation

Waved albatrosses often relocate their eggs during incubation by placing the egg between the tarsi and shuffling forward. This behavior frequently results in eggs becoming lodged between rocks, accounting for at least 10%, and perhaps as much as 80%, of breeding failures. Because albatross populations worldwide are currently threatened, artificial means of augmenting reproductive success may be necessary to mitigate losses caused by anthropogenic effects. We characterize the frequency and extent of egg movement; test several hypotheses related to microhabitat, timing, and incubation location to explain the behavior; and investigate the utility of repositioning lodged eggs in a location in which breeding birds might resume incubation. Egg rescue increased both the likelihood of continued incubation as well as the hatching rate in our experiment, and provides an efficient, low-cost management option for this species.

Mitigation of diffuse phosphorus pollution during rewetting of fen peat soils: A trans-European case study

Intensive cultivation of fen peat soils (Eutric Histosols) for agricultural purposes, started in Europe about 250 years ago, resulting in decreased soil fertility, increased oxidation of peat and corresponding CO2-emissions to the atmosphere, nutrient transfer to aquatic ecosystems and losses in the total area of the former native wetlands. To prevent these negative environmental effects set-aside programs and rewetting measures were promoted in recent years. Literature results and practical experiences showed that large scale rewetting of intensively used agricultural Histosols may result in the mobilisation of phosphorus (P), its transport to adjacent surface waters and an accelerated eutrophication risk. The paper summarises results from an international European Community sponsored research project and demonstrates how results obtained at different scales and from different scientific disciplines were compiled to derive a strategy to carry out rewetting measures. A decision support system (DSS) for a hydrologically sensitive area in the Droemling catchment in north-eastern Germany was developed and is presented as a tool to regulate rewetting in order to control P release. It is demonstrated that additional laboratory experiments to identify essential processes of P release during rewetting and the site-specific management of the water table, the involvement of specific knowledge and experience of the stakeholders are necessary to develop an applicable DSS. The presented DSS is practically used to prevent freshwater resources from diffuse P pollution.

Mitigation options for sediment and phosphorus loss from winter-sown arable crops

Sediment and P inputs to freshwaters from agriculture are a major problem in the United Kingdom (UK). This study investigated mitigation options for diffuse pollution losses from arable land. Field trials were undertaken at the hillslope scale over three winters at three UK sites with silt (Oxyaquic Hapludalf), sand (Udic Haplustept), and clay (Typic Haplaquept) soils. None of the mitigation treatments was effective in every year trialled, but each showed overall average reductions in losses. Over five site years, breaking up the compaction in tramlines (tractor wheel tracks) using a tine reduced losses of sediment and P to losses similar to those observed from areas without tramlines, with an average reduction in P loss of 1.06 kg TP ha(-1) Compared to traditional plowing, TP losses under minimum tillage were reduced by 0.30 kg TT ha(-1) over five site years, TP losses under contour cultivation were reduced by 0.30 kg TP ha(-1) over two site years, and TP losses using in-field barriers were reduced by 0.24 kg TP ha(-1) over two site years. In one site year, reductions in losses due to crop residue incorporation were nor significant. Each of the mitigation options trialled. is associated with a small cost at the farm-scale of up to 5 pound ha(-1), or with cost savings. The results indicate that each of the treatments his the potential to be a cost-effective mitigation option, but that tramline management is the most promising treatment, because tramlines dominate sediment and P transfer in surface runoff from arable hillslopes.

Why high seed densities within buried mesh bags may overestimate depletion rates of soil seed banks

1. Estimates of seed bank depletion rates are essential for modelling and management of plant populations. The seed bag burial method is often used to measure seed mortality in the soil. However, the density of seeds within seed bags is higher than densities in natural seed banks, which may elevate levels of pathogens and influence seed mortality. The aim of this study was to quantify the effects of fungi and seed density within buried mesh bags on the mortality of seeds. Striga hermonthica was chosen as the study species because it has been widely studied but different methods for measuring seed mortality in the soil have yielded contradictory estimates. 2. Seed bags were buried in soil and exhumed at regular time intervals to monitor mortality of the seeds in three field experiments during two rainy seasons. The effect of fungal activity on seed mortality was evaluated in a fungi exclusion experiment. Differences in seed-to-seed interaction were obtained by using two and four densities within the seed bags in consecutive years. Densities were created by mixing 1000 seeds with 0, 10, 100 or 1000 g of coarse sand. 3. The mortality rate was significantly lower when fungi were excluded, indicating the possible role of pathogenic fungi. 4. Decreasing the density of seeds in bags significantly reduced seed mortality, most probably because of decreased seed-to-seed contamination by pathogenic fungi. 5. Synthesis and applications. Models of plant populations in general and annual weeds in particular often use values from the literature for seed bank depletion rates. These depletion rates have often been estimated by the seed bag burial method, yet seed density within seed bags may be unrealistically high. Consequently, estimates of seed mortality rates may be too high because of an overestimation of the effects of soil or seed-borne pathogens. Species that have been classified from such studies as having short-lived seed banks may need to be re-assessed using realistic densities either within seed bags or otherwise. Similarly, models of seed bank dynamics based on such overestimated depletion rates may lead to incorrect conclusions regarding the seed banks and, perhaps, the management of weeds and rare species.

Potato glycoalkaloids: formation and strategies for mitigation

With the increasing production and consumption of potato and its products, glycoalkaloid (GA) formation and toxicity are likely to become an important focus for food safety researchers and public health agencies. Not only the presence of GA, particularly in the form of a-solanine and a-chaconine, but also the changes occurring as a result of various post-harvest handling practices and storage, are critical issues influencing the quality of stored potatoes. Studies on various factors (pre-harvest, during harvest anal post-harvest) affecting GA have been carried out from time to time, but it is difficult to compare the results of one study with another due to wide variation in the parameters chosen. This review aims to develop a clear understanding of these issues. Published information on the types of GA, their effects on health, their typical concentrations in potatoes, their formation mechanisms, and how their levels can be controlled by following appropriate post harvest practices and storage regimes are critically analysed. The levels of GA in potato can be controlled effectively by adopting appropriate post-harvest practices. Further studies are necessary, however, to investigate best practices, which either check completely or retard substantially their formation. (C) 2008 Society of Chemical Industry.