987 resultados para Atlantic Union (Proposed)
Resumo:
Sr and Nd isotopic compositions have been measured on the lithic fraction of last climatic cycle sediments from the North Atlantic (~40°N/~60°N), in order to identify the origins of the particles. From the reconstruction of their transport pathways, we deduce the mechanisms that explain their distributions. The main source regions are the Canadian shield (mostly the area of Baffin Bay and western Greenland), the Scandinavian shield, the European region (British Isles and Bay of Biscay), and Iceland. We observe a significant glacial/interglacial contrast, characterized by a dominant Icelandic input via near-bottom transport by North Atlantic Deep Water (NADW) during the interglacials and a largely continent-derived contribution of surface-transported, ice-rafted detritus (IRD) during the glacial period. During the last glacial period, the Heinrich events (abrupt, massive discharges of IRD) originated not only from the Laurentide ice sheet as heretofore envisioned but also from other sources. Three other major North Atlantic ice sheets (Fennoscandian, British Isles, and Icelandic) probably surged simultaneously, discharging ice and IRD into the North Atlantic. As opposed to theories implying a unique, Laurentide origin [Gwiazda et al., 1996 doi:10.1029/95PA03135] driven by an internal mechanism [MacAyeal, 1993 doi:10.1029/93PA02200], we confirm that the Icelandic and the Fennoscandian ice sheets also surged as recently proposed by other authors, and we here also distinguish a possible detrital contribution from the British Isles ice sheet. This pan-North Atlantic phenomenon thus requires a common regional, external forcing.
Resumo:
87Sr/86Sr data of belemnites are presented from a Middle Jurassic-Early Cretaceous succession from the Falkland Plateau (Deep Sea Drilling Project Sites 511 and 330) that was deposited in a periodically anoxic, semi-enclosed shallow water basin. Diagenetically screened strontium-isotope values of 0.706789 rise to 0.707044 before increasing sharply to 0.707428 in the uppermost part of the sampled succession. Comparison with published strontium calibration curves suggests that the oldest samples were Callovian to Oxfordian in age, whilst the remainder of the Jurassic part of the succession consisted of Kimmeridgian and Early Tithonian age sediments. The nannofossil, dinoflagellate and molluscan assemblages provide comparable age determinations. The strontium-isotope analysis of the youngest belemnites points to a Hauterivian-Barremian age, whilst age interpretations based upon the fauna provide a wide age range from the Barremian to early Albian. Strontium-isotope stratigraphy of this succession hence offers increased age resolution providing data regarding the timing of episodes of bottom water anoxia which have been recorded throughout the South Atlantic Basin. Well-preserved belemnite specimens display an oxygen-isotope range between +0.08 and -2.22? (PDB, Peedee belemnite international standard) and a carbon-isotope range from +2.35 to -1.33? (PDB). Delta13C values become increasingly negative through the Late Jurassic-Early Cretaceous and in concert with the 87Sr/86Sr data reveal a trend that could be accounted for by increasing levels of weathering and erosion. The oxygen-isotope data if interpreted in terms of palaeotemperature are consistent with warm palaeotemperatures in the Kimmeridgian and slightly cooler temperatures for the Tithonian and Early Cretaceous parts of the succession. The proposed relative Kimmeridgian warmth (based upon strontium-isotope age assignments) is thus in good agreement with other published palaeotemperature records.
Resumo:
The influence of microhabitat type on the diversity and community structure of the harpacticoid copepod fauna associated with a cold-water coral degradation zone was investigated in the Porcupine Seabight (North-East Atlantic). Three substrate types were distinguished: dead fragments of the cold-water coral Lophelia pertusa, skeletons of the glass sponge Aphrocallistes bocagei and the underlying sediment. At the family level, it appears that coral fragments and underlying sediment do not harbour distinctly diVerent assemblages, with Ectinosomatidae, Ameiridae, Pseudotachidiidae, Argestidae and Miraciidae as most abundant. Conclusions on assemblage structure and diversity of the sponge skeletons are limited as only two samples were available. Similarity analysis at species level showed a strong variation in the sediment samples, which did not harbour a distinctly different assemblage in opposition to the coral and sponge samples. Several factors (sediment infill on the hard substrates, mobility of the copepods, limited sample sizes) are proposed to explain this apparent lack of a distinct difference between the microhabitats. Coral fragments and sediment were both characterised by high species diversity and low species dominance, which might indicate that copepod diversity is not substantially influenced by hydrodynamic stress. The additive partitioning of species diversity showed that by adding locations species richness was greatly enhanced. The harpacticoid community in the cold-water coral degradation zone is highly diverse and includes 157 species, 62 genera and 19 families. Information from neighbouring soft-bottom regions is necessary to assess whether total species diversity is increased by the presence of these complex habitatproviding substrates.
Resumo:
The mid-Piacenzian (MP) warm period (3.264-3.025 Ma) has been identified as the most recent time in geologic history during which mean global surface temperatures were considerably warmer than today for a sustained period. This interval has therefore been proposed as a potential (albeit imperfect) analog for future climate change and as such, has received much scientific attention over the past two decades. Central to this research effort is the Pliocene Research, Interpretation, and Synoptic Mapping (PRISM) project, an iterative paleoenvironmental reconstruction of the MP focused on increasing our understanding of warm-period climate forcings, dynamics, and feedbacks by providing three-dimensional data sets for general circulation models. A mainstay of the PRISM project has been the development of a global sea surface temperature (SST) data set based primarily upon quantitative analyses of planktic foraminifer assemblages, supplemented with geochemical SST estimates wherever possible. In order to improve spatial coverage of the PRISM faunal data set in the low and mid-latitude North Atlantic, this study provides a description of the MP planktic foraminifer assemblage from five Ocean Drilling Program sites (951, 958, 1006, 1062, and 1063) in the subtropical gyre, a region critical to Atlantic Ocean circulation and tropical heat advection. Assemblages from each core provide evidence for a temperature- and circulation-driven 5-10° northward displacement of MP faunal provinces, as well as regional shifts in planktic foraminifer populations linked to species ecology and interactions. General biogeographic trends also indicate that, relative to modern conditions, gyre circulation was stronger (particularly the Gulf Stream, North Atlantic Current, and North Equatorial Current) and meridionally broader. A comparison of mid-Piacenzian and modern North Atlantic planktic foraminifer assemblages suggests that low latitude western boundary currents were less than 1 °C warmer while eastern boundary currents were ~1-2 °C warmer, supporting the hypothesis of enhanced northward heat advection along western boundary currents and warming of high latitude Northeast Atlantic source regions for the Canary Current. These findings are consistent with a model of reduced meridional SST gradients, with little-to-no low latitude warming, and more vigorous ocean circulation. Results therefore support the theory that enhanced meridional overturn circulation and associated northward heat advection made an important contribution, in conjunction with elevated atmospheric CO2 concentrations, to the 2-3 °C global surface temperature increase (relative to today) and strong polar amplification of SST warmth during the MP warm period.
Resumo:
Terrestrial organic matter (OM) in pelagic sediments is discussed with regard to depositional processes and land-sea interactions in the modern and past glacial/interglacial Equatorial Atlantic. Special emphasis is placed on a critical evaluation of different analytical approaches (C/N, Rock-Eval Pyrolysis, stable carbon isotopes, palynology, organic petrology, and selected biomarkers) which are currently used for the qualitative and quantitative assessment of terrigenous organic carbon. If binary mixing equations are used to calculate terrestrial and marine proportions of organic carbon, we consider the definition of endmember values to be most critical since these values may be biased by a great number of independent controls. A combination of geochemical methods including optical studies (organic petrology and palynology) is therefore suggested to evaluate each individual proxy. Organic geochemical analyses performed on sediments from the modern and Late Quaternary Equatorial Atlantic evidence fluctuations in eolian supply of terrigenous OM related to changes in intensity of the trade winds. Quantification of this organic fraction leads to differing proportions depending on the approach applied, i.e. the organic carbon isotopic composition or maceral analyses. Modern distribution of terrigenous OM reveals a decrease in supply towards the basin contributing less than a fifth of the total OM in pelagic areas. Organic geochemical data indicate that sedimentation in the modern northeastern Brasil Basin is affected by lateral advection of reworked OM probably from southern source areas. Glacial/interglacial deposits from the pelagic Equatorial Atlantic (ODP Site 663), covering isotopic stages 12 and 11, reveal that deposition of terrigenous OM was higher under past glacial conditions, in correspondence to generally enhanced dust fluxes. Proportions of terrigenous OM, however, never exceed 50% of the total OM according to maceral analyses. Other estimates, recently proposed by Verardo and Ruddiman (1996), are considered to be too high probably for analytical reasons. Palynological records in the Equatorial Atlantic parallel dust records. Increased portions of grass pollen suggest the admixture of C4-plant material under modern and past glacial conditions. It is therefore assumed, as one possible interpetation, that C4-plant debris has an effect on sedimentary d13Corg and might explain differences between isotopic and microscopic quantitative estimates. Using the difference between these two records, we calculate that maximum supply of C4-material remains below 20% of the total OM for the deep modern and past glacial/interglacial Equatorial Atlantic.
Resumo:
Upwelling velocities w in the equatorial band are too small to be directly observed. Here, we apply a recently proposed indirect method, using the observed helium isotope (3He or 4He) disequilibria in the mixed layer. The helium data were sampled from three cruises in the eastern tropical Atlantic in September 2005 and June/July 2006. A one-dimensional two-box model was applied, where the helium air-sea gas exchange is balanced by upwelling from 3He-rich water below the mixed layer and by vertical mixing. The mixing coefficients Kv were estimated from microstructure measurements, and on two of the cruises, Kv exceeded 1 x 10**-4 m**2/s, making the vertical mixing term of the same order of magnitude as the gas exchange and the upwelling term. In total, helium disequilibrium was observed on 54 stations. Of the calculated upwelling velocities, 48% were smaller than 1.0 x 10**-5 m/s, 19% were between 1.0 and 2.0 x 10**-5 m/s, 22% were between 2.0 and 4.0 x 10**-5 m/s, and on 11% of upwelling velocities exceeded this limit. The highest upwelling velocities were found in late June 2006. Meridional upwelling distribution indicated an equatorial asymmetry with higher vertical velocities between the equator and 1° to 2° south compared to north of the equator, particularly at 10°W. Associated heat flux into the mixed layer could be as high as 138 W/m**2, but this depends strongly on the chosen depths where the upwelled water comes from. By combining upwelling velocities with sea surface temperature and productivity distributions, a mean monthly equatorial upwelling rate of 19 Sv was estimated for June 2006 and a biweekly mean of 24 Sv was estimated for September 2005.
Resumo:
Optimum conditions were selected for chromatographic separation of model mixtures of C12-C40 n-alkanes. For one of samples of hydrothermal deposits extraction conditions of hydrocarbons were studied and a sample preparation procedure was selected. The procedure was proposed to determine n-alkanes in samples of hydrothermal deposits by means of gas chromatography - mass spectrometry (GC-MS). Detection limit for n-alkanes was 3x10**-9 to 10**-8% depending on components. On the basis of the proposed procedure composition of n-alkanes was studied in samples of hydrothermal deposits collected at the Mid-Atlantic Ridge (Broken Spur, Lost City, and Rainbow hydrothermal fields). Analyses showed that samples contained C14-C35 n-alkanes. Concentrations of the n-alkanes were rather low and varied from 0.002 to 0.038 µg/g. Hypotheses concerning genesis of identified n-alkanes were offered.
Resumo:
The coccolithophore species Emiliania huxleyi is characterized by a wide range of sizes, which can be easily distinguished in the light microscope. In this study we have quantified the abundance of large (coccoliths > 4 µm in maximum length) E. huxleyi specimens during the last 25 kyr in sedimentary records from eleven cores and drill sites in the NE Atlantic and W Mediterranean Sea, to prove its usefulness in the reconstruction of water mass dynamics and biostratigraphic potential. During the Last Glacial Maximum this large form, a cold-water indicator, was common in the NE Atlantic and Mediterranean, and its regional variation in abundance indicates a displacement of the climatic zones southwards in agreement with the development of ice sheets and sea ice in the Northern Hemisphere during this period. On the other hand, the gradient between northern and southern surface water masses in the Subtropical Gyre appears to have been more pronounced than at present, while the Portugal and Canary Currents were more intense. In the western Mediterranean basin temperatures were cooler than in the adjacent Atlantic, provoking a quasi-endemism of these specimens until the end of Heinrich Event 1. This may have been due to a restriction in the communication between the Atlantic and Mediterranean through the Strait of Gibraltar, the arrival of cold surface water and the amplification of cooling after the development of ice sheets in the Northern Hemisphere. During the deglaciation, large E. huxleyi specimens decreased in abundance at medium and low latitudes, but were still numerous close to the Subarctic region during the Holocene. In transitional waters this decrease to present day abundances occurred after Termination Ib. The abrupt change in abundance of this large E. huxleyi form is proposed as a new biostratigraphic event to characterize the Holocene in mid- to low-latitude water masses in the North Atlantic, although this horizon seems to be diachronous by 5 kyr from tropical to subarctic regions, in agreement with the gradual onset of warm conditions.
Resumo:
El interés de las administraciones públicas por promover el deporte escolar, suele justificarse por los beneficios educativos y saludables que los escolares obtendrían de las prácticas físico-deportivas. Mas allá de concepciones neutrales o excesivamente idealizadas sobre su valor educativo, las condiciones socioculturales que lo configuran y las intervenciones pedagógicas en el terreno marcan la orientación de la educación en valores propuesta en los programas de deporte escolar. El objeto de estudio de esta tesis doctoral es comprender la educación en valores desde el punto de vista de la estructura organizativa y de los actores implicados en dos programas de deporte escolar seleccionados de países diferentes: la “Union Nationale du Sport Scolaire” (UNSS) en Francia y los “Campeonatos Escolares en los IES de la Comunidad de Madrid” (CEIESCM) en España. El diseño metodológico es un estudio comparado internacional y de corte cualitativo, donde se han analizado 66 entrevistas semiestructuradas, 28 observaciones directas, 45 documentos y el cuaderno etnográfico del investigador por medio de análisis de contenido temático apoyado con el programa NVivo 10. Los resultados aportan dos concepciones distintas de deporte escolar con repercusión en la educación en valores: la UNSS complementa valores del sistema educativo y deportivo proporcionando cauces de implicación y compromiso del alumnado en el arbitraje y la organización asociativa, mientras que en CEIESCM, eximiéndoles de esas responsabilidades, se prioriza la máxima práctica de actividad físico-deportiva reforzando o sancionando durante la misma las conductas que vayan a promover valores del juego limpio propios del deporte. La explicación de estos resultados, contextualizados en sus países respectivos, permite proyectar un eventual deporte escolar europeo basado en valores ciudadanos y democráticos que recogería la perspectiva moral, jurídica y política propuesta a partir del estudio. RÉSUMÉ L’intérêt des administrations publiques pour promouvoir le sport scolaire est souvent justifié par les bénéfices éducatifs et ceux liés à la santé que les élèves obtiendraient des pratiques physiques et sportives. Au-delà des conceptions neutres et excessivement idéalistes sur sa valeur éducative, les conditions socio-culturelles qui le configurent et les interventions pédagogiques sur le terrain marquent l’orientation de l’éducation des valeurs proposée par les programmes de sport scolaire. L’objet de cette étude est de comprendre l’éducation des valeurs du point de vue de la structure organisationnelle et des acteurs impliqués dans deux programmes de sport scolaire sélectionnés de différents pays: l’« Union Nationale du Sport Scolaire » (UNSS) en France et les « Campeonatos Escolares de los IES de la Comunidad de Madrid » (CEIESCM) en Espagne. L’approche méthodologique est une étude comparée internationale et qualitative, où l’on a analysé 66 entretiens semi-directifs, 28 observations directes, 45 documents et le carnet ethnographique du chercheur par le biais d’une analyse de contenu thématique à l’aide du programme NVivo 10. Les résultats apportent deux conceptions différentes du sport scolaire qui ont des répercussions dans l’éducation des valeurs: l’UNSS regroupe les valeurs du système éducatif et sportif en proposant aux élèves des espaces d’implication et d’engagement avec l’arbitrage et l’organisation associative, alors que les CEISCM, les exemptent de ces responsabilités et donnent la priorité au maximum d’activité physique et sportive pratiquée où l’on renforce ou sanctionne pendant son déroulement les conduites qui encourageront les valeurs de fair-play liées au sport. L’explication des résultats, contextualisée dans leurs pays respectifs, permet de projeter un éventuel sport scolaire européen basé sur des valeurs citoyennes et démocratiques qui recueillerait la perspective morale, juridique et politique proposée suite à cette étude. ABSTRACT The interest of public institutions for promoting school sports is often justified by the educational and healthy benefits that the students obtained through physical activity and sports practice. Beyond neutral or overly idealised conceptions about the educational value of sport, sociocultural conditions and pedagogical interventions shape the orientation of education in values given in school sports programs. The aim of this thesis is to understand the values education from the perspectives of the organizational structure and actors involved in two school sports programs selected from different countries: the "Union Nationale du Sport Scolaire" (UNSS) in France and the "School Championships in the IES of the Community of Madrid" (CEIESCM) in Spain. The methodology is a comparative international and qualitative study, with 66 semistructured interviews, 28 direct observations, 45 documentary resources and the ethnographic research notebook being analysed through thematic content analysis using the program NVivo 10. The results provide two different conceptions of school sport that impact on values education: on the one hand, the UNSS complements values of the educational and sports system providing channels of participation and promoting the involvement of students in refereeing and associative organization; on the other hand, CEIESCM is does not assume these responsibilities and the maximum sportive practice is prioritized reinforcing or punishing behaviours that promote sport fair play. The explanation of these results, contextualized in their respective countries, can project an eventual European school sport based on citizens and democratic values and reflect moral, legal and political perspective proposed in this study.
Resumo:
El Camino de Santiago, ha experimentado un crecimiento exponencial, durante los últimos años, llegando a triplicarse el número de peregrinos. Esto se ha traducido en la necesidad de aumentar el número de albergues a lo largo del Camino de Santiago. Por otro lado, nos encontramos con que reducir la demanda energética y las emisiones de CO2 son algunos de los principales retos que se plantea la arquitectura actual, para cumplir los objetivos marcados por la Unión Europea en el 2020, 2030 y 2050. Surge por tanto el proceso de la rehabilitación energética, como la opción más lógica y viable para comenzar a hablar de posibles soluciones a un problema global (búsqueda de construcciones más eficaces y sostenibles) solventando a su vez una problemática concreta (creciente demanda de albergues de peregrinos). La ruta concreta seleccionada como marco para llevar a cabo el análisis ha sido la de la Vía de la Plata, hilo conductor de historia a través de nuestro país y conexión natural entre las distintas zonas climáticas españolas (mediterránea, continental y atlántica). Para ello, cuatro ciudades han sido seleccionadas como objeto de análisis: Sevilla, Cáceres, Zamora y Santiago de Compostela. El objetivo central de esta investigación ha sido la selección y análisis de una serie de estrategias para la rehabilitación energética de los albergues de la Vía de Plata. Estas estrategias han sido clasificadas atendiendo al nivel de reforma arquitectónica (bajo, medio y alto), tipo de contexto (urbano y rural), propiedades de la envolvente, proporción y orientación de los huecos y la morfología del edificio. Se ha planteado como hipótesis de trabajo que, bajo los criterios bioclimáticos adecuados, y atendiendo a unas necesidades de confort ajustadas al uso transitorio de los albergues, su demanda energética podría verse reducida en algunas de las regiones climáticas españolas analizadas, dependiendo de la estrategia seleccionada. Se ha obtenido en total una casuística de más de 600 potenciales escenarios, que ha permitido obtener una visión global del funcionamiento de los albergues a lo largo de la península, atendiendo a diferentes parámetros, principalmente enfocados en torno a criterios de confort, demanda energética y emisiones de CO2. Como tendencia general, los albergues de la mitad más septentrional, presentan menores niveles de demanda energética y emisiones de CO2 en contextos urbanos, teniendo un gran impacto en su funcionamiento las estrategias planteadas. Esta tendencia se invierte en la zona sur de la península, representada en este caso por Cáceres y Sevilla, donde las demandas son más elevados, siendo especialmente sensibles al aumento de área de hueco y las consiguientes ganancias solares. En el contexto rural serán Zamora y Santiago las que presenten niveles de demanda energética más elevados, mientras que Cáceres y Sevilla presentan los niveles más elevados de emisiones de CO2, por su demanda predominante de refrigeración, directamente relacionada con el consumo eléctrico de los albergues. El conjunto de resultados obtenidos ha servido para analizar, a diferentes escalas y con distintos enfoques, el funcionamiento de las estrategias de rehabilitación energética propuestas, para cada una de las regiones climáticas seleccionadas. ABSTRACT Saint James Way has experienced a huge increase over the last years, reaching values up to three times higher than fifteen years ago. Therefore, the need for more hostels for the pilgrims has become an issue. On the other hand, reducing the energy demand and CO2 emissions within the built environment is one of the main challenges of current architecture, in order to achieve the proposed targets for 2020, 2030 and 2050 by the European Union. In this context, energy refurbishment shows up as the most logical and viable option, to discuss about potential solutions for global concerns (more sustainable and efficient constructions) solving at the same time particular issues (growing demand of pilgrim´s hostels). The selected route to undertake this analysis is known as “Vía de la Plata”, historical connection from the South to the North of Spain and a natural link among the different climate zones (Mediterranean, continental and atlantic). The four cities selected for the analysis as the most representatives of this route were; Sevilla, Cáceres, Zamora and Santiago de Compostela. The final target of this research was to select and analyse certain strategies for the energy refurbishment of the hostels on the mentioned Way. These strategies were classified according to the level of architectural refurbishment (low, medium or high), type of context (urban or rural), properties of the envelope, proportion and orientation of the windows and the morphology of the building. The hypothesis of the research is based on the believe that, under the right environmental criteria and with comfort levels adjusted to the transient type of use of the hostels, the energy demand could be reduced in some of the analysed climate regions, depending on the selected strategies. Six hundred potential scenarios were assessed, what allowed for a general vision on the hostels performance throughout the country, according to different parameters, focused on comfort criteria, energy demands and CO2 emissions. As a general trend, the hostels on the northern part of Spain show lower levels of energy demand and CO2 emissions in urban contexts, with a great impact of the proposed strategies on reducing the original demands. This trend is reversed on the South (Cáceres and Seville), were demands are higher, specially with greater glazing ratios. Hostels in the countryside show higher levels of demand on the North of Spain (Zamora and Santiago), but the cities on the South produce higher levels of CO2 emissions as they are mainly driven by cooling demands, directly related in this analysis to the electrical consumption of the hostels. Final results were used to understand, at different scales and from different points of view, how each one of the proposed strategies performs for each one of the selected climate zones.
Resumo:
Using a coupled model of intermediate complexity the sensitivity of the last glacial maximum (LGM) Atlantic meridional overturning circulation (AMOC) to the strength of surface wind-stress is investigated. A threshold is found below which North Atlantic deep water formation (DWF) takes place south of Greenland and the AMOC is relatively weak. Above this threshold, DWF occurs north of the Greenland-Scotland ridge, leading to a vigorous AMOC. This nonlinear behavior is explained through enhanced salt transport by the wind-driven gyre circulation and the overturning itself. Both pattern and magnitude of the Nordic Sea's temperature difference between strong and weak AMOC states are consistent with those reconstructed for abrupt climate changes of the last glacial period. Our results thus point to a potentially relevant role of surface winds in these phenomena.
Resumo:
Because of its relevance for the global climate the Atlantic meridional overturning circulation (AMOC) has been a major research focus for many years. Yet the question of which physical mechanisms ultimately drive the AMOC, in the sense of providing its energy supply, remains a matter of controversy. Here we review both observational data and model results concerning the two main candidates: vertical mixing processes in the ocean's interior and wind-induced Ekman upwelling in the Southern Ocean. In distinction to the energy source we also discuss the role of surface heat and freshwater fluxes, which influence the volume transport of the meridional overturning circulation and shape its spatial circulation pattern without actually supplying energy to the overturning itself in steady state. We conclude that both wind-driven upwelling and vertical mixing are likely contributing to driving the observed circulation. To quantify their respective contributions, future research needs to address some open questions, which we outline.
Resumo:
As part of the Coupled Model Intercomparison Project, integrations with a common design have been undertaken with eleven different climate models to compare the response of the Atlantic thermohaline circulation ( THC) to time-dependent climate change caused by increasing atmospheric CO2 concentration. Over 140 years, during which the CO2 concentration quadruples, the circulation strength declines gradually in all models, by between 10 and 50%. No model shows a rapid or complete collapse, despite the fairly rapid increase and high final concentration of CO2. The models having the strongest overturning in the control climate tend to show the largest THC reductions. In all models, the THC weakening is caused more by changes in surface heat flux than by changes in surface water flux. No model shows a cooling anywhere, because the greenhouse warming is dominant.
Resumo:
The ministers of finance and the economy of the eurozone have now agreed on the main features of a new ESM instrument for the direct recapitalisation of euro area banks (Eurogroup, 2013) and on a framework for the recovery and resolution of credit institutions (Council of the European Union, 2013). However, as Stefano Micossi explains in this Commentary, the text that has come out of the frantic late-night negotiations in the Ecofin Council seems to leave unwelcome uncertainty as to the real scope of the new rules in the different national jurisdictions, while the lack of depositor preference in the bail-in pecking order may result in destabilisation. The proposed system appears not only highly intrusive but it also places a considerable burden of aid to the failing institution on the member state, raising doubts about its ability to “break the vicious circle between banks and sovereigns”.