Squaring the cycle: capital flows, financial cycles, and macro-prudential policy in the euro area. Bruegel Working Paper 2015/14, November 2015

• Before the financial and economic crisis, monetary policy unification and interest rate convergence resulted in the divergence of euroarea countries’ financial cycles. This divergence is deeply rooted in the financial integration spurred by currency union and strongly correlated with intra-euro area capital flows. Macro-prudential policy will need to deal with potentially divergent financial cycles, while catering for potential cross-border spillovers from domestic policies, which domestic authorities have little incentive to internalise. • The current framework is unfit to deal effectively with these challenges. The European Central Bank should be responsible for consistent and coherent application of macro-prudential policy, with appropriate divergences catering for national differences in financial conditions. The close link between domestic financial cycles and intra-euro area capital flows raises the question of whether macro-prudential policy in the euro area can be compatible with free flows of capital. Financial cycle divergence had its counterpart in the build-up of macroeconomic imbalances, so effective implementation of the Macroeconomic Imbalance Procedure would support and strengthen macro-prudential policy.

On the importance of an early correct education of children : embracing the mutual obligations and duties of parent and child ; and also the qualifications and discipline of teachers, with their emolument ; and a plan suggested whereby all our common schools can advantageously be made free ; the whole interspersed with several amusing, chaste anecdotes growing out of the domestic and scolastic circle ; to which is subjoined by way of appendix, the Declaration of Independence ... ; the Constitution of the United States ; with that of the state of New York as lately adopted /

Bound in green cloth; stamped in gold and blind.

The breaking of the circle; studies in the effect of the "new science" upon seventeenth century poetry.

Mode of access: Internet.

The circle of the year, a sonnet-sequence with proem and envoi,

Forms pt. [1] of a volume with cover-title "The circle of the year, etc." "Occasional verses" and "Touch-and-go," published the same year, form pts. [2] and [3]

"Creating a circle of care" : comprehensive service delivery to HIV-positive pregnant women and their newborns : a manual on best practices /

"March 16, 1998."

The Home circle; a collection of piano-forte music consisting of the most favorite marches, waltzes, polkas, redowas, schottisches, galops, mazurkas, quadrilles, dances, &c., being a repository of music for parlor and drawing-room recreations.

Mode of access: Internet.

The pianist's album, or Home circle.

Mode of access: Internet.

The treasury of song, without words, for the home circle; the brighest [sic] best-loved gems, popular and classical.

Includes juvenile piano pieces and sketches and portraits of eminent musicians and singers.

Full circle : ninety years of service in the Main Reading Room /

Includes bibliographical references (p. 61-64).

Songs of progress and affection for the people : with the "Songs of health and temperance": being sixty two original and selected melodies arranged for two or four parts, for schools, bands of hope, popular meetings or the home circle.

Music only. "The words to these songs are printed separately."

The circle of the mechanical arts : containing practical treatises on the various manual arts, trades, and manufactures /

Mode of access: Internet.

The Circle yearbook /

Chiefly photographs.