Bail-in Provisions in State Aid and Resolution Procedures: Are they consistent with systemic stability? CEPS Policy Brief No. 318, 21 May 2014

This CEPS Policy Brief examines the provisions for bail-in in the European Union – that is, the principle whereby any public measure to recapitalise a bank with insufficient prudential capital must be preceded by a write-down or conversion into equity of creditors’ claims – in state aid policies and in the new resolution framework for failing banks, with two aims: i) to assess whether and how they are coordinated and ii) more importantly, whether they address satisfactorily the question of systemic stability that may arise when investors fear that creditors’ claims are likely to be bailed-in in a bank crisis. The issue is especially relevant in the present context, as the comprehensive assessment exercise underway for EU banks falling under the direct supervision of the European Central Bank may lead supervisors to require substantial capital injections simultaneously for many of the banks involved, possibly shaking investors’ confidence across EU banking markets. The authors conclude that the two sets of rules are, broadly speaking, mutually consistent and that they already contain sufficient safeguards to address systemic stability concerns. However, the balance of the elements underpinning the European Commission’s decisions in individual cases may not be clear to bank creditors and potential investors in financial markets. The impression of unneeded rigidity on this very sensitive issue has been heightened by official statements over-emphasising that each case will be assessed individually under competition rules, thus feeding the concern that the systemic dimension of the issue may have been underestimated. Therefore, further clarification by the Commission may be needed on how the various criteria will be applied during the ongoing transition to banking union – perhaps through a new communication completing the state aid framework for banks in view of the adoption of the new resolution rules.

Visegrad development aid in the Eastern Partnership Region. OSW Report, February 2014

The international development cooperation systems of the Visegrad countries are all rather new, in most cases only about a decade old. They are still undergoing reforms and the countries are striving to strengthen their own profiles as development donors in the world by gradually increasing their bilateral ODA. Although their resources are limited and were further cut due to the financial and economic crisis, the bilateral ODA ratio of the Visegrad countries as a group spent in the EaP region gradually increased after 2009. Given that the individual systems are still developing and the countries are focusing on creating their own brand, it is highly unlikely that in the near future it would be in their interest to set up a common development fund – either for the EaP region or in general. Instead of creating new institutions, however, a rationalization of the current cooperation systems and a consolidation of existing resources is feasible and should be considered.

State Aid to Infrastructure: Do Competitively Selected Operators Obtain an Undue Advantage? Bruges European Economic Research Papers (BEER) 33/2015

Addressing high and volatile natural resource prices, uncertain supply prospects, reindustrialization attempts and environmental damages related to resource use, resource efficiency has evolved into a highly debated proposal among academia, policy makers, firms and international financial institutions (IFIs). In 2011, the European Union (EU) declared resource efficiency as one of its seven flagship initiatives in its Europe 2020 strategy. This paper contributes to the discussions by assessing its key initiative, the Roadmap to a Resource Efficient Europe (EC 2011 571), following two streams of evaluation. In a first step, resource efficiency is linked to two theoretical frameworks regarding sustainability, (i) the sustainability triangle (consisting of economic, social and ecological dimensions) and (ii) balanced sustainability (combining weak and strong sustainability). Subsequently, both sustainability frameworks are used to assess to which degree the Roadmap follows the concept of sustainability. It can be concluded that it partially respects the sustainability triangle as well as balanced sustainability, primarily lacking a social dimension. In a second step, following Steger and Bleischwitz (2009), the impact of resource efficiency on competitiveness as advocated in the Roadmap is empirically evaluated. Using an Arellano–Bond dynamic panel data model reveals no robust impact of resource efficiency on competiveness in the EU between 2004 and 2009 – a puzzling result. Further empirical research and enhanced data availability are needed to better understand the impacts of resource efficiency on competitiveness on the macroeconomic, microeconomic and industry level. In that regard, strengthening the methodologies of resource indicators seem essential. Last but certainly not least, political will is required to achieve the transition of the EU-economy into a resource efficient future.

Fine-tuning the use of bail-in to promote a stronger EU financial system. CEPS Special Report No. 136/April 2016

This paper discusses the application of the new European rules for burden-sharing and bail-in in the banking sector, in view of their ability to accommodate broader policy goals of aggregate financial stability. It finds that the Treaty principles and the new discipline of state aid and the restructuring of banks provide a solid framework for combating moral hazard and removing incentives that encourage excessive risk-taking by bankers. However, the application of the new rules may have become excessively attentive to the case-by-case evaluation of individual institutions, while perhaps losing sight of the aggregate policy needs of the banking system. Indeed, in this first phase of the banking union, while large segments of the EU banking sector still require a substantial restructuring and recapitalisation, the market may not be able to provide all the needed resources in the current environment of depressed profitability and low growth. Thus, a systemic market failure may be making the problem impossible to fix without resorting to temporary public support. But the risk of large write-offs of capital instruments due to burden-sharing and bail-in may represent an insurmountable obstacle to such public support as it may set in motion an investors’ flight. The paper concludes by showing that existing rules do contain the flexibility required to accommodate aggregate policy requirements in the general interest, and outlines a public support scheme for the precautionary recapitalisation of solvent banks that would be compliant with EU law.

The EU’s Self-Defeating Aid Policy towards Palestine. CEPS Policy Brief No. 343/May 2016

Motivated by the dual aims of strengthening the Middle East Peace Process and contributing to Palestinian state-building, the European Union and its member states have been the biggest donors of financial assistance to the Palestinians. This CEPS Policy Brief finds, however, that these efforts have not achieved the desired change, as the EU failed to develop a coherent strategy to address Israel’s violations of international humanitarian law and it has accepted practices that undermine its political objectives. Hence, the author, Brigitte Herremans, argues that the aid has not contributed to a strong Palestinian government that can contribute to the security of both Palestinian and Israeli civilians. She calls upon the EU and its member states to take more measures to ensure that aid is received by people in need and that illegal practices on the part of Israel do not hamper its effectiveness.

Crash victim extrication training course. Student's manual.

Mode of access: Internet.

Training program for emergency medical technician: dispatcher. Student study guide.

Mode of access: Internet.

Basic training course/ emergency medical technician. Student study guide. 1977 edition.

Mode of access: Internet.

Trends in federal transportation financial activity, fiscal years 1970-1979 : report number 2, modal distribution of federal transportation obligations and outlays /

"April 1980."

Trends in federal transportation financial activity, fiscal years 1970-1979 : report number 3 : projections of federal transportation obligations, 1980-1989 (based on 1970-1979 historical patterns) /

"DOT-P-10-80-22"--Cover.

Review guide, grantees financial management systems.

Mode of access: Internet.

Student loan default reduction initiatives /

Mode of access: Internet.

First course in algebra : student's text : Parts I-II /

Includes indexes.

Illinois Community College Board disadvantaged student grant program for Illinois public community colleges.

Mode of access: Internet.