Simulation of a mechanical thrombectomy device based in the use of self-expandable stents for the blood clots extraction

Recently, we have presented some studies concerning the analysis, design and optimization of one experimental device developed in the UK - GPTAD - which has been designed to remove blood clots without the need to make contact with the clot itself, thereby potentially reducing the risk of problems such as downstream embolisation. Based on the idea of a modification of the previous device, in this work, we present a model based in the use of stents like the SolitaireTM FR, which is in contact with the clot itself. In the case of such devices, the stent is self-expandable and the extraction of the blood clot is faciliatated by the stent, which must be inside the clot. Such stents are generally inserted in position by using the guidewire inserted into the catheter. This type of modeling could potentially be useful in showing how the blood clot is moved by the various different forces involved. The modelling has been undertaken by analyzing the resistances, compliances and inertances effects. We model an artery and blood clot for range of forces for the guidewire. In each case we determine the interaction between blood clot, stent and artery.

Estudio de la series sísmicas ocurridas en 2010 en la costa almeriense

En este trabajo se presenta un análisis de las series sísmicas registradas durante los meses de julio y noviembre de 2010 en el sector noreste del mar de Alborán, cerca de Almería. La primera serie consta de, al menos, 180 terremotos registrados entre el 4 de julio y el 15 de Noviembre de 2010, con un terremoto principal de Mw =4.3 ocurrido el 5 de Julio y sentido en Almería con intensidad EMS IV. Esta serie está caracterizada por tener una fuerte alineación con dirección NW, que contrasta con la de los grandes sistemas de fallas de la zona (falla de Carboneras). La segunda serie consta de más de 27 terremotos y se extiende del 2 al 15 de Noviembre, con un sismo principal de magnitud Mw =4.1 ocurrido el día 4 de ese mes. Esta segunda serie se sitúa a unos 35 km al Este de la primera, siendo menos numerosa que ésta pero mucho más próxima a las poblaciones del Poniente Almeriense y alcanzando mayores intensidades (intensidad máxima EMS = V). El objetivo de este estudio es analizar en detalle ambas series sísmicas, examinado la distribución geográfica de los sismos que las componen, su distribución temporal y su posible interrelación con series sísmicas pasadas. Finalmente se tratará de identificar, con los conocimientos de la tectónica de la zona, la posible fuente sísmica generadora, así como analizar posibles efectos de disparo entre eventos por medio de modelizaciones de esfuerzos de Coulomb.

Sistema de gestión de residuos de construcción y demolición en obras de edificación residencial. Buenas prácticas en la ejecución de obra

En el sector de la edificación, las grandes constructoras comienzan a considerar aspectos medioambientales, no limitándose a lo establecido por la legislación vigente, y buscando la implementación de buenas prácticas. Si bien este hecho es una realidad para las grandes empresas constructoras, todavía falta que la gran mayoría de las empresas del sector (pequeñas y medianas) adopten ésta tendencia. En este sentido, las publicaciones y estadísticas consultadas revelan que el sector de la construcción sigue siendo el sector con menor número de Sistemas de Gestión Ambiental (SGA) certificados en comparación con otros sectores industriales, debido principalmente a las peculiaridades de su actividad. Por otra parte, el sector de la construcción genera grandes cantidades de residuos de construcción y demolición (RCD). Aunque, en los últimos años la actividad de la construcción ha disminuido, debido a la crisis económica del país, no hay que olvidar todos los problemas causados por este tipo de residuos, o mejor dicho, por su gestión. La gestión de los RCD actual está lejos de alcanzar la meta propuesta en la Directiva Marco de Residuos (DMR), la cual exige un objetivo global para el año 2020 en el que el 70% de todos los RCD generados deberán ser reciclados en los países de la UE. Pero, la realidad es que sólo el 50% de la RCD generados en la Unión Europea se recicla. Por este motivo, en los últimos años se ha producido una completa modificación del régimen jurídico aplicable a los RCD, incorporando importantes novedades a nuestro ordenamiento interno como son: la redacción de un Estudio de gestión de RCD (en fase de diseño) y un Plan de gestión de RCD (en fase de ejecución). Entre estas medidas destaca el poder conocer, con la antelación suficiente, la cantidad y el momento en que los RCD son generados, para así poder planificar la gestión más adecuada para cada categoría de RCD. Es por ello que el desarrollo de cualquier instrumento que determine la estimación de RCD así como iniciativas para su control debe ser considerado como una herramienta para dar respuestas reales en el campo de la sostenibilidad en la edificación. Por todo lo anterior, el principal objetivo de la Tesis Doctoral es mejorar la gestión actual de los RCD, a través de la elaboración e implementación en obra de un Sistema de gestión de RCD en fase de ejecución que podrá ser incluido en el Sistema de Gestión Ambiental de las empresas constructoras. Para ello, se ha identificado la actividad que más residuo genera, así como las diferentes categorías de RCD generadas durante su ejecución, a través del análisis de nueve obras de edificación de nueva planta. Posteriormente, se han determinado y evaluado, en función de su eficacia y viabilidad, veinte buenas prácticas encaminadas a reducir la generación de RCD. También, se han identificado y evaluado, en función de su coste económico, cinco alternativas de gestión para cada categoría de RCD generada. Por último, se ha desarrollado e implementado un Sistema de Gestión de RCD en una empresa de construcción real. En definitiva, el Sistema de Gestión de RCD propuesto contiene una herramienta de estimación de RCD y también proporciona una relación de buenas prácticas, según su viabilidad y eficacia, sobre los aspectos más significativos en cuanto a la gestión de RCD se refiere. El uso de este Sistema de gestión de RCD ayudará a los técnicos de la construcción en el desarrollo de los documentos "Estudio de gestión de RCD " y "Plan de gestión de RCD " - requeridos por ley -. Además, el Sistema promueve la gestión ambiental de la empresa, favoreciendo la cohesión del proceso constructivo, estableciendo responsabilidades en el ámbito de RCD y proporcionando un mayor control sobre el proceso. En conclusión, la implementación de un sistema de gestión de RCD en obra ayuda a conseguir una actividad de edificación, cuyo principal objetivo sea la generación de residuos cero. ABSTRACT Currently, in the building sector, the main construction companies are considering environmental issues, not being limited to the current legislation, and seeking the implementation of good practices. While this fact is a reality for large construction companies, still the vast majority of construction companies (small and medium enterprises) need to accept this trend. In this sense, official publications and statistics reveal that the construction sector remains with the lowest number of certified Environmental Management Systems (EMS) compared to other industrial sectors, mainly due to the peculiarities of its activity. Moreover, the construction industry in Spain generates large volumes of construction and demolition waste (CDW) achieving a low recycling rate compared to other European Union countries and to the target set for 2020. Despite the complete change in the legal regime for CDW in Spain, there are still several difficulties for their application at the construction works. Among these difficulties the following can be highlighted: onsite segregation, estimating CDW generation and managing different CDW categories. Despite these difficulties, the proper CDW management must be one of the main aspects considered by construction companies in the EMS. However, at present the EMS used in construction companies consider very superficially CDW management issues. Therefore, current EMS should go a step further and include not only procedures for managing CDW globally, but also specific procedures for each CDW category, taking into account best practices for prevention, minimization and proper CDW management in order to achieve building construction works with zero waste generation. The few scientific studies analysing EMS implementation in construction enterprises focus on studying the benefits and barriers of their implementation. Despite the drawbacks found, implementing an EMS would bring benefits such as improving the corporate image in relation to the environment, ensuring compliance with the law or reducing environmental risks. Also, the international scientific community has shown great interest in defining models to estimate in advance the CDW that will be generated during the building construction or rehabilitation works. These studies analyse the overall waste generation and its different CDW categories. However, despite the many studies found on CDW quantification, analysing its evolution throughout the construction activities is a factor that must be further studied and discussed in greater depth, as results would be of great significance when planning the CDW management. According to the scientific studies analysing the implementation of good environmental practices in construction sites, it seems that, in general, the CDW collection system is done in a decentralized manner by each subcontracted company. In addition, the corporate image generated when poor practices are done may adversely affect the company's reputation and can result in loss of contracts. Finally, although there are numerous guides and manuals of good practices for CDW management, no references have been found implementing these measures in the Environmental Management System of the construction companies. From all the above, this thesis aims to provide answers to reduce the environmental impact caused by CDW generation in building construction works, in order to get a building process with zero waste generation. In this sense, is essential to generate new knowledge in order to implement a system which can carry out comprehensive management of CDW generated onsite, at the design stage until the end of its life cycle, taking into account both technical and economic criteria. Therefore, the main objective of this thesis is to define and implement a CDW management system for residential building construction works, helping construction agents not only to manage the CDW in accordance with current legislation, but also minimizing their generation on site by applying best practices, resulting in achieving the goal of zero waste in building works.

Caracterización multivariada de los temporales para su aplicación en el dimensionamiento del manto principal

En esta tesis se presenta una metodología para la caracterización del oleaje, dentro del marco de las nuevas Recomendaciones para Obras Marítimas (ROM 0.0.-00 y ROM 1.0-09), por ser una de las principales acciones que afectan a la estabilidad de las estructuras marítimas. Debido al carácter aleatorio intrínsecamente multivariado de la acción considerada, las tormentas, su caracterización paramétrica se realiza en términos de funciones cópula uniparamétricas. Las variables consideradas son altura de ola significante del pico de la tormenta, el periodo medio asociado y la magnitud, o número de olas, de todo el ciclo de solicitación. Para establecer un patrón teórico de evolución de la tormenta que permita extrapolar las muestras fuera de la región con datos se analizan los modelos teóricos existentes, comprobándose que no reproducen adecuadamente las tormentas constituidas por estados de mar con un peso importante de oleaje swell. Para evitar esta limitación se proponen cuatro modelos teóricos de evolución de tormentas con distintas formas geométricas. El análisis de los modelos existentes y los propuestos pone de relieve que el Modelo Magnitud Equivalente de Tormenta (EMS= Equivalent Magnitude Storm) con la forma triangular es el que mejor adapta las tormentas constituidas por estados de mar típicos del viento. Para tormentas con un mayor grado de desarrollo, el modelo teórico de tormenta EMS con la forma trapezoidal es el adecuado. De las aproximaciones propuestas para establecer el periodo medio de los sucesivos estados de mar del ciclo de solicitación. la propuesta por Martín Soldevilla et al., (2009) es la más versátil y , en general , mejor reproduce la evolución de todo tipo de tormentas. La caracterización de las tormentas se complementa con la altura de ola máxima. Debido a la mayor disponibilidad y longitud temporal de los datos sintéticos frente a las registros, la práctica totalidad de los análisis de extremos se realizan con tormentas sintéticas en las que la distribución de olas individuales es desconocida. Para evitar esta limitación se utilizan modelos teóricos de distribución de olas acordes a las características de cada uno de los estados de mar que conforman la tormenta sintética. Para establecer dichas características se utiliza la curtosis y en función de su valor la altura de ola máxima se determina asumiendo una determinada distribución de olas. Para estados de mar lineales la distribución de olas individuales de Rayleigh es la considerada. Para condiciones no lineales de gran ancho de banda el modelo de distribución de olas propuesto por Dawson, (2004) es el utilizado y si es de banda estrecha las predicciones de (Boccotti, (1989), Boccotti et al., (2013)) se compara con las resultantes del modelo de Dawson. La caracterización de la evolución de las tormentas en términos multivariados es aplicada al estudio de la progresión del daño del manto principal de diques en talud, y al rebase de las olas. Ambos aspectos cubren el segundo objetivo de la tesis en el que se propone una nueva formulación para el dimensionamiento de mantos constituidos por bloques cúbicos de hormigón. Para el desarrollo de esta nueva formulación se han utilizado los resultados recogidos en los estudios de estabilidad del manto principal de diques talud realizados en modelo físico a escala reducida en el Centro de Estudios de Puertos y Costas (CEDEX) desde la década de los 80 empleando, en su mayoría, bloques paralelepípedos cúbicos de hormigón. Por este motivo y porque los últimos diques construidos en la costa Española utilizan este tipo de pieza, es por lo que la formulación planteada se centra en este tipo de pieza. Después de un primer análisis de las fórmulas de cálculo y de evolución existentes, se llega a la conclusión de que es necesario realizar un esfuerzo de investigación en este campo, así como ensayos en laboratorio y recogida de datos in-situ con base a desarrollar fórmulas de evolución de daño para mantos constituidos por piezas diferentes a la escollera, que tenga en cuenta las principales variables que condiciona su estabilidad. En esta parte de la tesis se propone un método de análisis de evolución de daño, que incluye el criterio de inicio de avería, adecuada para diques en talud constituidos por bloque cúbicos de hormigón y que considera la incidencia oblicua, el daño acumulado y el rebase. This thesis proposes a methodology to estimate sea waves, one of the main actions affecting the maritime structures stability, complying with (ROM 0.0.-00 & ROM 1.0-09.Due to the multivariate behavior of sea storms, the characterization of the structures of sea storms is done using copula function. The analyzed variables are the significant height wave, mean period and magnitude or number of waves during the storm history. The storm evolution in terms of the significant height wave and the mean period is also studied in other to analyze the progressive failure modes. The existing models of evolution are studied, verifying that these approximations do not adjust accurately for developed waves. To overcome this disadvantage, four evolution models are proposed, with some geometrical shapes associated to fit any development degree. The proposed Equivalent Magnitude Storm model, EMS, generally obtains the best results for any kind of storm (predominant sea, swell or both). The triangle is recommended for typical sea storms whereas the trapezoid shape is much more appropriate for more developed storm conditions.The Martín Soldevilla et al., (2009) approach to estimate the mean period is better than others approaches used.The storm characterization is completed with the maximum wave height of the whole storm history. Due to synthetic historical waves databases are more accessible and longer than recorded database, the extreme analyses are done with synthetic data. For this reason the individual waves’ distribution is not known. For that limitation to be avoided, and depending on the characteristics of every sea states, one theoretical model of waves is choose and used. The kurtosis parameter is used to distinguish between linear and nonlinear sea states. The Rayleigh model is used for the linear sea states. For the nonlinear sea states, Dawson, (2004) approach is used for non-narrow bandwidth storms, comparing the results with the Boccotti, (1989), Boccotti et al., (2013) approach, with is used for narrow bandwidth storms. The multivariate and storm evolution characterization is used to analyze of stone armour damage progression and wave overtopping discharge. Both aspects are included in the second part of the thesis, with a new formula is proposed to design cubes armour layer. The results the stability studies of armour layer, done in the Centre for Harbours and Coastal Studies (CEDEX) laboratory are used for defining a new stability formula. For this reason and because the last biggest breakwater built in Spain using the cube, the damage progression is analyze for this kind of concrete block. Before to analyze the existing formulae, it is concluded that it is necessary more investigation, more tests in laboratory and data gathering in situ to define damage evolution formulae to armour of other kind of pieces and that takes to account the principal variables. This thesis proposed a method to calculate the damage progression including oblique waves, accumulated damage, and overtopping effect. The method also takes account the beginning of the movement of the blocks.

Data consistency management in an open smart home management platform

In this paper, the authors introduce a novel mechanism for data management in a middleware for smart home control, where a relational database and semantic ontology storage are used at the same time in a Data Warehouse. An annotation system has been designed for instructing the storage format and location, registering new ontology concepts and most importantly, guaranteeing the Data Consistency between the two storage methods. For easing the data persistence process, the Data Access Object (DAO) pattern is applied and optimized to enhance the Data Consistency assurance. Finally, this novel mechanism provides an easy manner for the development of applications and their integration with BATMP. Finally, an application named "Parameter Monitoring Service" is given as an example for assessing the feasibility of the system.

Improvement of theoretical storm characterization for different climate conditions

The different theoretical models related with storm wave characterization focus on determining the significant wave height of the peak storm, the mean period and, usually assuming a triangle storm shape, their duration. In some cases, the main direction is also considered. Nevertheless, definition of the whole storm history, including the variation of the main random variables during the storm cycle is not taken into consideration. The representativeness of the proposed storm models, analysed in a recent study using an empirical maximum energy flux time dependent function shows that the behaviour of the different storm models is extremely dependent on the climatic characteristics of the project area. Moreover, there are no theoretical models able to adequately reproduce storm history evolution of the sea states characterized by important swell components. To overcome this shortcoming, several theoretical storm shapes are investigated taking into consideration the bases of the three best theoretical storm models, the Equivalent Magnitude Storm (EMS), the Equivalent Number of Waves Storm (ENWS) and the Equivalent Duration Storm (EDS) models. To analyse the representativeness of the new storm shape, the aforementioned maximum energy flux formulation and a wave overtopping discharge structure function are used. With the empirical energy flux formulation, correctness of the different approaches is focussed on the progressive hydraulic stability loss of the main armour layer caused by real and theoretical storms. For the overtopping structure equation, the total volume of discharge is considered. In all cases, the results obtained highlight the greater representativeness of the triangular EMS model for sea waves and the trapezoidal (nonparallel sides) EMS model for waves with a higher degree of wave development. Taking into account the increase in offshore and shallow water wind turbines, maritime transport and deep vertical breakwaters, the maximum wave height of the whole storm history and that corresponding to each sea state belonging to its cycle's evolution is also considered. The procedure considers the information usually available for extreme waves' characterization. Extrapolations of the maximum wave height of the selected storms have also been considered. The 4th order statistics of the sea state belonging to the real and theoretical storm have been estimated to complete the statistical analysis of individual wave height

Influence of alkyltransferase activity and chromosomal locus on mutational hotspots in Chinese hamster ovary cells.

High-density mutational spectra have been established for exon 3 of the gene encoding adenine phosphoribosyltransferase (APRT) of the Chinese hamster ovary (CHO) cell line derivative D422 and closely related and/or modified lines by using the mutagen ethyl methanesulfonate (EMS). The total number of selectable sites (GC-->AT transitions yielding a selectable APRT- phenotype) was estimated at 31 based on our own accumulated data base of 136 sequenced exon 3 mutations and on literature reports. D422 and two other APRT hemizygous lines each yielded very similar spectra and showed two populations of mutable sites: (i) 24 "baseline" sites that followed the Poisson distribution and therefore were equally susceptible to mutation and (ii) two hotspots, one comprising a cluster at nucleotides 1293-1309 and the other at nucleotide 1365. Collectively, the latter sites were about 10-fold more frequently mutated than the others. CHO cells are mer- as they lack the repair enzyme O6-methylguanidine methyltransferase (EC 2.1.1.63). In modified repair-proficient CHO cells, the distribution of mutations among all of the 31 sites was random, with only 3 of the 19 GC-->AT transitions in the above hotspots. To determine whether the distribution was locus-dependent, two independent lines carrying single copies of transfected APRT genes were generated from a derivative of D422 carrying a deletion in the endogenous APRT gene. Nucleotides 1293-1309 were again no longer preferentially mutated, but the site at nucleotide 1365 was still a hotspot. We conclude that mutational spectra in mer- cells are at least in part locus dependent and that some sequences are particularly susceptible to EMS mutagenesis and perhaps also to methyltransferase repair.

Monitoring and Prevention the Smart Cities

Nowadays, the intensive use of Technology Information (TI) provide solutions to problems of the high population density, energy conservation and cities management. This produces a newest concept of the city, Smart City. But the inclusion of TI in the city brings associated new problems, specifically the generation of electromagnetic fields from the available and new technological infrastructures installed in the city that did not exist before. This new scenario produces a negative effect on a particular group of the society, as are the group of persons with electromagnetic hypersensitivity pathology. In this work we propose a system that would allow you to detect and prevent the continuous exposure to such electromagnetic fields, without the need to include more devices or infrastructure which would only worsen these effects. Through the use of the architecture itself and Smart City services, it is possible to infer the necessary knowledge to know the situation of the EMF radiation and thus allow users to avoid the areas of greatest conflict. This knowledge, not only allows us to get EMF current map of the city, but also allows you to generate predictions and detect future risk situations.

Seismically-induced landslides by a low-magnitude earthquake: The Mw 4.7 Ossa De Montiel event (central Spain)

The Ossa de Montiel (2015/02/23, Mw 4.7) earthquake struck the central part of Spain and was felt far from the epicenter (> 300 km). Even though ground shaking was slight (Imax = V, EMS-98 scale), the earthquake triggered many small rock falls, most at distances of 20–30 km from the epicenter, greater than previously recorded in S Spain (16 km) for earthquakes of similar magnitudes. The comparative analysis of available data for this event with records from other quakes of the Betic cordillera (S and SE Spain) seems to indicate a slower pattern of ground-motion attenuation in central Spain. This could explain why slope instabilities occurred at larger distances. Instability was more frequent, and occurred at larger distances, in road cuts than in natural slopes, implying that such slope types are highly susceptible to seismically induced landslides.

International financial regulation: A role for the Eurozone? EU Diplomacy Paper 08/2012, October 2012

The deepest financial crisis to strike the global economy since the Great Depression has unceremoniously called into question the very foundations of the Western economic model. The liberalisation of capital flows and the growing internationalisation of financial markets outpaced global regulatory and supervisory efforts. The repercussions of the financial crisis have given new dynamism to the reform of financial regulation both globally and within the European Union (EU). The Eurozone, by way of its own failings, has emerged as a stronger conceptual and legitimate entity since the onset of the crisis, but to what extent does this equate to a greater external role, in particular in the reform of international financial regulation? This paper argues that the Eurozone is currently not in a position to play an important role in the reform of international financial regulation, as it is a weak actor in the context of the EU financial architecture, which is still largely characterised by differing national regimes, a prevailing influence from the UK and fragmented external representation. The key finding from this study is that internal tensions in the EU are at the very heart of the Eurozone’s difficulties in playing a role in the reform of international financial regulation. Surmounting these tensions is a pre-requisite for the Eurozone if it is to overcome its structural weakness in international financial politics. However, the implications of such evolutions to the Eurozone, as an entity, and to European integration are far-reaching.

The future of the Eurozone and the role of the German Constitutional Court. Research Papers in Law, 05/2012

[Introduction.] Necessary reforms towards a deepened and increased European shaped economic, financial and budgetary policy, paraphrased with the term “fiscal union”, could possibly reach constitutional limits. In its EFSF judgment1, the German Constitutional Court, following the Lisbon judgment in which certain government tasks were determined as being part of the “constitutional identity”2, connected the budget right of the parliament via the principle of democracy to the eternity clause of Art. 79 para 3 Basic Law. A transfer of essential parts of the budget right of the German Bundestag, which would be in conflict with the German constitution, is said to exist when the determination of the nature and amount of the tax affecting the citizens is largely regulated on the supranational level and thereby deprived of the Bundestag’s right to disposition. A reform of the Economic and Monetary Union that touches the core of the budget right can, according to the German Federal Court, with regard to Art. 79 (3) of the Basic Law only be realized by way of Art. 146 of the Basic Law, thus with a new constitution given by the people that replaces the Basic Law.3

Preventing the rise of sovereign borrowing costs in the Eurozone: what can the ESM and the ECB achieve? Egmont Paper No. 56, November 2012

This paper focuses on the possible instruments for ‘ex-ante’/’preventive’/’precautionary’ interventions which can be deployed by the ESM and the ECB in order to prevent a debt crisis in a eurozone country. The potential of Eurobonds will also be discussed in this crisis management perspective. The first part of this paper traces the underlying trends of the evolution of interest rates in eurozone countries over the last decades. The second part discusses the principles of a preventive intervention in sovereign bond markets for the purpose of lowering borrowing costs of countries facing refinancing constraints; the limits and main issues of an ex-ante intervention will be underlined. In the third part, the properties of the ESM’s precautionary financial assistance and secondary market support facility will be discussed in details. The ECB preemptive intervention policies and, in particular, the OMT will be analyzed in the fourth part of the paper. The most likely course of action – a combined intervention by the ESM and the ECB – will be discussed in the fifth part. Finally, I will point out the core challenges of introducing Eurobonds as additional instruments to mitigate the rise of borrowing costs in the short term.

Still the “pivot”: Russia’s self-conception and view of the euro crisis as perceived in public opinion and the Rossiiskaya Gazeta, 2011-12. EU Centre in Singapore Working Paper No. 8, August 2012

In his influential and disputed 1904 lecture, “The Geographical Pivot of History,” Halford Mackinder argued that the Russian heartland was the fulcrum of many historical and geostrategic currents across Eurasian space. While the thesis has been thought surpassed by recent technological advances in transportation, it serves as a useful heuristic device to open certain thematic lines of analysis apparent in the presentation of the ongoing “EUrocrisis” by the country’s newspaper of record, the Rossiiskaya Gazeta.

The Europe barometer points to stormy weather. CEPS Commentary, 15 February 2013

Against the current background of a sharp decline in public support for the EU and an emerging reinforced centre to manage the euro crisis, this commentary finds that the only way Europe’s leaders can hope to keep the fragile equilibrium afloat is to summon up the courage to go forward with concrete proposals for political union.

Tough love for sinners in the eurozone banking union. CEPS Commentary, 1 July 2013

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”.