Maastricht 2.0 - Proposed reform of EU sovereign debt rules. Policy Brief #2012/05

The European Union’s regulations governing sovereign debt are based on the principle of equal treatment of all member states. The recommendations we make here concerning changes in European Union sovereign-debt reduction rules take account of national particularities, but are by no means arbitrary in nature. According to the calculations we present here, such reformed regulations would do far more to promote economic growth than would be the case under the Fiscal Compact’s European debt brake. By 2030, real gains in growth will amount to more than 450 billion euros more than the outcome that would presumably be obtained under the European debt brake.

Atmospheric histories and global emissions of halons H-1211 (CBrClF 2 ), H-1301 (CBrF 3 ), and H-2402 (CBrF 2 CBrF 2 )

We report ground-based atmospheric measurements and emission estimates for the halons H-1211 (CBrClF₂), H-1301 (CBrF₃), and H-2402 (CBrF₂CBrF₂) from the AGAGE (Advanced Global Atmospheric Gases Experiment) and the National Oceanic and Atmospheric Administration global networks. We also include results from archived air samples in canisters and from polar firn in both hemispheres, thereby deriving an atmospheric record of nearly nine decades (1930s to present). All three halons were absent from the atmosphere until ~1970, when their atmospheric burdens started to increase rapidly. In recent years H-1211 and H-2402 mole fractions have been declining, but H-1301 has continued to grow. High-frequency observations show continuing emissions of H-1211 and H-1301 near most AGAGE sites. For H-2402 the only emissions detected were derived from the region surrounding the Sea of Japan/East Sea. Based on our observations, we derive global emissions using two different inversion approaches. Emissions for H-1211 declined from a peak of 11 kt yr⁻¹ (late 1990s) to 3.9 kt yr⁻¹ at the end of our record (mean of 2013–2015), for H-1301 from 5.4 kt yr⁻¹ (late 1980s) to 1.6 kt yr⁻¹, and for H-2402 from 1.8 kt yr⁻¹ (late 1980s) to 0.38 kt yr⁻¹. Yearly summed halon emissions have decreased substantially; nevertheless, since 2000 they have accounted for ~30% of the emissions of all major anthropogenic ozone depletion substances, when weighted by ozone depletion potentials.

(Table 2) Chemical composition of upper and lower surfaces of Fe-Mn nodules from the Eastern Subequatorial Pacific

Materials of polygon exploration during Cruise 41 of R/V Dmitry Mendeleev showed that diagenetic and sedimentary-diagenetic nodules close in morphology, texture, and composition vary greatly in size and productivity. Local variations in productivity of this nodule type in pelagic areas of the Pacific Ocean are closely connected with thickness of underlying clayey-radiolarian oozes.

(Table 2) Methane to ethane ratio, and d13C-methane at DSDP Hole 76-533

Natural gas hydrates are clathrates in which water molecules form a crystalline framework that includes and is stabilized by natural gas (mainly methane) at appropriate conditions of high pressures and low temperatures. The conditions for the formation of gas hydrates are met within continental margin sediments below water depths greater than about 500 m where the supply of methane is sufficient to stabilize the gas hydrate. Observations on DSDP Leg 11 suggested the presence of gas hydrates in sediments of the Blake Outer Ridge. Leg 76 coring and sampling confirms that, indeed, gas hydrates are present there. Geochemical evidence for gas hydrates in sediment of the Blake Outer Ridge includes (1) high concentrations of methane, (2) a sediment sample with thin, matlike layers of white crystals that released a volume of gas twenty times greater than its volume of pore fluid, (3) a molecular distribution of hydrocarbon gases that excluded hydrocarbons larger than isobutane, (4) results from pressure core barrel experiments, and (5) pore-fluid chemistry. The molecular composition of the hydrocarbons in these gas hydrates and the isotopic composition of the methane indicate that the gas is derived mainly from microbiological processes operating on the organic matter within the sediment. Although gas hydrates apparently are widespread on the Blake Outer Ridge, they probably are not of great economic significance as a potential, unconventional, energy resource or as an impermeable cap for trapping upwardly migrating gas at Site 533.

(Table 2) Ice rafted debris abundance and accumulation rate, sedimentation rate and dry bulk density of bottom sediments from the Sea of Okhotsk

Oxygen isotope records, radiocarbon AMS data, carbonate and opal stratigraphy, sediment magnetic susceptibility, tephrachronology, and paleontological results were used to obtain detailed sediment stratigraphy and an age model for the studied cores. For studying sea-ice sedimentation an analysis of lithogenic grain number in >0.15 mm grain size fraction of bottom sediments was carried out. For quantitative estimation of intensity ice-rafting debris sedimentation number of IRD particles per sq cm per ka was calculated. Obtained results allowed to plot IRD AR distribution for the first oxygen isotope stage (0-12.5 14C ka, 14C) and for the second stage (12.5-24 14C ka). The first stage was subdivided into the latest deglaciation and the beginning of Holocene (6-12.5 14C ka) (transitive period), when the sea level was changing significantly, and the second part of Holocene (0-6 14C ka), when climate conditions and the sea level were similar to modern estimates. Data clearly show strong increase in ice formation in the glacial Sea of Okhotsk and its extent in the middle part of the sea. Average annual duration of ice coverage during glaciation was longer than that for interglaciation. However the sea ice cover was not continuous all the year round and disappeared in summer time except the far northwestern part of the sea.

Tables of oblique photo scale factors and nadir point distances for 70mm photography. For unit altitude, focal lengths: 1.5, 3, 6, and 12 inches, tilts: 0 ̊to 90.̊

"Scale factor system, oblique photo, developmental. Contract NOas 59-6067-c, Aeronautics specification XPH 118 (modified)."

Commutation tables for joint annuities & survivorship assurances, based on the Carlisle mortality at 3, 3 1/2, 4, 5, and 6 per cent interest, with tables of annuities & assurances on single lives, and other useful tables, and an introduction on their construction & use.

Mode of access: Internet.