Conjectural restoration Indian College of 1655-56 to 1698 in Harvard College, photo lithograph on heavy paper, May 1934

Floor plans and front and end elevations of Indian College drawn by H.R. Shurtleff in May 1934 based on research conducted by Shurtleff from the Harvard College Records and surveys of local period buildings. Shows likely configuration of Indian College with lodging for 20 students, studies, and the printing room which housed the printing press.

Copy of an enrolment of Sloop Cyrus No. 56, 1795 May 14

Copy of the vessel enrollment certificate for the sloop Cyrus on one folio-sized leaf. All ships owned by United States citizens were required by federal law to be registered.

ʻUmdat al-rāyiḍ fi fann al-farāyiḍ / min taʼlīf al-ʻĀlim al-Amjad Ḥaḍrat Qāḍī al-Mulk : manuscript, 1855 or 56

According to the colophon (f. 25v), copy completed in 1272 AH [1855 or 56 AD].

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.