The European Central Bank in the age of banking union. Bruegel Policy Contribution 2013/13, 1 October 2013

During the crisis the European Central Bank’s roles have been greatly extended beyond its price stability mandate. In addition to the primary objective of price stability and the secondary objective of supporting EU economic policies, we identify ten new tasks related to monetary policy and financial stability. We argue that there are three main constraints on monetary policy: fiscal dominance, financial repercussions and regional divergences. By assessing the ECB’s tasks in light of these constraints, we highlight a number of synergies between these tasks and the ECB’s primary mandate of price stability. But we highlight major conflicts of interest related to the ECB’s participation in financial assistance programmes. We also underline that the ECB’s government bond purchasing programmes have introduced the concept of ‘monetary policy under conditionality’, which involves major dilemmas. A solution would be a major change towards a US-style system, in which state public debts are small, there are no federal bail-outs for states, the central bank does not purchase state debt and banks do not hold state debt. Such a change is unrealistic in the foreseeable future.

Nothing personal: The age of ego-diplomacy. EuropEos Commentary No. 7, 17 March 2011

A new EuropEos Commentary laments the decline of diplomacy and the rise of ‘summits’ in recent history as the predominant way of conducting international relations. World leaders are urged to pay more attention to the sound and unimpeded analysis of their ambassadors and professional diplomatic corps whenever possible.

Stratospheric age of air variations between 1600 and 2100

The current understanding of preindustrial stratospheric age of air (AoA), its variability, and the potential natural forcing imprint on AoA is very limited. Here we assess the influence of natural and anthropogenic forcings on AoA using ensemble simulations for the period 1600 to 2100 and sensitivity simulations for different forcings. The results show that from 1900 to 2100, CO₂ and ozone-depleting substances are the dominant drivers of AoA variability. With respect to natural forcings, volcanic eruptions cause the largest AoA variations on time scales of several years, reducing the age in the middle and upper stratosphere and increasing the age below. The effect of the solar forcing on AoA is small and dominated by multidecadal total solar irradiance variations, which correlate negatively with AoA. Additionally, a very weak positive relationship driven by ultraviolett variations is found, which is dominant for the 11 year cycle of solar variability.

Innovation and Development in the Age of Climate Change Adaptation: Open or Closed?

Change Adaptation: Open or Closed? Paper read at the Second African International Economic Law Network Conference, 7-8 March 2013, Wits School of Law, Johannesburg, South Africa. In a time of rapid convergence of technologies, goods, services, hardware, software, the traditional classifications that informed past treaties fail to remove legal uncertainty, or advance welfare and innovation. As a result, we turn our attention to the role and needs of the public domain at the interface of existing intellectual property rights and new modes of creation, production and distribution of goods and services. The concept of open culture would have it that knowledge should be spread freely and its growth should come from further developing existing works on the basis of sharing and collaboration without the shackles of intellectual property. Intellectual property clauses find their way into regional, multilateral, bilateral and free trade agreements more often than not, and can cause public discontent and incite unrest. Many of these intellectual property clauses raise the bar on protection beyond the clauses found in the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). In this paper we address the question of the protection and development of the public domain in service of open innovation in accord with Article 15 of the International Covenant on Economic, Social and Cultural Rights (ICESCR) in light of the Objectives (Article 7) and Principles (Article 8) set forth in TRIPS. Once areas of divergence and reinforcement between the intellectual property regime and human rights have been discussed, we will enter into options that allow for innovation and prosperity in the global south. We then conclude by discussing possible policy developments.

(Table 1) Age of sediments with anomalously high Hg concentrations in core BDP-98, Lake Baikal

Mercury distribution was examined in the sediments of Lake Baikal that were sampled within the scope of the Baikal Drilling International Project in 1996-1999. The Hg concentrations in the ancient sediments are close to those in the modern sediments with the exception of a few peak values, whose ages coincide with those of active volcanism in adjacent areas. Mercury was demonstrated to be contained in the sediments in the adsorbed Hg0 mode, predominantly in relation with organic matter. When the organic matter of the bottom sediments is decomposed in the course of lithification, Hg is retained in the sediments adsorbed on the residual organic matter, and the concentration of this element corresponds to its initial content in the bottom sediments during their accumulation. Mercury concentrations in lithologically distinct bottom sediments of Lake Baikal and its sediments as a whole depend on the climate. Sediments that were formed during warm periods of time contain more Hg than those produced during cold periods or glaciation. Periodical variations in the Hg concentrations in the bottom sediments of Lake Baikal reflect the variations in the contents of this element in the Earth's atmosphere in the Late Cenozoic, which were, in turn, controlled by the climatic variations on the planet and, thus, can be used for detailed reconstructions of variations in the average global temperature near the planet's surface.

Data on mineral composition of volcanic glass and radiocarbon age of Upper Quaternary sediments from the Sea of Okhotsk

Lithological horizons have been distinguished in sediments cores from different parts of the Sea of Okhotsk based on primary descriptions of sediments and smear slides, and analyses of contents of both calcium carbonate and organic carbon, and opal. Sediment lithology has been correlated with oxygen isotope records and the standard isotope scale and radiocarbon data by AMS method for three cores studied in detail. This allowed to determine in detail periods of carbonaceous and diatomaceous ooze accumulation in the Sea of Okhotsk. Changes in magnetic susceptibility and grain size composition of sediments have been also compared with oxygen-isotope curves and radiocarbon datings. Obtained results confirm that variations in magnetic susceptibility are related with oxygen-isotope stages and influenced by climatic changes. Tephra interlayers K0, TR, K2, K3 have been identified by mineralogical analyses in all studied cores. Stratigraphic location of these tephra interlayers in detailed studied cores and their radiocarbon ages (8.1, 8.05, 26.8, and about 60 ka, respectively) provided base correlation between the interlayers and volcanic eruptions on the Kamchatka Peninsula and the Kuril Islands. This allows to use the former ones as time markers for deep-sea sediments of the Sea of Okhotsk. New lithostratigraphic and tephrochronologic data obtained allowed to correlate Upper Quaternary sediments from the Sea of Okhotsk.