How to deal with macroeconomic imbalances? CEPS Special Report No. 69, 23 November 2012

Lax financial conditions can foster credit booms. The global credit boom of the last decade led to large capital flows across the world, including large movements of resources from the northern countries of the euro area towards the southern part. Since the start of the crisis and more markedly after 2009, these flows have suddenly stopped, creating severe adjustment pressure. At this point the common monetary policy can only try to mitigate the unavoidable adjustment by maintaining overall financial stability. The challenge is to strike a delicate balance between providing liquidity for solvent institutions while keeping the overall pressure on for a rapid correction of the imbalances.

Chess endgame news

The Endgame Tables Online initiative and p2p community have made available all published Nalimov DTM EGTs. It now looks forward to the 16 unpublished EGTs computed by August 9th and presumed to be still in existence, particularly as Marc Bourzutschky’s FEG results independently confirm all Nalimov’s published 3-3p DTM EGT statistics including those for KPPKPP.

Chess endgame news

A report of the new Bourzutschky/Konoval chess endgame depth record of DTC = 330 moves, and of the progress of the Kryukov peer-group to disseminate Nalimov's DTM EGTs. The question of data integrity and assurance is raised.