Monetary policy and banking supervision: coordination instead of separation. CEPS Policy Brief No. 286, 12 December 2012

Introduction. Following the June 2012 European Council decision to place the ‘Single Supervisory Mechanism’ (SSM) within the European Central Bank, the general presumption in the policy discussions has been that there should be ‘Chinese walls’ between the supervisory and monetary policy arms of the ECB. The current legislative proposal, in fact, is explicit on this account. On the contrary, however, this paper finds that there is no need to impose a strict separation between these two functions. The authors argue, in fact, that a strict separation of supervision and monetary policy is not even desirable during a financial crisis when the systemic stability of the financial system represents the biggest threat to a monetary policy that aims at price stability. In their view, the key problem hampering the ECB today is that it lacks detailed information on the state of health of the banking system, which is often highly confidential. Chinese walls would not solve this problem. Moreover, in light of the fact that the new, proposed Supervisory Board will be composed to a large extent of representatives of the same institutions that also dominate the Governing Council, the paper finds that it does not make sense to have Chinese walls between two boards with largely overlapping memberships. In addition, it recommends that some members of the Supervisory Boards should be “independents” in order to reduce the tendency of supervisors to unduly delay the recognition of losses.

Polydispersity-induced macrophase separation in diblock copolymer melts

The effect of A-block polydispersity on the phase behavior of AB diblock copolymer melts is examined using a complete self-consistent field theory treatment that allows for fractionation of the parent molecular-weight distribution. In addition to observing the established shift in phase boundaries, we find the emergence of significant two-phase coexistence regions causing, for instance, the disappearance of the complex phase window. Furthermore, we find evidence that polydispersity relieves packing frustration, which will reduce the tendency for long-range order.

The Effects of Stratification on Flow Separation

Separation of stratified flow over a two-dimensional hill is inhibited or facilitated by acceleration or deceleration of the flow just outside the attached boundary layer. In this note, an expression is derived for this acceleration or deceleration in terms of streamline curvature and stratification. The expression is valid for linear as well as nonlinear deformation of the flow. For hills of vanishing aspect ratio a linear theory can be derived and a full regime diagram for separation can be constructed. For hills of finite aspect ratio scaling relationships can be derived that indicate the presence of a critical aspect ratio, proportional to the stratification, above which separation will occur as well as a second critical aspect ratio above which separation will always occur irrespective of stratification.

Energy separation of neutrons scattered at small angles from silicon using time-of-flight techniques

The time-of-flight technique is used on a small-angle neutron scattering instrument to separate the energies of the scattered neutrons, in order to determine the origin of the temperature-dependent scattering observed from silicon at Q > similar to 0.1 angstrom(-1). A quantitative analysis of the results in comparison with the phonon dispersion curves, determined by Dolling using a triple-axis neutron spectrometer, shows that the temperature-dependent scattering can be understood in terms of Umklapp processes whereby neutrons gain energy from phonons.

Born-Oppenheimer failure in the separation of low frequency vibrations

Changes in the effective potential function of a low-frequency large-amplitude molecular vibration, resulting from excitation of a high-frequency vibration, are discussed. It is shown that in some situations a significant contribution to such changes may arise from failure of the Born-Oppenheimer separation of the low-frequency mode. In the particular example of the HF dimer, recent evidence that the tunneling barrier increases on exciting either of the H-stretching vibrations is probably due to this effect.

Effects of solar wind magnetosphere coupling recorded at different geomagnetic latitudes: Separation of directly-driven and storage/release systems

The effect on geomagnetic activity of solar wind speed, compared with that of the strength of the interplanetary magnetic field, differs with geomagnetic latitude. In this study we construct a new index based on monthly standard deviations in the H-component of the geomagnetic field for all geomagnetic latitudes. We demonstrate that for this index the response at auroral regions correlates best with interplanetary coupling functions which include the solar wind speed while mid- and low-latitude regions respond to variations in the interplanetary magnetic field strength. These results are used to isolate the responsible geomagnetic current systems.

Lateral phase separation in grafted diblock copolymer films

Tethered films of polystyrene-block-poly(methyl methacrylate) copolymers of varying composition and molecular weight were investigated using atomic force microscopy and the observed structures compared with theoretical predictions. Although the experimental results were in qualitative agreement with the theory, there was significant quantitative variation. This was attributed to the presence of solvent in the films prior to and during annealing, a hypothesis supported by new preliminary calculations reported here. Solvent exchange experiments (where a good solvent for both polymer blocks was gradually replaced by a selective solvent), were also performed on the films. This procedure generated textured films in which the structure was defined by miscibility of the polymer blocks with the second solvent.

Separation of Ba-137m from Cs-137 using new ion exchanger Na-2(H2O)(4)(H3O)[Al(OH)(6)Mo6O18]

A new polyoxometalate of chemical formula, Na-2(H2O)(4)(H3O)[Al(OH)(6)Mo6O18] (1) containing Anderson type large anion has been synthesized and characterized by single-crystal X-ray structure determination and IR spectroscopic studies. The crystal of 1 is triclinic, spacegroup P-1 with cell dimensions, a = 6.365(9) angstrom, b = 10.37(1) angstrom, c = 10.44(1) angstrom and alpha = 65.41(1), beta = 77.18(1), gamma = 86.58(1) and Z = 1. The compound 1 behaves as an ion exchanger and is stable in thermal, radiation and chemical environments. Radiochemical separation of the short-lived daughter Ba-137m (t(1/2) = 2.50 min) from its long-lived parent Cs-137 using this newly designed and synthesized ion exchanger has been developed.

6,6 '-bis-(5,6-diethyl-[1,2,4]triazin-3-yl)-2,2 '-bipyridyl the first example of a new class of quadridentate hetercyclic extraction reagents for the separation of americium(III) and europium(III)

The synthesis of the first example of a new class of tetradentate reagents for the efficient separation of americium(Ill) and europium(111) is reported together with the structure of the complex formed with europium(III), (C) 2004 Elsevier B.V. All rights reserved.

Separation of lanthanides and actinides(III) using tridentate benzimidazole, benzoxazole and benzothiazole ligands

The ability of new hydrophobic tridentate ligands based on 2,6-bis(benziinidazol-2-yl)pyridine, 2,6-bis(benzoxazol-2-yl)pyridine and 2,6-bis(benzothiazol-2-yl)pyridine to selectively extract americium(III) from europium(III) was measured. The most promising ligand-2,6-bis(benzoxazol-2-yl)-4-(2-decyl-1-tetradecyloxy)pyridine L-9 was found to give separation factors (SFAm/Eu) of up to 70 when used to extract cations from 0.02-0.10 M HNO3 into TPH in synergy with 2-bromodecanoic acid. Six structures of lanthanide complexes with 2,6-bis(benzoxazol-2-yl)pyridine L-6 were then determined to evaluate the types of species that are likely to be involved in the separation process. Three structural types were observed, namely [LnL(6)(NO3)(3)(H2O)2], 11-coordinate only for La, [LnL(6) (NO3)(3) (CH3CN)], 10-coordinate for Pr, Nd and Eu and [LnL(6) (NO3)(3)(H2O)], L 10-coordinate for Eu and Gd. Quantum Mechanics calculations were carried out on the tridentate ligands to elucidate the conformational preferences of the ligands in the free state and protonated and diprotonated forms and to assess the electronic properties of the ligands for comparison with other terdentate ligands used in lanthanide/actinide separation processes.

6,6 '-bis (5,5,8,8-tetramethyl-5,6,7,8-tetrahydro-benzo[1,2,4]triazin-3-yl) [2,2 ']bipyridine, an effective extracting agent for the separation of americium(III) and curium(III) from the lanthanides

The extraction of americium(III), curium(III), and the lanthanides(III) from nitric acid by 6,6'- bis (5,5,8,8-tetramethyl-5,6,7,8-tetrahydro-benzo[1,2,4]triazin-3-yl)-[2,2'] bipyridine (CyMe4-BTBP) has been studied. Since the extraction kinetics were slow, N,N'-dimethyl-N,N'-dioctyl-2-(2-hexyloxy-ethyl)malonamide (DMDOHEMA) was added as a phase transfer reagent. With a mixture of 0.01 M CyMe4-BTBP + 0.25 M DMDOHEMA in n -octanol, extraction equilibrium was reached within 5 min of mixing. At a nitric acid concentration of 1 M, an americium(III) distribution ratio of approx. 10 was achieved. Americium(III)/lanthanide(III) separation factors between 50 (dysprosium) and 1500 (lanthanum) were obtained. Whereas americium(III) and curium(III) were extracted as disolvates, the stoichiometries of the lanthanide(III) complexes were not identified unambiguously, owing to the presence of DMDOHEMA. In the absence of DMDOHEMA, both americium(III) and europium(III) were extracted as disolvates. Back-extraction with 0.1 M nitric acid was thermodynamically possible but rather slow. Using a buffered glycolate solution of pH=4, an americium(III) distribution ratio of 0.01 was obtained within 5 min of mixing. There was no evidence of degradation of the extractant, for example, the extraction performance of CyMe4-BTBP during hydrolylsis with 1 M nitric acid did not change over a two month contact.

Some new strategies for the chemical separation of actinides and lanthanides

A future goal in nuclear fuel reprocessing is the conversion or transmutation of the long-lived radioisotopes of minor actinides, such as americium, into short-lived isotopes by irradiation with neutrons. In order to achieve this transmutation, it is necessary to separate the minor actinides(III), [An(Ill)], from the lanthanides(III), [Ln(Ill)], by solvent extraction (partitioning), because the lanthanides absorb neutrons too effectively and hence limit neutron capture by the transmutable actinides. Partitioning using ligands containing only carbon, hydrogen, nitrogen and oxygen atoms is desirable because they are completely incinerable and thus the final volume of waste is minimised [1]. Nitric acid media will be used in the extraction experiments because it is envisaged that the An(III)/Ln(III) separation process could take place after the PUREX process. There is no doubt that the correct design of a molecule that is capable of acting as a ligand or extraction reagent is required for the effective separation of metal ions such as actinides(III) from lanthanides. Recent attention has been directed towards heterocyclic ligands with for the preferential separation of the minor actinides. Although such molecules have a rich chemistry, this is only now becoming sufficiently well understood in relation to the partitioning process [2]. The molecules shown in Figures I and 2 will be the principal focus of this study. Although the examples chosen here are used rather specific, the guidelines can be extended to other areas such as the separation of precious metals [3].

Coordination and separation studies of the uranyl ion with iso-butyramide based ligands: Synthesis and structures of [UO2(NO3)(2)((C3H7CON)-C-i{(C4H9)-C-i}(2))(2)] and [UO2(C6H5COCHCOC6H5)(2)((C3H7CON)-C-i{(C3H7)-C-i}(2))]

The coordination chemistry of iso-butyramide based ligands such as: (C3H7CON)-C-i((C3H7)-C-i)(2), (C3H7CON)-C-i(C4H9)(2) and (C3H7CON)-C-i((C4H9)-C-i)(2) with [UO2(NO3)(2) center dot 6H(2)O], [UO2(OO)(2) center dot 2H(2)O] {where OO = C4H3SCOCHCCCF3 (TTA), C6H5COCHCOCF3 (BTA) and C6H5COCHCOC6H5 (DBM)), [Th(NO3)(4) center dot 6H(2)O] and [La(NO3)(3) center dot 6H(2)O] has been evaluated. Structures for the compounds [UO2(NO3)(2)CC3H7CON{(C4H9)-C-i}(2))(2)] and [UO2(C6H5COCHCOC6H5)(2)((C3H7CON)-C-i{(C3H7)-C-i)(2))] have been determined by single crystal X-ray diffraction methods. Preliminary separation studies from nitric acid medium using the amide (C3H7CON)-C-i((C4H9)-C-i)(2) with U(VI), Th(IV) and La(Ill) ions showed the selective precipitation of uranyl ion from the mixture. Thermal study of the compound [UO2(NO3)(2)((C3H7CON)-C-i((C4H9)-C-i)(2))(2)] in air revealed that the ligands can be destroyed completely on incineration. (C) 2008 Elsevier Ltd. All rights reserved.