Discretion and Accountability: The ESMA Judgment and the Meroni Doctrine. Bruges European Economic Research (BEER) Papers 30/2014

This paper assesses the effectiveness of the Meroni doctrine in the light of the recent judgment in the ESMA case. The first part explains in detail the problem of delegation of powers in the EU from the perspective of the principal-agent theory and complements it with the analysis of the trade-off between different levels of independence and accountability of agencies. A simple economic model is developed to illustrated the relationship between the independence and accountability of an agency. It shows that it is the accountability mechanism that induces the agent to act, rather than the extent of his independence. The paper also explains the inter-temporal interactions between the principal and the agent on the basis of the incentives in place for the different players. The second part is devoted to analysis of the functioning of ESMA in the context of its delegated powers. After the presentation of main aspects of the regulatory framework establishing ESMA, the paper continuous with an analysis and interpretation of the discretionary powers of ESMA. The rather rigid position of the Court of Justice in relation to the Meroni doctrine seems to be unsuitable to delegation of complex regulatory tasks. This is particularly evident in the case of financial markets. Finally, the judgment does not examine in any detail whether and how the principals - i.e. the EU and Member States - are best able to evaluate the quality of ESMA decisions and regulations and whether there are different but more effective accountability mechanisms.

Family Types and the Persistence of Regional Disparities in Europe. Bruges European Economic Research (BEER) Papers 10/March 2007

This paper examines the association between one of the most basic institutional forms, the family, and a series of demographic, educational, social, and economic indicators across regions in Europe. Using Emmanuel Todd’s classification of medieval European family systems, we identify potential links between family types and regional disparities in household size, educational attainment, social capital, labour participation, sectoral structure, wealth, and inequality. The results indicate that medieval family structures seem to have influenced European regional disparities in virtually every indicator considered. That these links remain, despite the influence of the modern state and population migration, suggests that either such structures are extremely resilient or else they have in the past been internalised within other social and economic institutions as they developed.

Wittgenstein, Winch, Kripkenstein y la posibilidad de la crítica

En el presente trabajo exploramos las consecuencias de la lectura del argumento del lenguaje privado realizada por Kripke en el terreno del pensamiento social y político. Ello reviste un interés particular, debido a que lleva a revisar el encuadre en el que usualmente se ha situado la discusión sobre la relevancia político-social del pensamiento de Wittgenstein. La discusión ha estado centrada en el rol del acuerdo comunitario, sus consecuencias conservadoras o relativistas, el ahogo de la crítica y el disenso que resultaría, y otras cuestiones conexas. En ello vemos el síntoma de una problemática epistemológica (la de las garantías del conocimiento) que no termina de superarse, a pesar de la jerga semántica. Mostraremos que el escenario que resulta de la lectura de Kripke, en cambio, rompe con esta problemática, habilitando nuevas preocupaciones, próximas, a nuestro juicio, con las de lo que en el pensamiento francés se han denominado las "filosofías de la sujeción del sujeto"

Wittgenstein, Winch, Kripkenstein y la posibilidad de la crítica

En el presente trabajo exploramos las consecuencias de la lectura del argumento del lenguaje privado realizada por Kripke en el terreno del pensamiento social y político. Ello reviste un interés particular, debido a que lleva a revisar el encuadre en el que usualmente se ha situado la discusión sobre la relevancia político-social del pensamiento de Wittgenstein. La discusión ha estado centrada en el rol del acuerdo comunitario, sus consecuencias conservadoras o relativistas, el ahogo de la crítica y el disenso que resultaría, y otras cuestiones conexas. En ello vemos el síntoma de una problemática epistemológica (la de las garantías del conocimiento) que no termina de superarse, a pesar de la jerga semántica. Mostraremos que el escenario que resulta de la lectura de Kripke, en cambio, rompe con esta problemática, habilitando nuevas preocupaciones, próximas, a nuestro juicio, con las de lo que en el pensamiento francés se han denominado las "filosofías de la sujeción del sujeto"

Illustration of manganese nodules and crust collected from the Suiko Seamount, Northwestern Pacific Ocean

An initial investigation has been undertaken on the chemical composition of the manganese nodules. The results of chemical analyses on each layer of single nodules reveal the periodic patterns of distribution for Mn, Fe, Cu, Pb, Zn, Ni and Co contents. The variations strongly suggest that those of the elements in nodules from this region are, at least, climatically controlled.

Illustration of manganese nodules and crust collected from the Suiko Seamount, Northwestern Pacific Ocean

Manganese nodules from the Suiko Seamount exhibit the significant characteristics in mineral compositions. Well crystallized todorokite and birnessite, which are principal manganese mineral phase in nodules, only occur in the oxide layer directly incasing pebbles and coarse sand. The preferential formation of todorokite or birnessite phases seem to be principally controlled by the reaction rate of iron-manganese oxides with trace elements such as Cu, Ni, Co, Zn, Pb concentrated in nodules, rather than redox characteristics of sedimentary environment or mineralogical diagenetic process.

(Table T1) Amino acid ratios and concentrations in interstitial waters of seven ODP Leg 201 sites

Proteins and their amino acid building blocks form a major group of biomolecules in all organisms. In the sedimentary environment, proteins and amino acids have two sources: (1) soft tissues and detritus and (2) biotic skeletal structures, dominantly from calcium carbonate-secreting organisms. The focus of this report is on D/L ratios and concentrations of selected amino acids in interstitial waters collected during ODP Leg 201. The Peru margin sites are generally low in carbonates, whereas the open-ocean sites are more carbonate rich. Seifert et al. (1990, doi:10.2973/odp.proc.sr.112.152.1990) reported amino acid concentrations in interstitial waters from Site 681 (ODP Leg 112) comparable to Leg 201 Site 1229.

Sedimentation rates calculated on surface sediment samples from different site of the Atlantic and Pacific Oceans (Table 1)

Radiocarbon ages on CaCO3 from deep-sea cores offer constraints on the nature of the CaCO3 dissolution process. The idea is that the toll taken by dissolution on grains within the core top bioturbation zone should be in proportion to their time of residence in this zone. If so, dissolution would shift the mass distribution in favor of younger grains, thereby reducing the mean radiocarbon age for the grain ensemble. We have searched in vain for evidence supporting the existence of such an age reduction. Instead, we find that for water depths of more than 4 km in the tropical Pacific the radiocarbon age increases with the extent of dissolution. We can find no satisfactory steady state explanation and are forced to conclude that this increase must be the result of chemical erosion. The idea is that during the Holocene the rate of dissolution of CaCO3 has exceeded the rain rate of CaCO3. In this circumstance, bioturbation exhumes CaCO3 from the underlying glacial sediment and mixes it with CaCO3 raining from the sea surface.

(Appendix) Grain-size distribution, calcium carbonate content and proportion of cemented aggregates in ODP Site 133-820

The textural and compositional characteristics of the 400 m sequence of Pleistocene wackestones and packstones intersected at Ocean Drilling Program (ODP) Site 820 reflect deposition controlled by fluctuations in sea-level, and by variations in the rate of sediment supply. The development of an effective reefal barrier adjacent to Site 820, between 760 k.y. and 1.01 Ma, resulted in a marked reduction in sediment accumulation rates on the central Great Barrier Reef outermost shelf and upper slope. This marked change corresponds with the transition from sigmoidal prograding seismic geometry in the lower 254 m of the sequence, to aggradational geometry in the top 146 m. The reduction in the rate of sediment accumulation that followed development of the reefal barrier also caused a fundamental change in the way in which fluctuations in sea-level controlled sediment deposition. In the lower, progradational portion of the sequence, sea-level cyclicity is represented by superimposed coarsening-upward cycles. Although moderately calcareous throughout (mostly 35%-75% CaCO3), the depositional system acted in a similar manner to siliciclastic shelf depositional systems. Relative sea-level rises resulted in deposition of more condensed, less calcareous, fine, muddy wackestones at the base of each cycle. Sea-level highstands resulted in increased sedimentation rates and greater influx of coarse bioclastic material. Continued high rates of sedimentation of both coarse bioclastic material and mixed carbonate and terrigenous mud marked falling and low sea-levels. This lower part of the sequence therefore is dominated by coarse packstones, with only thin wackestone intervals representing transgressions. In contrast, sea-level fluctuations following formation of an effective reefal barrier produced a markedly different sedimentary record. The more slowly deposited aggradational sequence is characterized by discrete thin interbeds of relatively coarse packstone within a predominantly fine wackestone sequence. These thin packstone beds resulted from relatively low sedimentation rates during falling and low sea-levels, with much higher rates of muddy sediment accumulation during rising and high sea-levels. The transition from progradational to aggradational sequence geometry therefore corresponds to a transition from a "siliciclastic-type" to a "carbonate-type" depositional system.

Hebrew grammar (Mikhlol) systematically presented and critically annotated

Mode of access: Internet.

The dragon in the forest.

Mode of access: Internet.