Designing institutions for financial stability: Regulation and supervision by objective for the Euro area

In this paper, we discuss pros and cons ofdifferent models for financial market regulationand supervision and we present a proposal forthe re-organisation of regulatory and supervisoryagencies in the Euro Area. Our arguments areconsistent with both new theories and effectivebehaviour of financial intermediaries inindustrialized countries. Our proposed architecturefor financial market regulation is based on theassignment of different objectives or "finalities"to different authorities, both at the domesticand the European level. According to thisperspective, the three objectives of supervision- microeconomic stability, investor protectionand proper behaviour, efficiency and competition- should be assigned to three distinct Europeanauthorities, each one at the centre of a Europeansystem of financial regulators and supervisorsspecialized in overseeing the entire financialmarket with respect to a single regulatoryobjective and regardless of the subjective natureof the intermediaries. Each system should bestructured and organized similarly to the EuropeanSystem of Central Banks and work in connectionwith the central bank which would remain theinstitution responsible for price and macroeconomicstability. We suggest a plausible path to buildour 4-peak regulatory architecture in the Euro area.

Regulation of the expression of Fit insect toxin locus genes in the root-associated biocontrol pseudomonad CHA0

The root-colonizing Pseudomonas fluorescens strain CHA0 is a biocontrol agent of soil-borne plant diseases caused by fungal and oomycete pathogens. Remarkably, this plant-beneficial pseudomonad is also endowed with potent insecticidal activity that depends on the production of a large protein toxin termed Fit (for P. fluorescens insecticidal toxin). In our present work, the genomic locus encoding the P. fluorescens insect toxin is subjected to a detailed molecular analysis. The Fit toxin gene fitD is flanked upstream by the fitABC genes and downstream by the fitE gene that encode the ABC transporter, membrane fusion, and outer membrane efflux components of a type I protein secretion system predicted to function in toxin export. The fitF, fitG, and fitH genes located downstream of fitE code for regulatory proteins having domain structures typical of signal transduction histidine kinases, LysR-type transcriptional regulators, and response regulators, respectively. The role of these insect toxin locus-associated control elements is being investigated with mutants defective for the regulatory genes and with GFP-based reporter fusions to putative promoter regions upstream of the transporter genes fitA and fitE, the toxin gene fitD, and the regulatory genes fitF and fitH. Our preliminary findings suggest that the three regulators interact with known global regulators of biocontrol factor expression to control Fit toxin expression and secretion.

Quality safeguards and regulation of online pharmacies

Using econometric evidence, this article confirms that distribution ofmedicines online is split into two market segments of very diversequality, and identifies the factors that drive quality and qualityassurance in this activity. Unlike fraudulent, rogue, websites, whichoffer scant guarantees and usually sell just a few medicines withoutprescription, online pharmacies offering insurance coverage and linkedto conventional pharmacies typically sell a wholerange of drugs, require third-party medical prescriptions and provideabundant information to patients. It is shown that, where onlinepharmacies are allowed to act legally, market forces enhance quality,as private insurers require professional standards, and specialized thirdparties make a business of certifying them. Furthermore, older onlinepharmacies and those running conventional operations offer higherquality, probably because of reputational investments. Overall, this evidence supports licensing online pharmacies, especiallyconsidering that prohibiting them is ineffective against fraudulent sites.

The heat shock response in moss plants is regulated by specific calcium-permeable channels in the plasma membrane.

Land plants are prone to strong thermal variations and must therefore sense early moderate temperature increments to induce appropriate cellular defenses, such as molecular chaperones, in anticipation of upcoming noxious temperatures. To investigate how plants perceive mild changes in ambient temperature, we monitored in recombinant lines of the moss Physcomitrella patens the activation of a heat-inducible promoter, the integrity of a thermolabile enzyme, and the fluctuations of cytoplasmic calcium. Mild temperature increments, or isothermal treatments with membrane fluidizers or Hsp90 inhibitors, induced a heat shock response (HSR) that critically depended on a preceding Ca(2+) transient through the plasma membrane. Electrophysiological experiments revealed the presence of a Ca(2+)-permeable channel in the plasma membrane that is transiently activated by mild temperature increments or chemical perturbations of membrane fluidity. The amplitude of the Ca(2+) influx during the first minutes of a temperature stress modulated the intensity of the HSR, and Ca(2+) channel blockers prevented HSR and the onset of thermotolerance. Our data suggest that early sensing of mild temperature increments occurs at the plasma membrane of plant cells independently from cytosolic protein unfolding. The heat signal is translated into an effective HSR by way of a specific membrane-regulated Ca(2+) influx, leading to thermotolerance.

Price regulation of plastic money: A critical assessment of Spanish rules

Recent decisions by the Spanish national competition authority (TDC) mandate paymentsystems to include only two costs when setting their domestic multilateral interchange fees(MIF): a fixed processing cost and a variable cost for the risk of fraud. This artificiallowering of MIFs will not lower consumer prices, because of uncompetitive retailing; but itwill however lead to higher cardholders fees and, likely, new prices for point of saleterminals, delaying the development of the immature Spanish card market. Also, to the extent that increased cardholders fees do not offset the fall in MIFs revenue, the task of issuing new cards will be underpaid relatively to the task of acquiring new merchants, causing an imbalance between the two sides of the networks. Moreover, the pricing scheme arising from the decisions will cause unbundling and underprovision of those services whose costs are excluded. Indeed, the payment guarantee and the free funding period will tend to be removed from the package of services currently provided, to be either provided by third parties, by issuers for a separate fee, or not provided at all, especially to smaller and medium-sized merchants. Transaction services will also suffer the consequences that the TDC precludes pricing them in variable terms.

Report on the Iowa Department of Agriculture and Land Stewardship for the year ended June 30, 2007

Report on the Iowa Department of Agriculture and Land Stewardship for the year ended June 30, 2007

RAGBRAI Learn about the Land; Day 1, July 2008

Want to know what conditions to expect over the next stage of RAGBRAI? How hilly will it be, what towns and parks are between here and there, or what services are coming up in the next town?

RAGBRAI Learn about the Land; Day 2, July 2008

On today’s ride we continue riding across the Southern Iowa Drift Plain. This landform region covers over 40% of the state and comprises most of southern Iowa. Over the last several million years Iowa was subjected to at least seven glacial advances. The last of these older advances occurred approximately 500,000 years ago. Since then the landscape has been subjected to stream erosion and from12,500-24,000 years ago was mantled with a thick blanket of loess before being further eroded.

RAGBRAI Learn about the Land; Day 3, July 2008

Although during much of its geologic history Iowa was part of an interior sea, today what we see on the land surface has been heavily influenced by recent glaciation. Everything from Iowa soils, rivers, lakes, and hills has been influenced by glaciation. Most of Iowa’s bedrock is hidden beneath a thick mantle of deposits from the Cenozoic (i.e., new life) Era, spanning the last 65 million years. Geologists have divided the Cenozoic Era into two periods. These are the Tertiary (1.8-65 million years ago) and Quaternary Periods (recent to 1.8 million years ago). Most geologic records in Iowa are from the Quaternary period, and include glacial till and loess.

RAGBRAI Learn about the Land; Day 4, July 2008

Today’s ride departs Ames and heads towards Nevada. The Ames area is one of the classic areas to view elongated hummocks. These landforms are discontinous, lower relief curvilinear ridges which are east-west trending features. At one time geologists thought these hummocks formed at the base of the glacier due to glacial movement. It is now understood that these features may have developed within the glacier, in a large crevasse field that formed behind the ice (Bemis Moraine) margin as the ice stagnated and melted.

RAGBRAI Learn about the Land; Day 5, July 2008

Today, after you descend into the valley of the Iowa River north of Marengo, the route turns east on county road F15 and approaches the historic Amana Society. Settled in the late 1850s by German immigrants of the Community of True Inspiration, the new arrivals utilized the local timber and stone resources to construct their buildings. During these early years several stone quarries were opened in the hills along the north wall of the Iowa River valley near East, Middle, and West Amana. Riders will pass close to one of these old quarries 0.7 miles west of West Amana. The stone taken from these quarries is beautiful quartz-rich sandstone that is cemented by light brown to orange tinged iron oxide. This stone was used in the construction of many buildings in Amana.

RAGBRAI Learn about the Land; Day 6, July 2008

Today you will be biking over the Iowa and Cedar rivers, two major rivers hit by the Iowa flood of 2008. Three miles northeast of North Liberty you’ll cross the Iowa River. The river crested on June 15, 2008 at a record 31.53 ft., three feet higher than the previous record during the flood of 1993. The flooding river caused extensive damage to the University of Iowa (see cover photo of Iowa Memorial Union taken by Univ. Relations, Univ. of Iowa), Coralville, and numerous smaller towns. The flooding of the Cedar River, which RAGBRAI will cross at Sutliff, caused even greater damage. At Cedar Rapids, the 2008 flood crest of 31.12 ft. was over 11 ft. higher than the previous record set in 1851! This massive amount of water inundated downtown Cedar Rapids, Palo, and Columbus Junction and caused massive damage to buildings and infrastructure. When crossing the Cedar River at Sutliff, be sure to look to your right to see the remains of the Historic Sutliff Bridge, one of the many casualties of the Iowa flood of 2008.

RAGBRAI Learn about the Land; Day 7, July 2008

Iowa’s land was mapped long before it was declared a state. Since Lewis and Clark published their journey across the North American west in 1814, many different uses for maps have been found. Today there are maps of Iowa’s roads, waterways, landscape features, geology, and land use. One of the more recent mapping efforts has involved using a technology called LiDAR. This technology creates a topographic map of Iowa’s elevation that is accurate to within eight inches, ten times higher resolution than in previous elevation maps.

Mouse mammary tumor virus : a model system for regulation of gene expression

Mouse mammary tumor virus (MMTV) kommt prizipiell in zwei Formen vor. Erstens als integierte virale DNA (endogen vererbt), die in allen Zellen der Maus enthalten ist und zweitens als infektiöse Form, bei der sich die DNA nur im Kern von Brustdrüsenzellen integriert. Die erste Form verhält sich wie ein stummes Gen während die zweite Form aktiv ist, durch Glukocorticoide stimuliert wird und zum Mamma-Karzinom führt. Wir haben beide Typen von viralen Genen molekular geklont und durch Transfektion in verschiedene Zellen in Gewebekultur eingeführt. Wir konnten zeigen, dass sowohl die endogene DNA, wie dir infektiöse DNA in transfektieren Zellen aktiv ist und dass die Expression beider Gene durch Glukocorticoide stimuliert wird. Wir konnten die DNA Squenzen, die für dir Homonstimulierung nötig sind, in einem kleinen Fragment der viralen DNA lokalisieren. Bei der Sequenzanalyse dieses DNA-Stückes haben wir ein neues virales Gen entdeckt, das dir Information für ein Protein von ca. 40000 Moleklargewicht enthählt. Mit Hilfe eines Antikörpers suchen wir in verschiedenen Brustdrüsenzellen und Tumoren nach diesem Proetin, dessen Funktion noch nicht bekannt ist.