Fine-tuning the use of bail-in to promote a stronger EU financial system. CEPS Special Report No. 136/April 2016

This paper discusses the application of the new European rules for burden-sharing and bail-in in the banking sector, in view of their ability to accommodate broader policy goals of aggregate financial stability. It finds that the Treaty principles and the new discipline of state aid and the restructuring of banks provide a solid framework for combating moral hazard and removing incentives that encourage excessive risk-taking by bankers. However, the application of the new rules may have become excessively attentive to the case-by-case evaluation of individual institutions, while perhaps losing sight of the aggregate policy needs of the banking system. Indeed, in this first phase of the banking union, while large segments of the EU banking sector still require a substantial restructuring and recapitalisation, the market may not be able to provide all the needed resources in the current environment of depressed profitability and low growth. Thus, a systemic market failure may be making the problem impossible to fix without resorting to temporary public support. But the risk of large write-offs of capital instruments due to burden-sharing and bail-in may represent an insurmountable obstacle to such public support as it may set in motion an investors’ flight. The paper concludes by showing that existing rules do contain the flexibility required to accommodate aggregate policy requirements in the general interest, and outlines a public support scheme for the precautionary recapitalisation of solvent banks that would be compliant with EU law.

Three-Dimensional kinetic adaptations of gait throughout pregnancy and postpartum

Biomechanical adaptations that occur during pregnancy can lead to changes on gait pattern. Nevertheless, these adaptations of gait are still not fully understood. The purpose was to determine the effect of pregnancy on the biomechanical pattern of walking, regarding the kinetic parameters. A three-dimensional analysis was performed in eleven participants. The kinetic parameters in the joints of the lower limb during gait were compared at the end of the first, second, and third trimesters of pregnancy and in the postpartum period, in healthy pregnant women. The main results showed a reduction in the normalized vertical reaction forces, throughout pregnancy, particularly the third peak. Pregnant women showed, during most of the stance phase, medial reaction forces as a motor response to promote the body stability. Bilateral changes were observed in hip joint, with a decrease in the participation of the hip extensors and in the eccentric contraction of hip flexors. In ankle joint a decrease in the participation of ankle plantar flexors was found. In conclusion, the overall results point to biomechanical adjustments that showed a decrease of the mechanical load of women throughout pregnancy, with exception for few unilateral changes of hip joint moments.

Artrite reumatóide : implicações na funcionalidade das pessoas

Enquadramento: A Artrite Reumatóide (AR) é uma patologia com profundas implicações na funcionalidade das pessoas, com efeitos significativos não só ao nível do funcionamento físico, mas também a nível emocional, familiar, social e económico. Objetivos: Avaliar a funcionalidade das pessoas com artrite reumatóide e analisar a sua relação com as variáveis sócio demográficas, clínicas, dor e qualidade do sono. Métodos: Trata-se de um estudo não experimental, transversal, descritivo-correlacional e de caráter quantitativo, que foi realizado numa amostra não probabilística por conveniência, constituída por 75 pessoas com o diagnóstico de artrite reumatóide, acompanhadas na Unidade de Dor, na Consulta de Reumatologia e na Medicina Física de Reabilitação do CHTV, EPE. Para a mensuração das variáveis utilizou-se um instrumento de colheita de dados que integra uma secção de caracterização sócio demográfica e clínica, o Índice da Qualidade de Sono de Pittsburgh – PSQI e o Health Assessment Questionnaire – HAQ. Resultados: Constatou-se que 60,0% dos inquiridos apresenta dificuldades/incapacidades leves no desempenho das atividades da vida diária, 32,0% apresenta já dificuldades moderadas e 8,0% incapacidade grave, sendo que o valor médio da funcionalidade global avaliado por meio do HAQ foi de 1,48, o que revela a existência de uma incapacidade moderada na nossa amostra. Das variáveis sócio demográficas, a idade (p=0,003), a situação laboral (p=0,000), a escolaridade (p=0,006) e os rendimentos mensais (p=0,001) têm influência no estado funcional das pessoas com AR. Das variáveis clínicas, a intensidade da dor (p=0,007) e o tempo de diagnóstico da doença (p=0,013) mostraram relacionarem-se com a funcionalidade. Em relação à qualidade do sono, apenas existem diferenças estatísticamente significativas nas subescalas “levantar-se” (p=0,030) e “caminhar” (p=0,034), sendo que a má qualidade de sono configurou-se em 94,7% dos inquiridos. Conclusão: As evidências encontradas neste estudo referem que a idade, a situação laboral, a escolaridade, os rendimentos mensais, o tempo de diagnóstico, a intensidade da dor e a qualidade do sono, associam-se a uma pior funcionalidade nas pessoas com AR. O diagnóstico precoce, a adoção de medidas para a promoção da boa qualidade do sono, a aplicação de medidas farmacológicas e não farmacológicas para o alívio da dor, e ações de formação direcionadas aos doentes com AR, devem ser estratégias a desenvolver junto desta população, numa tentativa de minimizar o impacto negativo que esta doença acarreta. Palavras-chave: artrite reumatóide, estado funcional, qualidade do sono.

Life Cycle Assessment as a tool to promote sustainable Thermowood boards: a Portuguese case study

The present work aims to develop the Life Cycle Assessment study of thermo-modified Atlanticwood® pine boards based on real data provided by Santos & Santos Madeiras company. Atlanticwood® pine boards are used mainly for exterior decking and cladding facades of buildings. The LCA study is elaborated based on ISO 14040/44 standard and Product Category Rules for preparing an environmental product declaration for Construction Products and Construction Services. The inventory analysis and, subsequently, the impact analysis have been performed using the LCA software SimaPro8.0.4. The method chosen for impact assessment was EPD (2013) V1.01. The results show that more than ¾ of ‘Acidification’, ‘Eutrophication’, ‘Global warming’ and ‘Abiotic depletion’ caused by 1 m3 of Atlanticwood® pine boards production is due to energy consumption (electricity + gas + biomass). This was to be expected since the treatment is based on heat production and no chemicals are added during the heat treatment process.

Sildenafil Potentiates a cGMP-Dependent Pathway to Promote Melanoma Growth.

Sildenafil, an inhibitor of the cGMP-degrading phosphodiesterase 5 that is used to treat erectile dysfunction, has been linked to an increased risk of melanoma. Here, we have examined the potential connection between cGMP-dependent signaling cascades and melanoma growth. Using a combination of biochemical assays and real-time monitoring of melanoma cells, we report a cGMP-dependent growth-promoting pathway in murine and human melanoma cells. We document that C-type natriuretic peptide (CNP), a ligand of the membrane-bound guanylate cyclase B, enhances the activity of cGMP-dependent protein kinase I (cGKI) in melanoma cells by increasing the intracellular levels of cGMP. Activation of this cGMP pathway promotes melanoma cell growth and migration in a p44/42 MAPK-dependent manner. Sildenafil treatment further increases intracellular cGMP concentrations, potentiating activation of this pathway. Collectively, our data identify this cGMP-cGKI pathway as the link between sildenafil usage and increased melanoma risk.

Accounting for residential and non-residential environments to measure contextual effects on health behavior : the case of recreational walking behavior

Thèse réalisée en cotutelle entre l'Université de Montréal et l'Université Pierre et Marie Curie, Paris 06, Sorbonne Universités.