The new bail-in doctrine: A recipe for banking crises and depression in the eurozone. CEPS Commentary

This Commentary argues that the failure to recognise shared responsibility for the banking crisis in Cyprus has led to the imposition of a bail-in template that increases the risk of banking crises and economic depression in the eurozone.

Mecanismo oncológico de escape à vigilância do sistema imunitário

Trabalho Final do Curso de Mestrado Integrado em Medicina, Faculdade de Medicina, Universidade de Lisboa, 2014

Money for structural reforms in the eurozone: making sense of contractual arrangements. Egmont Paper 57, May 2013

Executive Summary. Both the Commission’s proposal for a ‘Competitiveness and Convergence Instrument’ and the ‘contractual arrangement’ presented by President Van Rompuy share a common concept: associating EU money with national structural reforms under a binding arrangement. The targeted ‘structural reforms’ are the labour market reforms and product and services market reforms in eurozone ‘peripheral’ countries facing the most severe external imbalances. Their implementation would speed up and facilitate the ‘internal devaluation’ process of these countries. In the worst case scenario, failure to adopt the necessary reforms and to adjust wages and prices downwards may lead the most vulnerable countries to leave the eurozone under social and political pressure. Contracts seek to reduce this risk by increasing compliance with the country-specific recommendations for structural reforms issued by the EU institutions within the European Semester, and in particular with the Macroeconomic Imbalance Procedure (MIP). As for the financial support, it follows two different, albeit overlapping rationales. First, the perspective of obtaining EU funding would incentivize the governments of vulnerable countries to adopt reforms that would bear a high political and social cost in the short term. That is, without some form of incentive, it is unlikely that the necessary reforms would be undertaken and this could have significant negative consequences for the EMU as a whole. The second rationale amounts to outright solidarity: EU support is needed to cushion the inevitable socio-economic costs implied not only by the structural reform, but also by the internal devaluation taking place. To make sense of contractual arrangements, some points should be considered in future discussions: 1. Contracts on a voluntary basis only: Contracts cannot be mandatory unlike initially suggested in the Van Rompuy report. This stems not only from the inherent definition of a ‘contract’ – where mutual consent is key – but also from the non-binding nature of the preventive arm of the MIP. Making the country-specific recommendations issued by the EU institutions systematically binding would imply transfers of sovereignty from the national to the EU level that go well beyond the present discussion. Instead, contracts would introduce the possibility of making the preventive arm binding for some countries where corrections are most needed and urgent for the EMU as a whole.

The Future Organisation of the European Courts. Research Papers in Law, 2/2005

From the Introduction. According to Article 220 of the EC Treaty, the Court of Justice and the Court of First Instance (hereinafter CFI) “each within its jurisdiction, shall ensure that in the interpretation and application of [the EC] Treaty the law is observed”. The “pre-Nice” allocation of jurisdiction between the two Community courts can be summarized as follows. At Court of Justice level, mention should first of all be made of references for a preliminary ruling. A national court, in a case pending before it, can - or in some circumstances must - refer to the Court of Justice a question relating to the interpretation of provisions of the EC Treaty or of secondary Community law, or relating to the validity of provisions of secondary Community law.1 Moreover, the Court of Justice ensures the observance of the law in the context of actions for annulment or failure to act brought before it by the Community institutions, the European Central Bank (hereinafter ECB) and the Member States.2 These actions concern, respectively, the legality of an act of secondary Community law and the legality of the failure of the institution concerned to adopt such act. The Court of Justice also has jurisdiction in actions brought by the Commission or by a Member State relating to the infringement of Community law by a Member State (hereinafter infringement actions)3 and in actions relating to compensation for non-contractual damage brought by Member States against the Community.4 Finally, as regards the jurisdiction of the Court of Justice, mention should be made of appeals which can be lodged on points of law only against rulings of the CFI.5

Strong governments, weak banks. CEPS Policy Brief No. 305, 25 November 2013

Banks in the northern eurozone have capital ratios that are, on average, less than half of the capital ratios of banks in the eurozone’s periphery. The authors explain this by the fact that northern eurozone banks profit from the financial solidity of their governments and follow business strategies aimed at issuing too much subsidised debt. In doing so, they weaken their balance sheets and become more fragile – less able to withstand future shocks. Paradoxically, financially strong governments breed fragile banks. The opposite occurs in countries with financially weak governments. In these countries banks are forced to strengthen themselves because they are unable to rely on their governments. As a result they have significantly more capital and reserves than banks in the northern eurozone. Recommendations More than in the south, the governments of northern Europe should stand up and force the banks to issue more equity. This should go much further than what is foreseen in the Basel III accord. If the experience of the southern eurozone countries is any guide, banks in the north of the eurozone should at least double the capital and the reserves as a percentage of their balance sheets. Failure to do so risks destroying the financial solidity of the northern European governments when, in the future, negative shocks force these governments to come to the rescue of their undercapitalised banks. The new responsibilities entrusted to the European Central Bank as the single supervisor in the eurozone create a unique opportunity for that institution to change the regulatory and supervisory culture in the eurozone – one that has allowed the large banks to continue living dangerously, with insufficient capital.

The Legal Construction of Membership: Nationality Law in Germany and the United States. CES Germany & Europe Working Papers No. 00.5, 2000

The argument of this paper is that several empirical puzzles in the citizenship literature are rooted in the failure to distinguish between the mainly legal concept of nationality and the broader, political concept of citizenship. Using this distinction, the paper analysis the evolution of German and American nationality laws over the last 200 years. The historical development of both legal structures shows strong communalities. With the emergence of the modern system of nation states, the attribution of nationality to newborn children is ascribed either via the principle of descent or place of birth. With regard to the naturalization of adults, there is an increasing ethnization of law, which means that the increasing complexities of naturalization criteria are more and more structured along ethnic ideas. Although every nation building process shows some elements of ethnic self-description, it is difficult to use the legal principles of ius sanguinis and ius soli as indicators of ethnic or non-ethnic modes of community building.

Georgia and the EU – maintaining the momentum. EPC Commentary, 1 July 2016

The Association Agreement (AA) between Georgia and the European Union (EU), signed in June 2014, will enter into force on 1 July 2016 after having been ratified by the parliaments of the 28 member states. The AA, with its Deep and Comprehensive Free Trade Area (DCFTA), foresees far-reaching political and economic integration with the EU by significantly deepening political and economic ties. Many provisions of the agreement have already begun to be implemented, and some are even beginning to give tangible results, such as the opening up of European markets to Georgian exports. Yet this benchmark moment was somehow overshadowed by the EU’s failure to extend visa free travel to Georgians, as had been expected, despite acknowledging that Georgia had fulfilled all the criteria that had been set. Whilst this was quickly explained by the EU as being only a temporary setback, based on reasons more related to other countries, such as Turkey and Ukraine, with which similar arrangements were being negotiated, it exposed the fragility of maintaining the necessary momentum in Georgia-EU relations.

Energy Signaling in the Regulation of Gene Expression during Stress

Maintenance of homeostasis is pivotal to all forms of life. In the case of plants, homeostasis is constantly threatened by the inability to escape environmental fluctuations, and therefore sensitive mechanisms must have evolved to allow rapid perception of environmental cues and concomitant modification of growth and developmental patterns for adaptation and survival. Re-establishment of homeostasis in response to environmental perturbations requires reprogramming of metabolism and gene expression to shunt energy sources from growth-related biosynthetic processes to defense, acclimation, and, ultimately, adaptation. Failure to mount an initial 'emergency' response may result in nutrient deprivation and irreversible senescence and cell death. Early signaling events largely determine the capacity of plants to orchestrate a successful adaptive response. Early events, on the other hand, are likely to be shared by different conditions through the generation of similar signals and before more specific responses are elaborated. Recent studies lend credence to this hypothesis, underpinning the importance of a shared energy signal in the transcriptional response to various types of stress. Energy deficiency is associated with most environmental perturbations due to their direct or indirect deleterious impact on photosynthesis and/or respiration. Several systems are known to have evolved for monitoring the available resources and triggering metabolic, growth, and developmental decisions accordingly. In doing so, energy-sensing systems regulate gene expression at multiple levels to allow flexibility in the diversity and the kinetics of the stress response.

Leishmaniose em Lobo Ibérico

Quando falamos de vida selvagem em Portugal, pensamos logo no Lobo Ibérico (Canis lupus signatus), que ao longo das últimas décadas tem vindo a sofrer um notório declínio populacional, apenas contrariado pelas medidas protecionistas entretanto implementadas. A diminuição do número de lobos em Portugal resulta principalmente da perseguição direta a que foram sujeitos e da destruição do seu habitat natural. Outra causa de redução/extinção de pequenas populações locais e fragmentadas de grandes carnívoros em outras partes no mundo tem sido as doenças infeciosas. Sendo monitorização da presença de patologias em animais silvestres fundamental no controle das zoonoses emergentes e na conservação das espécies. Neste contexto pretendeu-se elaborar um estudo de determinação da ocorrência de Leishmaniose, no Lobo Ibérico. Assim, recolheram-se aleatoriamente 42 amostras de sangue a lobos residentes no Parque Nacional Peneda-Gerês que, posteriormente foram testadas recorrendo-se ao método de ELISA. Através desta técnica, detetou-se que das 42 amostras testadas apenas uma amostra (2,4%) possuía anticorpos anti-leishmania. Um dos motivos para a obtenção de resultados pouco significativos poderá dever-se ao reduzido leque amostral. Concluímos, então, que são necessários estudos adicionais para avaliar a importância do Lobo Ibérico na transmissão e propagação da Leishmaniose.

GFP-targeting allows visualization of the apicoplast throughout the life cycle of live malaria parasites.

BACKGROUND INFORMATION The Plasmodium parasite, during its life cycle, undergoes three phases of asexual reproduction, these being repeated rounds of erythrocytic schizogony, sporogony within oocysts on the mosquito midgut wall and exo-erythrocytic schizogony within the hepatocyte. During each phase of asexual reproduction, the parasite must ensure that every new daughter cell contains an apicoplast, as this organelle cannot be formed de novo and is essential for parasite survival. To date, studies visualizing the apicoplast in live Plasmodium parasites have been restricted to the blood stages of Plasmodium falciparum. RESULTS In the present study, we have generated Plasmodium berghei parasites in which GFP (green fluorescent protein) is targeted to the apicoplast using the specific targeting sequence of ACP (acyl carrier protein), which has allowed us to visualize this organelle in live Plasmodium parasites. During each phase of asexual reproduction, the apicoplast becomes highly branched, but remains as a single organelle until the completion of nuclear division, whereupon it divides and is rapidly segregated into newly forming daughter cells. We have shown that the antimicrobial agents azithromycin, clindamycin and doxycycline block development of the apicoplast during exo-erythrocytic schizogony in vitro, leading to impaired parasite maturation. CONCLUSIONS Using a range of powerful live microscopy techniques, we show for the first time the development of a Plasmodium organelle through the entire life cycle of the parasite. Evidence is provided that interference with the development of the Plasmodium apicoplast results in the failure to produce red-blood-cell-infective merozoites.

Planktonic foraminifera and microfossil composition of IODP Hole 302-M0004C

Calcareous microfossils are widely used by paleoceanographers to investigate past sea-surface hydrology. Among these microfossils, planktonic foraminifera are probably the most extensively used tool (e.g. [1] for a review), as they are easy to extract from the sediment and can also be used for coupled geochemical (e.g; d18O, d13C, Mg/Ca) and paleo-ecological investigations. Planktonic foraminifera are marine protists, which build a calcareous shell made of several chambers which reflect in their chemistry the properties of the ambient water-masses. Planktonic foraminifera are known to thrive in various habitats, distributed not only along a latitudinal gradient, but also along different water-depth intervals within surface waters (0-1000 m). Regarding their biogeographical distribution, planktonic foraminifera assemblages therefore mirror different water-masses properties, such as temperature, salinity and nutrient content of the surface water in which they live. The investigation of the specific composition of a fossil assemblage (relative abundances) is therefore a way to empirically obtain (paleo)information on past variations of sea-surface hydrological parameters. This paper focuses on the planktonic foraminifera record from the Arctic domain. This polar region records peculiar sea-surface conditions, with the influence of nearly perennial sea-ice cover development. This has strong impact on living foraminifera populations and on the preservation of their shells in the underlying sediments.

Dysfunction of respiratory muscles in critically ill patients on the intensive care unit.

Muscular weakness and muscle wasting may often be observed in critically ill patients on intensive care units (ICUs) and may present as failure to wean from mechanical ventilation. Importantly, mounting data demonstrate that mechanical ventilation itself may induce progressive dysfunction of the main respiratory muscle, i.e. the diaphragm. The respective condition was termed 'ventilator-induced diaphragmatic dysfunction' (VIDD) and should be distinguished from peripheral muscular weakness as observed in 'ICU-acquired weakness (ICU-AW)'. Interestingly, VIDD and ICU-AW may often be observed in critically ill patients with, e.g. severe sepsis or septic shock, and recent data demonstrate that the pathophysiology of these conditions may overlap. VIDD may mainly be characterized on a histopathological level as disuse muscular atrophy, and data demonstrate increased proteolysis and decreased protein synthesis as important underlying pathomechanisms. However, atrophy alone does not explain the observed loss of muscular force. When, e.g. isolated muscle strips are examined and force is normalized for cross-sectional fibre area, the loss is disproportionally larger than would be expected by atrophy alone. Nevertheless, although the exact molecular pathways for the induction of proteolytic systems remain incompletely understood, data now suggest that VIDD may also be triggered by mechanisms including decreased diaphragmatic blood flow or increased oxidative stress. Here we provide a concise review on the available literature on respiratory muscle weakness and VIDD in the critically ill. Potential underlying pathomechanisms will be discussed before the background of current diagnostic options. Furthermore, we will elucidate and speculate on potential novel future therapeutic avenues.

Episodios históricos contemporáneos de Bolivia,

The author's account of the Bolivian government's failure to pay wages due him for services performed under contract.

Stopping for school buses.

National Highway Traffic Safety Administration, Washington, D.C.

Safety and mobility issues in licensing and education of older drivers.

National Highway Traffic Safety Administration, Washington, D.C.