Capital Markets Union: a vision for the long term. Bruegel Policy Contribution ISSUE 2015/05 April 2015

Capital Markets Union (CMU) is a welcome initiative. It could augment economic risk sharing, set the right conditions for more dynamic development of risk capital for high-growth firms and improve choices and returns for savers. This offers major potential for benefits in terms of jobs, growth and financial resilience. • CMU cannot be a short-term cyclical instrument to replace subdued bank lending, because financial ecosystems change slowly. Shifting financial intermediation towards capital markets and increasing cross-border integration will require action on multiple fronts, including increasing the transparency, reliability and comparability of information and addressing financial stability concerns. Some quick wins might be available but CMU’s real potential can only be achieved with a long-term structural policy agenda. • To sustain the current momentum, the EU should first commit to a limited number of key reforms, including more integrated accounting enforcement and supervision of audit firms. Second, it should set up autonomous taskforces to prepare proposals on the more complex issues: corporate credit information, financial infrastructure, insolvency, financial investment taxation and the retrospective review of recent capital markets regulation. The aim should be substantial legislative implementation by the end of the current EU parliamentary term.

Prostitution as a Human Right: an Oxymoron. European Policy Briefs No. 36, August 2015

Prostitution is an extremely contentious topic, for political forces as well as civil society. The recent position adopted by Amnesty International in favour of a full decriminalization of this activity is an opportunity to launch a critical debate on this issue, at the global and European levels. Because of its close connections with human trafficking and migration, prostitution is indeed an inherently trans-national phenomenon requiring solutions beyond the strictly national level. This policy brief summarizes the main arguments of the debate and outlines a few alternative propositions.

The Interregional Association Agreement between the European Union and Mercosur: Is the Timing Right? Bruges Political Research Papers 46/2015.

The European Union (EU) and Mercosur talks have been stalled since discussions were resumed in 2000. Recurring protectionist and institutional obstacles have slowed down negotiations. The financial crisis, however, has resulted in low domestic demand in the EU. This has made the interregional association agreement (IAA) with Mercosur more attractive. The loss of the Generalized Scheme of Preference (GSP) status and the lack of a Free Trade Agreement (FTA) with the EU have both disadvantaged Mercosur. A further window of opportunity is opening up in Mercosur. In Brazil, there have been cries for a change in government. In Argentina, presidential elections will take place in October 2015 and will assuredly bring an end to Kirchnerismo. A change in leadership in both countries is expected to make agreement more likely. Protectionist policies are not expected to remain as high if there is change in government. This will provide the EU with an opportunity to advance the negotiations and conclude the IAA.

The Business Models and Economics of Peer-to-Peer lending. ECRI Research Report No 17, May 2016

This paper reviews peer-to-peer (P2P) lending, its development in the UK and other countries, and assesses the business and economic policy issues surrounding this new form of intermediation. P2P platform technology allows direct matching of borrowers’ and lenders’ diversification over a large number of borrowers without the loans having to be held on an intermediary balance sheet. P2P lending has developed rapidly in both the US and the UK, but it still represents a small fraction, less than 1%, of the stock of bank lending. In the UK – but not elsewhere – it is an important source of loans for smaller companies. We argue that P2P lending is fundamentally complementary to, and not competitive with, conventional banking. We therefore expect banks to adapt to the emergence of P2P lending, either by cooperating closely with third-party P2P lending platforms or offering their own proprietary platforms. We also argue that the full development of the sector requires much further work addressing the risks and business and regulatory issues in P2P lending, including risk communication, orderly resolution of platform failure, control of liquidity risks and minimisation of fraud, security and operational risks. This will depend on developing reliable business processes, the promotion to the full extent possible of transparency and standardisation and appropriate regulation that serves the needs of customers.

The 2015 National Elections in Switzerland: Renewed Polarization and Shift to the Right

The 2015 election to the Swiss Parliament marks a return to an already observed trend that was only interrupted in 2011: a shift to the right and an increase in polarization. The vote share of the nationalist-conservative Swiss People's Party (SVP) has now reached a historical height of 29.4% (+2.8). This note discusses why cantons matter in the Swiss national elections, and to what degree elections have become nationalized. Institutionally, the 26 cantons serve as electoral districts. This leads to a highly disproportional electoral system and has magnified the minor vote shifts to a slightly more pronounced shift in seats, with the right now holding a tiny majority of 101 of 200 seats in the first chamber. The two winners, the SVP and the Liberals, also had most campaign funds at their disposal. They were able to guide an extensive nationwide campaign in which they advocated their core issues instead of candidates. Other parties only advertised at the cantonal level.

Electrocardiographic features of disease progression in arrhythmogenic right ventricular cardiomyopathy/dysplasia.

BACKGROUND Arrhythmogenic right ventricular cardiomyopathy/dysplasia (ARVC/D) is considered a progressive cardiomyopathy. However, data on the clinical features of disease progression are limited. The aim of this study was to assess 12-lead surface electrocardiographic (ECG) changes during long-term follow-up, and to compare these findings with echocardiographic data in our large cohort of patients with ARVC/D. METHODS Baseline and follow-up ECGs of 111 patients from three tertiary care centers in Switzerland were systematically analyzed with digital calipers by two blinded observers, and correlated with findings from transthoracic echocardiography. RESULTS The median follow-up was 4 years (IQR 1.9-9.2 years). ECG progression was significant for epsilon waves (baseline 14% vs. follow-up 31%, p = 0.01) and QRS duration (111 ms vs. 114 ms, p = 0.04). Six patients with repolarization abnormalities according to the 2010 Task Force Criteria at baseline did not display these criteria at follow-up, whereas in all patients with epsilon waves at baseline these depolarization abnormalities also remained at follow-up. T wave inversions in inferior leads were common (36% of patients at baseline), and were significantly associated with major repolarization abnormalities (p = 0.02), extensive echocardiographic right ventricular involvement (p = 0.04), T wave inversions in lateral precordial leads (p = 0.05), and definite ARVC/D (p = 0.05). CONCLUSIONS Our data supports the concept that ARVC/D is generally progressive, which can be detected by 12-lead surface ECG. Repolarization abnormalities may disappear during the course of the disease. Furthermore, the presence of T wave inversions in inferior leads is common in ARVC/D.

The emancipation of India. A reply to the article by the Right Hon. Viscount Morley, O.M., on "British democracy and Indian government" in the "Nineteenth century and after" for February, 1911.

Portrait on cover.

Catalogue of the central lending library.

Mode of access: Internet.

BMB Enterprises Inc. right-of-way request for a hydroelectric generating facility, Deep Creek Mountains, environmental assessment (EA).

Mode of access: Internet.

Every woman's right : the right to quality education and economic independence /

"National Chicana Foundation, Inc., Montebello, California."

Top left: Res. of Horace N. Johnson, Sec. 29, Dexter Tp. Mich. Top right: Res. of John Costell, Dexter, Mich. Bottom: St. Joseph's Catholic Church, Dexter, Michigan

Dexter, Mich. residences and church. Publication information: Chicago, Ill. : Everts & Stewart, 1874.

Left: Res. of John Starkweather, Sec. 5, Ypsilanti Tp. Mich. Right: Res. of Edwin Crane, Sec. 25, Pittsfield Tp. Mich. Bottom: Res. of A. Worden, Congress St. Ypsilanti, Michigan

Ypsilanti, Pittsfield Township (Mich.) residences. Publication information: Chicago, Ill. : Everts & Stewart, 1874.

Left: Union School, Ypsilanti, Mich. Right: Res. of J.C. Gillett, Sec.6, Ypsilanti Tp. Mich. Bottom: Res. of J.S. Worden, Congress St., Ypsilanti, Mich.

Ypsilanti, Mich. school and residences. Publication information: Chicago, Ill. : Everts & Stewart, 1874.

Left: Res. of J.S. Henderson, Sec. 5, Pittsfield Tp. Mich. Right: Res. of Randall Ross, Sec. 24, Pittsfield Tp. Mich. Bottom: Res. of Allen N. Crittenden, Sec. 35, Pittsfield Tp. Mich.

Pittsfield Township (Mich.) residences. Publication information: Chicago, Ill. : Everts & Stewart, 1874.