Designing a Genuine EMU: Which "Unions" for EU and Eurozone? Bruges European Economic Policy (BEEP) Briefing 34/2014

The initial ‘framing’ (in the summer of 2012) of the ‘genuine EMU’ for the wider public suggested to design an entire series of ‘unions’. So many ‘unions’ are neither necessary nor desirable – only some are and their design matters. The paper critically discusses first the negative fall-out of the crisis for EMU, and subsequently assesses the fiscal and the banking unions as accomplished so far, without going into highly specific technical details. The assessment is moderately positive, although there is ample scope for further improvement and a risk for short-term turbulence once the ECB has finished its tests and reviews. What about the parade of other ’unions’ such as economic union, social union and political union? The macro-economic imbalances procedure (MIP) and possibly the ESRB have overcome the pre-crisis disregard of macro competitiveness. The three components of ‘economic union’ (single market, economic policy coordination and budgetary disciplines) have all been strengthened. The last two ‘unions’, on the other hand, would imply a fundamental change in the conferral of powers to the EU/ Eurozone, with drastic and possibly very serious long-run implications, including a break-up of the Union, if such proposals would be pushed through. The cure is worse than the disease. Whereas social union is perhaps easier to dismiss as a ‘misfit’ in the EU, the recent popularity of suggesting a ‘political union’ is seen as worrisome. Probably, nobody knows what a ‘political union’ is, or, at best, it is a highly elastic notion: it might be thought necessary for reasons of domestic economic reforms in EU countries, for a larger common budget, for some EU tax power, for (greater) risk pooling, for ‘symmetric’ macro-economic adjustment and for some ultimate control of the ECB in times of crisis. Taking each one of these arguments separately, a range of more typical EU solutions might be found without suggesting a ‘political union’. Just as ‘fiscal capacity’ was long an all-or-nothing taboo for shifting bank resolution to the EU level, now solved with a modest common Fund and carefully confined but centralised powers, the author suggests that other carefully targeted responses can be designed for the various aspects where seen as indispensable, including the political say of a lender-of-last-resort function of the ECB. Hence, neither a social nor a political union worthy of the name ought to be pursued. Yet, political legitimacy matters, both with national parliaments and the grassroots. National parliaments will have to play a larger role.

Central Bank Independence & Coordinated Wage Bargaining: Their Interaction in Germany & Europe. CES Germany & Europe Working Papers, No. 04.4, 1994

This paper explores the fashionable proposition that with a more independent central bank, a country can secure lower levels of inflation without higher unemployment. Hall shows that the operation of the central bank depends on the character of wage bargaining. He illustrates this point with some cross-national data and an analysis of how coordinated wage bargaining is secured in Germany. He concludes by exploring the implications of this analysis for European Monetary Union.

National Role Conceptions and Foreign Policies: France and Germany Compared. CES Germany & Europe Working Papers, No. 02.4, 2002

In spite of domestic and international political changes, French and German foreign policies have displayed high degrees of continuity between the late 1950s and the mid-1990s. Over the same time period, the directions of the two states’ foreign policies have also continued to differ from each other. Why do states similar in many respects often part ways in what they want and do? This article argues that the French and German national role conceptions (NRCs) account for both of these continuities. NRCs are domestically shared understandings regarding the proper role and purpose of one’s own state as a social collectivity in the international arena. As internal reference systems, they affect national interests and foreign policies. This article reestablishes the NRC concept, empirically codes it for France and Germany for the time period under consideration, and demonstrates comparatively how different NRCs lead to varying interests and policies across the major policy areas in security, defense, and armament.

Identification of cyclins A1, E1 and vimentin as downstream targets of heme oxygenase-1 in vascular endothelial growth factor-mediated angiogenesis

Angiogenesis is an essential physiological process and an important factor in disease pathogenesis. However, its exploitation as a clinical target has achieved limited success and novel molecular targets are required. Although heme oxygenase-1 (HO-1) acts downstream of vascular endothelial growth factor (VEGF) to modulate angiogenesis, knowledge of the mechanisms involved remains limited. We set out identify novel HO-1 targets involved in angiogenesis. HO-1 depletion attenuated VEGF-induced human endothelial cell (EC) proliferation and tube formation. The latter response suggested a role for HO-1 in EC migration, and indeed HO-1 siRNA negatively affected directional migration of EC towards VEGF; a phenotype reversed by HO-1 over-expression. EC from Hmox1(-/-) mice behaved similarly. Microarray analysis of HO-1-depleted and control EC exposed to VEGF identified cyclins A1 and E1 as HO-1 targets. Migrating HO-1-deficient EC showed increased p27, reduced cyclin A1 and attenuated cyclin-dependent kinase 2 activity. In vivo, cyclin A1 siRNA inhibited VEGF-driven angiogenesis, a response reversed by Ad-HO-1. Proteomics identified structural protein vimentin as an additional VEGF-HO-1 target. HO-1 depletion inhibited VEGF-induced calpain activity and vimentin cleavage, while vimentin silencing attenuated HO-1-driven proliferation. Thus, vimentin and cyclins A1 and E1 represent VEGF-activated HO-1-dependent targets important for VEGF-driven angiogenesis.

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.

Miscellaneous national parks bills : hearing before the Subcommittee on National Parks of the Committee on Energy and Natural Resources, United States Senate, One Hundred Seventh Congress, first session, on S. 423, S. 941, S. 1057, S. 1105, H.R. 640, July 26, 2001.

"Printed for the use of the Committee on Energy and Natural Resources."

Standardization, certification, maintenance, and dissemination of large scale engineering software systems : a panel discussion held as a part of the Second National Symposium on Computerized Structural Analysis and Design /

Includes bibliographical references

Records scheduling and disposition in the National Mediation Board : a NARA evaluation.

"July 1995."

Money laundering and foreign corruption : enforcement and effectiveness of the PATRIOT Act : hearing before the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs, United States Senate, One Hundred Eighth Congress, second session, July 15, 2004.

Shipping list no.: 2005-0044-P.

Agricultural and Food Policy : issues and alternatives for the 1990s /

Includes bibliographical references.

Journals of the Continental Congress, 1774-1789.

Mode of access: Internet.

Cape Krusenstern National Monument, Alaska : draft general management plan and environmental assessment, land protection plan, wilderness suitability review.

"March 1985."

Hick's Neck : the story of Baldwin, Long Island /

Bibliography: p. 60-61.

National estuarine inventory : land use and the Nation's estuaries /

Mode of access: Internet.