The negative rates club. CEPS Commentary, 19 February 2016

For the better part of a decade, central banks have been making only limited headway in curbing powerful global deflationary forces. Since 2008, the US Federal Reserve has maintained zero interest rates, while pursuing multiple waves of unprecedented balance-sheet expansion through large-scale bond purchases. The Bank of England, the Bank of Japan and the European Central Bank have followed suit, each with its own version of so-called quantitative easing (QE). Yet inflation has not picked up appreciably anywhere.

Grenzüberschreitende Zusammenarbeit im Alpenraum: Wechselwirkung zwischen EUSALP und EVTZ? = Transnational cooperation in the Alpine region: interaction between EUSALP and EGTC? EDAP 2/2016

The Treaty of Lisbon (2009) explicitly added - in Article 3 of the Treaty on the European Union (TEU) and Article 174 of the Treaty on the Functioning of the European Union (TFEU) - the principle of territorial cohesion to the already existing principles of social and economic cohesion between the EU Member States. To concretely reach the objective of territorial cohesion, the EU created – on the one hand - the legal instrument of the “European Grouping for Territorial Cooperation” adopted through regulation n. 1082/2006 (EGTC). This allows cross-border cooperation between local and regional authorities. On the other hand, in 2009 a new form of European transnational cooperation has been introduced, the so called Macro Regional Strategy (MRS). This was firstly applied to the Baltic Sea Region in order to give to this cross - border geographical area a coordinated framework in specific policy fields, such as the environment and the infrastructures. Both concepts - EGTC and MRS - are based on the fundamental idea of supporting the territorial and cross - border cooperation between local, regional and national authorities and other stakeholders. Despite this common aspect, the two instruments differ profoundly in terms of form, structure and content. While the MRS is to be considered as a political integrated framework without its own financial resources, the instrument of the EGTC is based on a stable legal basis. To this extent, the alpine region - a large geographic area in the heart of Europe with a longstanding tradition in crossborder cooperation - represents an interesting practical example with regard to the implementation of these two forms of cooperation across borders. In fact, the countries and regions in the Alpine area are unified through the Alps and face, therefore, common challenges: that is why this “region” is ideally suited to be the ground for experiments regarding transnational tools and strategies.

Relatório de estágio de atividade física e desporto realizado no Club Sport Marítimo

O presente relatório, visa relatar todo o trabalho desenvolvido ao longo do estágio curricular, realizado no Club Sport Marítimo, tendo como objetivo a conclusão do Mestrado em Atividade Física e Desporto, ministrado na Universidade da Madeira. A principal atividade abordada ao longo do estágio curricular foi o projeto Marítimo LAB, cujo principal objetivo é a avaliação e a potencialização das capacidades individuais e coletivas dos jovens atletas do futebol de formação do Clube. A avaliação dos atletas baseouse na aplicação das baterias de teste e os momentos de potencialização na aplicação de unidades de treino com o intuito de estimular e aperfeiçoar as capacidades individuais. A amostra foi constituída por 241 atletas, todos do género masculino, com idades compreendidas entre os 10 e os 18 anos de idade. Para uma análise das variáveis da composição corporal e da performance motora, efetuou-se uma comparação dos valores médios dos três momentos de avaliação, com a finalidade de verificar o grau de evolução dos atletas ao longo de uma época competitiva. Para além do projeto Marítimo LAB, o estagiário também foi integrado numa equipa técnica do escalão de iniciados (Sub-15), e esteve presente em todas atividades organizadas e dinamizadas pelo departamento de futebol amador do Clube.

Mineral-magnetic record of Late Quaternary climatic changes in a high Alpine lake

The magnetic properties of a sediment core from a high altitude lake in the Swiss Alps were compared with palynological and geochemical data to link climatic and mineral magnetic variations. According to pollen data, the sediments extend from the present to the Younger Dryas, i.e., they cover more than 10,000 years of environmental change in the Alps. The major change in magnetic properties corresponds to the climatic warming of the early Holocene. High-coercivity magnetic minerals that characterize the Late Glacial period almost disappeared during the Holocene and the concentration of ferrimagnetic minerals increased sharply. The contribution of superparamagnetic grains also decreased in the Holocene sediments. Similar variations in {SP} content and coercivity, of smaller magnitude, are found in the Holocene and are interpreted to represent minor climatic variations. Comparison with the historical record of the last 1000 years confirms this interpretation. The magnetic mineralogy, the superparamagnetic contents, and the {IRM} intensity in the coarse-grained, Late Glacial sediments are similar to those measured in the catchment bedrock. This indicates a detrital origin. The different properties and the higher concentration of magnetic minerals in the Holocene sediments are due to authigenic phases. Magnetic properties provide a high resolution record of climatic change. They are sensitive even to small variations that are not recorded in the pollen or {LOI} data. Magnetic parameters show fine-scale variation and constitute a valuable supplement to conventional climatic indicators.

Historic records of organic compounds from a high Alpine glacier: influences of biomass burning, anthropogenic emissions, and dust transport

Historic records of α-dicarbonyls (glyoxal, methylglyoxal), carboxylic acids (C6–C12 dicarboxylic acids, pinic acid, p-hydroxybenzoic acid, phthalic acid, 4-methylphthalic acid), and ions (oxalate, formate, calcium) were determined with annual resolution in an ice core from Grenzgletscher in the southern Swiss Alps, covering the time period from 1942 to 1993. Chemical analysis of the organic compounds was conducted using ultra-high-performance liquid chromatography (UHPLC) coupled to electrospray ionization high-resolution mass spectrometry (ESI-HRMS) for dicarbonyls and long-chain carboxylic acids and ion chromatography for short-chain carboxylates. Long-term records of the carboxylic acids and dicarbonyls, as well as their source apportionment, are reported for western Europe. This is the first study comprising long-term trends of dicarbonyls and long-chain dicarboxylic acids (C6–C12) in Alpine precipitation. Source assignment of the organic species present in the ice core was performed using principal component analysis. Our results suggest biomass burning, anthropogenic emissions, and transport of mineral dust to be the main parameters influencing the concentration of organic compounds. Ice core records of several highly correlated compounds (e.g., p-hydroxybenzoic acid, pinic acid, pimelic, and suberic acids) can be related to the forest fire history in southern Switzerland. P-hydroxybenzoic acid was found to be the best organic fire tracer in the study area, revealing the highest correlation with the burned area from fires. Historical records of methylglyoxal, phthalic acid, and dicarboxylic acids adipic acid, sebacic acid, and dodecanedioic acid are comparable with that of anthropogenic emissions of volatile organic compounds (VOCs). The small organic acids, oxalic acid and formic acid, are both highly correlated with calcium, suggesting their records to be affected by changing mineral dust transport to the drilling site.