The Financial Crisis and the Future of the Eurozone. Bruges European Economic Policy (BEEP) Briefing 21/2010

The government debt crisis, erupted in the Eurozone in 2009, nearly led to the collapse of European monetary union. Now that this has been averted, the question is what should be done to make the Eurozone sustainable in the long run. The survival of the Eurozone hinges on the capacity of its leaders to improve the eurozone's governance. With the exception of Greece, the root cause of the government debt crisis has little to do with the poor performance of the SGP, rather, with unsustainable debt accumulation by private actors. Also, the method of convergence implicit in the SGP has not worked well – macroeconomic divergences have stubbornly remained for nearly a decade and several countries experienced boom and bust dynamics. Although strong declines in real interest rates may explain part of the story (but e.g. Italy did not experience boom & bust), self-fulfilling waves of optimism and pessimism which might be called 'animal spirits' and are of mainly national origin, seem a good candidate for explanation. These national animal spirits endogenously trigger credit expansion and contraction. It follows that (national) movements of credit ought to be under much firmer control and this is up to the monetary authorities, including the ECB. Critical recommendations for better governance of the Eurozone should therefore combine credible measures to maintain fiscal discipline over the medium term with such instruments as minimum reserve requirements to control the growth of bank credit as well as minimum reserve requirements in different national banking systems. Finally, the idea of adding more sanctions to the SGP may be ill-conceived since, in future, it might pre-empt national governments to come to the rescue of banks (under credible threats of contagion) and/or prevent a downward spiral in economic activity.

Coral communities exposed to differential large amplitude internal waves cooling and a severe heat stress in 2010 in the Andaman Sea

Tropical scleractinian corals are particularly vulnerable to global warming as elevated sea surface temperatures (SST) disrupt the delicate balance between the coral host and their algal endosymbionts, leading to symbiont expulsion, mass bleaching and mortality. While satellite sensing of SST has proven a good predictor of coral bleaching at the regional scale, there are large deviations in bleaching severity and mortality on the local scale, which are only poorly understood. Here, we show that internal waves play a major role in explaining local coral bleaching and mortality patterns in the Andaman Sea. In spite of a severe region-wide SST anomaly in May 2010, frequent upslope intrusions of cold sub-pycnocline waters due to breaking large amplitude internal waves (LAIW) alleviated heating and mitigated coral bleaching and mortality in shallow LAIW-exposed waters. In LAIW-sheltered waters, by contrast, bleaching susceptible species suffered severe bleaching and total mortality. These findings suggest that LAIW, which are ubiquitous in tropical stratified waters, benefit coral reefs during thermal stress and provide local refugia for bleaching susceptible corals. The swash zones of LAIW may thus be important, so far overlooked, conservation areas for the maintainance of coral diversity in a warming climate. The consideration of LAIW can significantly improve coral bleaching predictions and can provide a valuable tool for coral reef conservation and management.

Demineralization of carbon-treated secondary effluent by spiral-wound reverse osmosis process /

Mode of access: Internet.

San Diego region historic wave and sea level data report : Coast of California Storm and Tidal Waves Study /

Mode of access: Internet.

Sedimentation in submarine canyons in San Diego County, California, 1984-1987 : Coast of California storm and tidal waves study /

Mode of access: Internet.

San Diego region wind transport and wave overwash report : Coast of California Storm and Tidal Waves Study /

Mode of access: Internet.

1982-1983 shoreline position study : Coast of California storm and tidal waves study /

Mode of access: Internet.

Shoreline movement investigations report : Portuguese Point to the Mexican border (1852-1982) : Coast of California storm and tidal waves study /

Mode of access: Internet.

State of the Coast Report, San Diego Region : Coast of California Storm and Tidal Waves Study, Volume II-Appendices-Final.

Final report.

Interaction of waves and currents /

This report presents an overview of wave-current interacion, including comprehensive review of references to significant U.S. and foreign literature available through December 1981. Specific topics under review are the effects of horizontally and vertically varying currents on waves, wave refraction by currents, dissipation and turbulence, small- and medium-scale currents, caustics and focusing, and wave breaking. The results of the review are then examined for engineering applications. The most appropriate general-purpose computer program to include wave-current interaction is the Dutch Rijkswaterstaat program CREDIZ, which is based on a parabolic wave equation. Further applications include wave and current forces on structures and possibly sediment transport. The report concludes with a brief state-of-the-art review of wave-current interaction and a list of topics needing further research and development.

The development and utilization of automated and semi-automated microbial mutagenicity assays : cooperative research and development agreement with Spiral Biotech, Incorporated.

Mode of access: Internet.