European Central Bank quantitative easing: the detailed manual. Bruegel Policy Contribution Issue 2015/02, March 2015

• The European quantitative easing programme, the Public Sector Purchase Programme (PSPP), started on 9 March 2015 and will last at least until September 2016. Purchases will be composed of sovereign bonds and securities from European institutions and national agencies. • The European Central Bank Governing Council imposed limits to ensure that the Eurosystem will not breach the prohibition on monetary financing. However, these limits will constrain the size and duration of the programme, especially if it is sustained after September 2016. The possibility for national central banks to also buy national agency securities could alleviate this, but the small number of eligible agencies could limit their role as a back-up purchase. • The Eurosystem should find other eligible agencies, especially in countries in which public debt is small, or waive the limits for countries respecting the investment grade eligibility criteria. The same issue arises with European institutions: their number and outstanding debt securities are limited. The waiver of the limits proposed for sovereigns should be applied to institutions with high ratings. • The PSPP profits that will ultimately be repatriated to national treasuries will be small. This was to be expected, given current very low yields. Profits will also come from the major increase in reserves resulting from the implementation of QE, combined with the negative deposit rates on excess reserves at the ECB.

The Monetary Policy of the European Central Bank (2002-2015). CEPS Special Report No. 109/May 2015

This paper examines the policies pursued by the European Central Bank (ECB) since the inception of the euro. The ECB was originally set up to pursue price stability, with an eye also to economic growth and financial stability as subsidiary goals, once the primary goal was secured. The application of a single monetary policy to a diverse economic area has entailed a pronounced pro-cyclicality in its real economic effects on the eurozone periphery. Later, monetary policy became the main policy instrument to tackle financial instability elicited by the failure of Lehman Brothers and the sovereign debt crisis in the eurozone. In the process, the ECB emerged as the lender of last resort in the sovereign debt markets of participating countries. Persistent economic depression and deflation eventually brought the ECB into the uncharted waters of unconventional policies. That the ECB could legally perform all of these tasks bears witness to the flexibility of the TFEU and its Statute, but its tools and operating procedures were stretched to their limit. In the end, the place of the ECB amongst EU policy-making institutions has been greatly enhanced, but has entailed repeated intrusions into the broader domain of economic policies – not least because of its market intervention policies – whose consequences have yet to be ascertained.

The Monetary Policy of the European Central Bank (2002-2015). Bruges European Economic Policy Briefings (BEEP) 35/2015.

This paper examines the policies pursued by the European Central Bank (ECB) since the inception of the euro. The ECB was originally set up to pursue price stability, with an eye also to economic growth and financial stability as subsidiary goals, once the primary goal was secured. The application of a single monetary policy to a diverse economic area has entailed a pronounced pro-cyclicality in its real economic effects on the eurozone periphery. Later, monetary policy became the main policy instrument to tackle financial instability elicited by the failure of Lehman Brothers and the sovereign debt crisis in the eurozone. In the process, the ECB emerged as the lender of last resort in the sovereign debt markets of participating countries. Persistent economic depression and deflation eventually brought the ECB into the uncharted waters of unconventional policies. That the ECB could legally perform all of these tasks bears witness to the flexibility of the TFEU and its Statute, but its tools and operating procedures were stretched to their limit. In the end, the place of the ECB amongst EU policy-making institutions has been greatly enhanced, but has entailed repeated intrusions into the broader domain of economic policies – not least because of its market intervention policies – whose consequences have yet to be ascertained.

Central elements of the elliptic Zn monodromy matrix algebra at roots of unity

The central elements of the algebra of monodromy matrices associated with the Z(n) R-matrix are studied. When the crossing parameter w takes a special rational value w = n/N, where N and n are positive coprime integers, the center is substantially larger than that in the generic case for which the quantum determinant provides the center. In the trigonometric limit, the situation corresponds to the quantum group at roots of unity. This is a higher rank generalization of the recent results by Belavin and Jimbo. (c) 2004 Elsevier B.V. All rights reserved.

Social change in Central and Eastern Europe: General trends and national patterns

The paper addresses five issue areas. First it describes the plurality of trajectories in central and eastern European transformations, offering a broad typology. Then it addresses the drift between acceptance of democracy and the market, owing to growing inequalities. Third, problems of poverty and exclusion are addressed. Fourth, it is addressed if any known model of redistribution emerged in the post-transition economies. Fifth, consequences of the populist turn in European policies are being analyzed. Influences of the EU practices will be dealt with and some preliminary conclusions drawn. These suggest a strong intertwining between social and economic performance that limit theoretically conceivable – neoliberal, social democratic, postmodern or conservative - policy choices.

The combined impact of urban heat island, thermal bridge effect of buildings and future climate change on the potential overwintering of Phlebotomus species in a Central European metropolis

Leishmaniasis is one of the most important emerging vector-borne diseases in Western Eurasia. Although winter minimum temperatures limit the present geographical distribution of the vector Phlebotomus species, the heat island effect of the cities and the anthropogenic heat emission together may provide the appropriate environment for the overwintering of sand flies. We studied the climate tempering effect of thermal bridges and the heat island effect in Budapest, Hungary. Thermal imaging was used to measure the heat surplus of heat bridges. The winter heat island effect of the city was evaluated by numerical analysis of the measurements of the Aqua sensor of satellite Terra. We found that the surface temperature of thermal bridges can be at least 3-7 °C higher than the surrounding environment. The heat emission of thermal bridges and the urban heat island effect together can cause at least 10 °C higher minimum ambient temperature in winter nights than the minimum temperature of the peri-urban areas. This milder micro-climate of the built environment can enable the potential overwintering of some important European Phlebotomus species. The anthropogenic heat emission of big cities may explain the observed isolated northward populations of Phlebotomus ariasi in Paris and Phlebotomus neglectus in the agglomeration of Budapest.

QUADRUPOLE CENTRAL TRANSITION NMR SPECTROSCOPY OF QUADRUPOLAR NUCLEI IN SOLUTION

This thesis reports on 17O (I = 5/2) and 59Co (I = 7/2) quadrupole central transition (QCT) NMR studies of three classes of biologically important molecules: glucose, nicotinamide and Vitamin B12 derivatives. Extensive QCT NMR experiments were performed over a wide range of molecular motion by changing solvent viscosity and temperature. 17O-labels were introduced at the 5- and 6-positions respectively: D-[5-17O]-glucose and D-[6-17O]-glucose following the literature method. QCT NMR greatly increased the molecular size limit obtained by ordinary solution NMR. It requires much lower temperatures to get the optimal spectral resolution, which are preferable for biological molecules. In addition, quadrupolar product parameter (PQ) and shielding anisotropy product parameter (PSA) were obtained for hydroxide group and amide group for the first time. For conventional NMR studies of quadrupolar nuclei, only PQ is accessible while QCT NMR obtained both PQ and PSA simultaneously. Our experiments also suggest the resolution of QCT NMR can be even better than that obtained by conventional NMR. We observed for the first time that the second-order quadrupolar interaction becomes a dominant relaxation mechanism under ultraslow motion. All these observations suggest that QCT NMR can become a standard technique for studying quadrupolar nuclei in solution.

Broad-scale patterns of sex ratios in Patella spp.: a comparison of range edge and central range populations in the British Isles and Portugal

Sex change, or sequential hermaphroditism, occurs in the plant and animal kingdoms and often determines a predominance of the first sex. Our aim was to explore changes in sex ratios within the range of the species studied: Patella vulgata and Patella depressa. The broad-scale survey of sex with size of limpets covered a range of latitudes from Zambujeira do Mar (southern Portugal) to the English Channel. Indirect evidence was found for the occurrence of protandry in P. vulgata populations from the south of England, with females predominating in larger size-classes; cumulative frequency distributions of males and females were different; sex ratios were biased towards males and smallest sizes of males were smaller than the smallest sizes of females. In contrast in Portugal females were found in most size-classes of P. vulgata. In P. depressa populations from the south coast of England and Portugal females were interspersed across most size-classes; size distributions of males and females and size at first maturity of males and females did not differ. P. depressa did, however, show some indications of the possibility of slight protandry occurring in Portugal. The test of sex ratio variation with latitude indicated that P. vulgata sex ratios might be involved in determining the species range limit, particularly at the equatorward limit since the likelihood of being male decreased from the south coast of England to southern Portugal. Thus at the southern range limit, sperm could be in short supply due to scarcity of males contributing to an Allee effect.

Broad-scale patterns of sex ratios in Patella spp.: a comparison of range edge and central range populations in the British Isles and Portugal

Sex change, or sequential hermaphroditism, occurs in the plant and animal kingdoms and often determines a predominance of the first sex. Our aim was to explore changes in sex ratios within the range of the species studied: Patella vulgata and Patella depressa. The broad-scale survey of sex with size of limpets covered a range of latitudes from Zambujeira do Mar (southern Portugal) to the English Channel. Indirect evidence was found for the occurrence of protandry in P. vulgata populations from the south of England, with females predominating in larger size-classes; cumulative frequency distributions of males and females were different; sex ratios were biased towards males and smallest sizes of males were smaller than the smallest sizes of females. In contrast in Portugal females were found in most size-classes of P. vulgata. In P. depressa populations from the south coast of England and Portugal females were interspersed across most size-classes; size distributions of males and females and size at first maturity of males and females did not differ. P. depressa did, however, show some indications of the possibility of slight protandry occurring in Portugal. The test of sex ratio variation with latitude indicated that P. vulgata sex ratios might be involved in determining the species range limit, particularly at the equatorward limit since the likelihood of being male decreased from the south coast of England to southern Portugal. Thus at the southern range limit, sperm could be in short supply due to scarcity of males contributing to an Allee effect.

Contribuição para o conhecimento da geologia do Grupo das Beiras (CXG) na região do Caramulo-Buçaco, Portugal Central

O presente trabalho ocupa-se do estudo do Complexo Xisto-Grauváquico ante-ordovícico (Grupo das Beiras) na região do Caramulo-Buçaco (centro de Portugal). Em termos geológicos, a área estudada pertence à Zona Centro Ibérica e encontra-se limitada a N pelo granito do Caramulo, a S pela bacia meso-cenozóica de Arganil, a W pelo sinclinal paleozóico do Buçaco e pela bacia meso-cenozóica ocidental portuguesa e a E pelo sinclinal paleozóico de Arganil e pelo plutonito granítico de Tábua-Santa Comba Dão; no seio da área estudada encontra-se a bacia meso-cenozóica de Mortágua. Com base nas características litológicas e estruturais distinguem-se no Complexo Xisto Grauváquico 4 grandes conjuntos litológicos concordantes entre si, designados de Unidades I, II, III e IV, que se desenvolvem da base para o topo de N para S. A Unidade I situa-se a N da região. O seu limite inferior é desconhecido, e o superior posiciona-se no último conjunto arenoso com potência decamétrica. É constituída por xistos cinzentos e negros com intercalações de arenitos de espessura não superior a 100 metros e de extensão lateral quilométrica. Apresenta uma espessura mínima de 1000 m. A Unidade II apresenta consideravelmente menor proporção de material arenoso intercalado entre os pelitos comparativamente à unidade inferior. É caracterizada por apresentar um predomínio de material silto-argiloso e escassos níveis arenosos com potência não superior à dezena de metros e escassa continuidade lateral. Cartograficamente esta unidade constitui uma franja alargada de orientação próxima a E-W. Apresenta uma espessura aproximada de 1500 m. A Unidade III é caracterizada pela presença de conjuntos arenosos com extensão lateral quilométrica e espessura de várias dezenas de metros, separados por material silto-argiloso. Os limites inferior e superior estão situados respectivamente abaixo e acima dos principais conjuntos arenosos. Esta unidade apresenta uma espessura máxima estimada na ordem dos 2000 m. A Unidade IV, que é a unidade superior, apresenta um predomínio pelítico, com escassas intercalações de conjuntos arenosos. O seu limite inferior encontra-se no topo do último conjunto arenoso da Unidade III. Apresenta uma espessura mínima de 500 m. As características sedimentológicas das 4 unidades indicam uma sedimentação num ambiente de plataforma externa siliciclástica aberta, com a construção de barras e por vezes sujeita à acção de tempestades, com sucessivos períodos de superficialização e profundização numa bacia de sedimentação bastante subsidente. Em termos estruturais, para além duma deformação pré-ordovícica, que é comprovada pelo forte mergulho e dispersão da orientação dos eixos da 1ª fase varisca e da lineação de intersecção L1, a área estudada foi principalmente afectada pela Orogenia Varisca. A 1ª fase de deformação varisca (F1) gerou dobras com superfícies axiais e xistosidade associada (S1) de direcção WNW-ESE, e forte pendor para NNE. Estas dobras D1 apresentam comprimentos de onda que nunca chegam a ser quilométricos, desenvolvendo-se um grande flanco inverso denunciando a presença de uma antiforma para NNE e uma sinforma para SSW. A 2ª fase de deformação varisca (F2) actuou na parte nordeste da área estudada e é caracterizada por ter gerado dobras de comprimento de onda quilométrico, com planos axiais e xistosidade associada S2 de direcção NW-SE, subverticais ou a pender fortemente para NE. Embora com alguma dispersão, as lineações de intersecção L2 e os eixos das dobras D2 apresentam maioritariamente forte pendor para E. A direcção e tipos de estruturas da F2 sugerem uma correlação com a terceira fase definida em vários pontos da Zona Centro Ibérica e estreitamente relacionada com as intrusões graníticas. Do ponto de vista petrológico, distinguem-se várias rochas sedimentares (pelitos e arenitos) todas elas sujeitas a metamorfismo que não ultrapassa a fácies dos xistos verdes. Dentro das rochas sedimentares mais grosseiras, há a destacar a presença de arenitos vulcânicos cuja composição denuncia, não muito afastados da bacia sedimentar, a presença de aparelhos vulcânicos que estariam em actividade durante a sedimentação. Foram analisadas isotopicamente 27 amostras de metapelitos colhidas em 5 locais diferentes de forma a abranger quase toda a área estudada. Os dados isotópicos de quatro destes locais de amostragem forneceram isócronas Rb-Sr, em rocha total, com valores da ordem dos 400-440 Ma. O granito do Caramulo, datado pela isócrona Rb-Sr em amostras de rocha total, forneceu uma idade de 326±12Ma. As idades modelo Sm-Nd (manto empobrecido) de 5 amostras de metapelitos estão compreendidas entre 1.35 e 1.25 Ga. Este período de tempo pode ser considerado como correspondendo à época de diferenciação mantélica da crusta que deu lugar à maioria das áreas fonte dos metapelitos.

The exploration of potato-associated bacteria in the Central Andean Highlands and their application in integrated crop management systems

Potato is the most important food crop after wheat and rice. A changing climate, coupled with a heightened consumer awareness of how food is produced and legislative changes governing the usage of agrochemicals, means that alternative more integrated and sustainable approaches are needed for crop management practices. Bioprospecting in the Central Andean Highlands resulted in the isolation and in vitro screening of 600 bacterial isolates. The best performing isolates, under in vitro conditions, were field trialled in their home countries. Six of the isolates, Pseudomonas sp. R41805 (Bolivia), Pseudomonas palleroniana R43631 (Peru), Bacillus sp. R47065, R47131, Paenibacillus sp. B3a R49541, and Bacillus simplex M3-4 R49538 (Ecuador), showed significant increase in the yield of potato. Using – omic technologies (i.e. volatilomic, transcriptomic, proteomic and metabolomic), the influence of microbial isolates on plant defence responses was determined. Volatile organic compounds of bacterial isolates were identified using GC/MS. RT-qPCR analysis revealed the significant expression of Ethylene Response Factor 3 (ERF3) and the results of this study suggest that the dual inoculation of potato with Pseudomonas sp. R41805 and Rhizophagus irregularis MUCL 41833 may play a part in the activation of plant defence system via ERF3. The proteomic analysis by 2-DE study has shown that priming by Pseudomonas sp. R41805 can induce the expression of proteins related to photosynthesis and protein folding in in vitro potato plantlets. The metabolomics study has shown that the total glycoalkaloid (TGA) content of greenhouse-grown potato tubers following inoculation with Pseudomonas sp. R41805 did not exceed the acceptable safety limit (200 mg kg-1 FW). As a result of this study, a number of bacteria have been identified with commercial potential that may offer sustainable alternatives in both Andean and European agricultural settings.