The price elasticity of the Euro to movements in foreign reserves through European Central Bank intevention

The Euro has been used as the largest weighting element in a basket of currencies for forex arrangements adopted by several Central European countries outside the European Union (EU). The paper uses a new time-series approach to examine the relationship between the Euro exchange rate and the level of foreign reserves. It employs Zero-no-zero (ZNZ) patterned vector error-correction (VECM) modelling to investigate Granger causal relations among foreign reserves, the European Monetary Union money supply and the Euro exchange rate. The findings confirm that foreign reserves may influence movements in the Euro's exchange rate. Further, ZNZ patterned VECM modelling with exogenous variables is used to estimate the amount of foreign reserves currently required in order to again achieve a targetted Euro exchange rate

Interleukin-12 but not interieukin-18 is associated with severe endometriosis

Objective: To evaluate interleukin (IL)-12 and IL-18 levels in the serum and peritoneal fluid of women with and without endometriosis. Design: Cross-sectional survey. Setting: University hospital. Patients: Interleukin-12 and IL-18 levels were compared in 105 patients submitted to laparoscopy because of symptoms suggestive of endometriosis (pain and/or infertility). The disease was confirmed in 72 patients (study group), while in 33 patients findings were not compatible with endometriosis (control group). Intevention(s): Blood sample and peritoneal fluid were obtained from patients during videolaparoscopy. Main Outcome Measure(s): The levels of IL-12 and IL-18 in peripheral blood and peritoneal fluid were determined and compared with the stage and site of the disease and histologic classification. Result(s): IL-12 levels measured in peritoneal fluid were higher inpatients with endometriosis compared with the control group. A significant increase in IL-12 levels was found when the more advanced stages of the disease were compared with the initial stages. No statistically significant differences were found in IL-18 levels, either in serum or in peritoneal fluid samples. Conclusion(s): Patients with severe endometriosis have higher IL-12 levels irrespective of IL-18 levels, suggesting that in this disease an alternative pathway is involved in induction of the Th1 immune response. (Fertil Steril (R) 2009;91:320-4. (C)2009 by American Society for Reproductive Medicine.)

La Guerre civile espagnole : l'influence du Québec sur les politiques du gouvernement fédéral

La politique extérieure canadienne en regard de la Guerre civile espagnole fut adoptée en juillet 1937. Le gouvernement canadien adopta une politique de neutralité analogue à celle pilotée par la Grande-Bretagne à travers le Comité de non-intevention. Il promulgua un embargo sur l’exportation d’armes de toutes sortes sur le territoire espagnol, et ce, aux deux belligérants. De plus, avec la Loi sur l’enrôlement à l’étranger, Ottawa criminalisa l’engagement volontaire sur toutes ses formes, plus particulièrement le Bataillon Mackenzie – Papineau, ramification canadienne des Brigades Internationales. Au Québec, cette guerre fut fortement ressentie. Les élites traditionnelles et le clergé catholique anathématisent le Front Populaire espagnol en l’assimilant au communisme soviétique, et se solidarisent avec leurs coreligionnaires espagnols. Selon Ernest Lapointe, bras droit de Mackenzie King au Québec, Ottawa doit tenir compte du courant conservateur chez les Québécois francophones afin de prévenir une crise domestique pouvant avoir des conséquences sur l’unité nationale. Mais la politique étrangère du Canada à l’égard du gouvernement républicain espagnol n’a que partiellement été influencée par la réaction clérico-nationaliste au Québec. Elle est bien davantage le résultat de l’alignement du Canada sur la politique étrangère britannique.