The 2010–2012 euro crisis prompted a wave of institutional reforms in the European Economic and Monetary Union (EMU), and one of the most remarkable changes was the creation of a permanent bailout facility for troubled sovereigns. The birth of the European Stability Mechanism (ESM) in 2012 was preceded by harsh debates, reflecting a conflict between a German view of country-level responsibility and French-Italian calls for more risk sharing. These tensions have remained ever since, which was also highlighted by conflicts regarding the ESMs overhaul at the end of 2019. Concerns of Italy then drew attention to the fact that a wide range of issues prevented the community from finalizing the post-crisis structure of the eurozone. This paper focuses on the evolution of the EMU financial assistance framework up until the latest efforts for its reform. We analyse the impact of related policy announcements on changes in sovereign bond yields of Italy, Spain, Portugal and Ireland (i.e. the most vulnerable countries during the euro crisis). Our findings show that news on bailout arrangements significantly contributed to a contemporaneous moderation of periphery bond yields, especially in the case of shorter maturities. This result hints at the role of common facilities in supporting financial stability. To enhance this feature, a ‘package approach’ (i.e. multiple reforms together, as stressed by Italy) may well need to be considered. Such a broad perspective can help strengthen the euro area once the acute threat of the coronavirus pandemic is averted.
We investigate the relationship between economic growth and real exchange rate (RER) misalignments within the European Union (EU) during the period of 1995–2016. In addition to the relative price level of GDP, we quantify an alternative indicator for the RER: the internal relative price of services to goods. We interpret RER misalignments as deviations from the levels consistent with the levels of economic development among the EU countries. Using pooled OLS and dynamic panel techniques, we find that within the EU over- (under-) valuations are associated with lower (higher) growth. This is mainly due to developments in the countries operating under the fixed exchange rate regimes. Our results indicate that the level of development does not influence the strength of the growth-misalignment relationship within the EU. Regarding the price level of GDP, we find that the positive relationship between undervaluation and growth diminishes with the degree of undervaluation. We find that overvaluation has a statistically significant negative effect on export market shares and private investments, indicating that both the competitiveness and the investment channels play a role in the relationship between growth and RER misalignments. As an extension, we show that the effects of “wage misalignments” from levels consistent with productivity are also negatively related to economic growth. The policy implications of the analysis point to the importance of a growth strategy avoiding overvaluation on the one hand, and to the futility of aiming at excessive undervaluation, on the other.
The euro crisis and its lessons are still not a closed chapter for economists and policy makers. The challenge to find the most appropriate ways to prevent intra-area imbalances is still on the top of the agenda. Nominal adjustment (internal devaluation) remains one of the most critical aspects of this debate. Many are indeed interested in whether austerity measures in several countries “made sense.” But much more is at stake here than evaluating the past. The true question is whether the eurozone can rely on nominal adjustment to align internal economic fluctuations. This paper contributes to the answer by investigating the size of price changes and their impacts on output and trade in the wake of the euro crisis. Selecting the most appropriate variables to measure competitive outcomes, the basic idea of “expansionary contraction” is tested. We rely on a comprehensive panel of all Eurozone member states in the post-crisis years (2010–2017). The results suggest that flexible price levels cannot be taken for granted, and a link to competitiveness is not self-evident, either. Other channels of adjustment may prove to be more important, but scaling them up will ultimately require a sound consensus on the future architecture of the euro.
To join the Eurozone (EZ), a candidate country has to fulfil five nominal Maastricht convergence criteria and ensure compliance of national legislation with the acquis communautaire. With this regard special difficulties pose the fiscal criterion relating to the maximum allowed budget deficit of 3 per cent of GDP. If it is not met, the European Commission launches the Excessive Deficit Procedure. Currently, such formula applies to France, Spain and the United Kingdom. Although the issue is not absolutely certain, one can assume that euro will weather the present difficulties and will come out stronger, though the economically unjustified Euro scepticism of some countries is not helping. It may be expected that in the 2020s the European Monetary Union will be joined by all countries that are still using their national currencies and that the EU will be extended to include new member states, enlarging the euro area further. In this article authors are discussing the issue whether Poland will join the EZ in the coming years, considering the challenges of meeting all Maastricht criteria, on the one hand, and the reluctance of the government to give up the national currency, on the other. A mixed method combining the results of qualitative and quantitative research has been used to empirically verify the research question presented.
Authors:Z.Y. Yang, C.Y. Liu, Y.Y. Du, L. Chen, Y.F. Chen, and Y.G. Hu
Rht18, derived from Triticum durum (tetraploid) wheat, is classified as a gibberellic acid (GA)-responsive dwarfing gene. Prior to this study, the responses of Rht18 to exogenous GA on agronomic traits in hexaploid wheat were still unknown. The response of Rht18 to exogenous GA3 on coleoptile length, plant height, yield components and other agronomic traits were investigated using F4:5 and F5:6 hexaploid dwarf lines with Rht18 derived from two crosses between the tetraploid donor Icaro and tall Chinese winter wheat cultivars, Xifeng 20 and Jinmai 47. Applications of exogenous GA3 significantly increased coleoptile length in both lines and their tall parents. Plant height was significantly increased by 21.3 and 10.7% in the GA3-treated dwarf lines of Xifeng 20 and Jinmai 47, respectively. Compared to the untreated dwarf lines, the partitioning of dry matter to ears at anthesis was significantly decreased while the partitioning of dry matter to stems was significantly increased in the GA3-treated dwarf lines. There were no obvious changes in plant height and dry matter partitioning in the GA3-treated tall parents. Exogenous GA3 significantly decreased grain number spike–1 while it increased 1000-kernel weight in both the dwarf lines and tall parents. Thus, applications of exogenous GA3 restored plant height and other agronomic traits of Rht18 dwarf lines to the levels of the tall parents. This study indicated that Rht18 dwarf mutants are GA-deficient lines with impaired GA biosynthesis.
Authors:A. Gódor-Kacsándi, K. Felszeghy, M. Ranky, P. Luiten, and Csaba Nyakas
Dunstan JA, Simmer K, Dixon G, Prescott SL: Cognitive assessment of children at age 2(1/2) years after maternal fish oil supplementation in pregnancy: a randomised controlled trial. Arch. Dis. Child Fetal Neonatal Ed. 93, F45–F50 (2008
Authors:L. G. Gordeeva, A. A. Khassin, G. K. Chermashentseva, and T. A. Krieger
temperature over 373 K due to hydrolysis [ 20 ]
The adsorption potential of Ca(NO 3 ) 2 solvation, Δ F = 4.5 kJ/mol, is slightly lower than the required value. However, confinement of the salt to matrix pores often shifts the solvation towards
Authors:Adil Mouahid, David Bessieres, Frédéric Plantier, and Gilles Pijaudier-Cabot
Berlier , K , Frere , M 1996 Adsorption of CO 2 on activated carbon: simultaneous determination of integral heat and isotherm of adsorption . J Chem Eng Data 41 : 1144 – 1148 10.1021/je960080f