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This Policy Letter presents a proposal for designing a program of government assistance for firms hurt by the Coronavirus crisis in the European Union (EU). In our recent Policy Letter 81, we introduced a new, equity-type instrument, a cash-against-tax surcharge scheme, bundled across firms and countries in a European Pandemic Equity Fund (EPEF). The present Policy Letter 84 focuses on the principles and conditions relevant for the operationalization of a EPEF. Our proposal has several desirable features. It: a) offers better risk sharing opportunities, augmenting the resilience of businesses and EU economies; b) is need-based, thereby contributing to an effective use of resources; c) builds on conditions and credible controls, addressing adverse selection and moral hazard; d) is accessible to smaller and medium-sized firms, the backbone of Europe’s economy; e) applies Europe-wide uniform eligibility criteria, strengthening support among member states; f) is a scheme of limited duration, reducing (perceived) government interference in businesses; g) creates a template for a growth-oriented public policy, aligning public and private sector interests; and h) builds on the existing institutional infrastructure and requires minimal legislative adjustments.
This policy letter adds to the current discussion on how to design a program of government assistance for firms hurt by the Coronavirus crisis. While not pretending to provide a cure-all proposal, the advocated scheme could help to bring funding to firms, even small firms, quickly, without increasing their leverage and default risk. The plan combines outright cash transfers to firms with a temporary, elevated corporate profit tax at the firm level as a form of conditional payback. The implied equity-like payment structure has positive risk-sharing features for firms, without impinging on ownership structures. The proposal has to be implemented at the pan-European level to strengthen Euro area resilience.
The spreading of the Covid-19 virus causes a reduction in economic activity worldwide and may lead to new risks to financial stability. The authors draw attention to the urgency of the targeted mitigation strategies on the European level and suggest taking coordinated action on the fiscal side to provide liquidity to affected firms in the corporate sector. Otherwise, virus-related cashflow interruptions could lead to a new full-blown banking crisis. Monetary policy measures are unlikely to mitigate cash liquidity shortages at the level of individual firms. Coordinated action at European level is decisive to prevent markets from losing confidence in the resilience of banks, particularly in countries with limited fiscal capacity. In contrast to the euro crisis of 2011, the cause of the current crisis does not lie in the financial markets; therefore, the risk of moral hazard for banks or states is low.
O texto investiga os sentidos do isolamento na lírica de Mascha Kaléko. Interessa à abordagem em particular os significados sociais no tratamento do tema da solidão em algumas composições reunidas no título "Das lyrische Stenogrammheft", de 1933. O trânsito entre vida pública e privada, assim como as articulações daí resultantes, que tensionam os conflitos individuais no contexto da cidade moderna, organizam, aqui, os critérios de aproximação aos poemas. O objetivo é reconhecer na poesia da autora uma possibilidade de relacionar de maneira produtiva o momento presente e o potencial interpretativo implicado na representação da experiência da metrópole, partindo de Berlim, na República de Weimar.
This paper explores how University as social entity has great potential to confront epistemic injustices by expanding epistemic capabilities. To do this, we primarily follow the contributions of scholars such as Miranda Fricker and José Medina. The epistemic capabilities and epistemic injustice nexus will be explored via two empirical cases: the first one is an experience developed in Lagos (Nigeria) using participatory video; the second is a service learning pedagogical strategy for final year undergraduate students conducted at Universidad de Ibagué (in Colombia). The Lagos experience shows how participatory action-research methodologies could promote epistemic capabilities and functioning, making it possible for the participants to generate interpretive materials to speak of their own realities. However, this experience is too limited to address testimonial and hermeneutical injustice. The Colombian experience is a remarkable experience that is building epistemic capabilities among students and other local participants. However, there is a hermeneutical and structural injustice that tends to give more value to disciplinary and codified knowledge at the expense of experiential and tacit knowledge.
Ein kleiner Bestand von Ranunculus parviflorus konnte im Mai 2019 erstmals für Nordrhein-Westfalen in einem lückigen Scherrasen auf dem Friedhof in Zülpich-Juntersdorf/Kreis Euskirchen nachgewiesen werden. Das Vorkommen in Juntersdorf sowie die Merkmale, Verbreitung und Ökologie der mediterran-atlantischen Art werden diskutiert.
Am Ufer der Rurtalsperre (Untersee) konnten im Frühherbst 2018 größere Bestände von Cardamine occulta beobachtet werden. Es handelt sich um den zweiten Nachweis an einem naturnahen Standort in Nordrhein-Westfalen. Die Ökologie und Phänologie der neophytischen Art werden diskutiert. Bisher wurden in Europa außer an Ufern des Bodensees und des Rheins sowie in Reisfeldern in Norditalien nur Vorkommen in stark anthropogen beeinflussten Lebensräumen, wie Gärtnereien, Blumenkübeln und Friedhöfen beobachtet. Es lassen sich zwei Hauptentwicklungsphasen im Spätwinter/Frühjahr und im Spätsommer/Herbst feststellen. Während an anthropogenen Standorten wie Friedhöfen zu beiden Zeiten blühende Pflanzen beobachtet werden können, beschränken sich die Vorkommen an natürlichen/naturnahen Standorten offenbar entweder wie am Bodensee auf das Winter- oder wie in Nordrhein-Westfalen auf das Sommerhalbjahr.