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This study analyses potential consequences of exiting the Targeted Long-Term Refinancing Operations (TLTRO) of the European Central Bank (ECB). Thanks to its asset purchase programs, the Eurosystem still holds plenty of reserves even with a full exit from the TLTROs. This explains why voluntary and mandatory repayments of TLTRO III borrowing went smoothly. Nevertheless, the more liquidity is drained from the banking system, the more important becomes interbank market borrowing and lending, ideally between euro area member states. Right now, the usual fault lines of the euro area show up. The German banking system has plenty of reserves while there are first signs of aggregate scarcity in the Italian banking system. This does not need to be a source of concern if the interbank market can be sufficiently reactivated. Moreover, the ECB has several tools to address possible future liquidity shortages.
This document was provided/prepared by the Economic Governance and EMU scrutiny Unit at the request of the ECON Committee.
Almost ten years after the European Commission action plan on building a capital markets union (CMU) and despite incremental progress, e.g. in the form of the EU Listing Act, the picture looks dire. Stock exchanges, securities markets, and supervisory authorities remain largely national, and, in many cases, European companies have decided to exclusively list overseas. Notwithstanding the economic and financial benefits of market integration, CMU has become a geopolitical necessity. A unified capital market can bolster resilience, strategic autonomy, and economic sovereignty, reduce dependence on external funding, and may foster economic cooperation between member states.
The reason for the persistent stand-still in Europe’s CMU development is not so much the conflict between market- and state-based integration, but rather the hesitancy of national regulatory and supervisory bodies to relinquish powers. If EU member states wanted to get real about CMU (as they say, and as they should), they need to openly accept the loss of sovereignty that follows from a true unified capital market. Building on economic as well as historical evidence, the paper offers viable proposals on how to design competent institutions within the current European framework.
This note outlines the case for speedy capital market integration and for the adoption of a common regulatory framework and single supervisory authority from a political economy perspective. We also show the alternative case for harmonization and centralization via regulatory competition, elaborating how competition between EU jurisdictions by way of full mutual recognition may lead to a (cost-)efficient and standardized legal framework for capital markets. Lastly, the note addresses the political economy conflict that underpins the implementation of both models for integrating capital markets. We point out that, in both cases, national authorities experience a loss of legislative and jurisdictional competence at the national level. We predict that any plan to foster a stronger capital market union, following an institution based or a market-based strategy, will face opposition from powerful national stakeholders.
The exclusively New World velvet ant genus Timulla Ashmead, 1899 (Hymenoptera: Mutillidae: Mutillinae: Trogaspidiini) contains 180 species and ten subspecies. Most of these species are known from a single sex, and the validity of the subspecies has not been evaluated since their original description in 1937 and 1938. The Timulla fauna of the United States of America includes thirty species and eight subspecies, and the fauna of Canada includes three species. The faunas of these two countries were critically studied with the following results. Out of the eight total subspecies, seven were found to be structurally identical to and sympatric with the nominate subspecies. The subspecific differences were limited to cuticle and/or setal coloration in males and intergrades between them were found in several cases. With the senior synonym listed first, seven subspecies-level synonymies are proposed, which include: Timulla barbigera (Bradley, 1916) = T. barbigera rohweri Mickel, 1937, new synonym; T. dubitata (Smith, 1855) = T. dubitata fugitiva Mickel, 1937, new synonym; T. hollensis (Melander, 1903) = T. hollensis melanderi Mickel, 1937, new synonym; T. ocellaria Mickel, 1937 = T. ocellaria rufidorsa Mickel, 1937, new synonym; T. suspensa (Gerstaecker, 1874) = T. suspensa jonesi Mickel, 1937, new synonym, = T. suspensa sonora Mickel, 1937, new synonym; T. vagans (Fabricius, 1798) = T. vagans rufinota Mickel, 1937, new synonym. The final remaining subspecies, Timulla navasota coahuila Krombein, 1951, is raised to a full species, Timulla coahuila Krombein, 1951, new status, based on its unique female morphology. Also, four new sex associations are proposed, which include: Timulla barbata (Fox, 1899) = T. wileyae Mickel, 1937, new synonym; T. euterpe (Blake, 1879) = T. compressicornis Mickel, 1937, new synonym; T. neobule Mickel, 1937 = T. nicholi Mickel, 1937, new synonym; T. subhyalina Mickel, 1937 = T. dubitatiformis Mickel, 1937, new synonym. The former species, T. dubitatiformis, which was previously known only from females, is here recognized as being a morphologically-conservative complex of species; its synonymy with T. subhyalina effectively associates the remaining male-based members of the Timulla ocellaria species-group with it as well, which includes Timulla hollensis (Melander, 1903), T. kansana Mickel, 1937, T. ocellaria Mickel, 1937, T. rufosignata (Bradley, 1916), T. sayi (Blake, 1871), T. subhyalina Mickel, 1937, and T. tolerata Mickel, 1937. Further, two species-level synonymies are proposed, which include: Timulla dubitata (Smith, 1855) = T. murcia Mickel, 1938, new synonym; T. vagans (Fabricius, 1798) = T. huntleyensis Mickel, 1937, new synonym. Finally, Timulla cyllene (Cameron, 1894) is newly recorded in the United States of America from the state of Arizona.
ZooBank registration. urn:lsid:zoobank.org:pub:891E0C92-B8BF-4487-84D4-42EB2254AF4A
Corrections and additions to the Hydnocerina (Coleoptera: Cleridae: Clerinae: Hydnocerini) of Mexico
(2024)
Corrections, additions and remarks are made with respect to the recent checklist of the Cleridae (Coleoptera) of Mexico (Araujo-Castillo et al. 2024). Current valid names, synonymies, clarifications of taxonomic problems, and omitted taxa are reviewed. This work is intended to serve as a supplement to the “Hydnocerinae” section of the checklist.
ZooBank registration. urn:lsid:zoobank.org:pub:EF3E45B5-6EA6-41AB-B92F-DB4ABF9D8215
Highlights
• NCoR1 is the most highly expressed endothelial corepressor.
• Loss of NCoR1 promotes angiogenic function in endothelial cells.
• Loss of NCoR1 promotes a tip cell position during angiogenic sprouting.
Abstract
Corepressors negatively regulate gene expression by chromatin compaction. Targeted regulation of gene expression could provide a means to control endothelial cell phenotype. We hypothesize that by targeting corepressor proteins, endothelial angiogenic function can be improved. To study this, the expression and function of nuclear corepressors in human umbilical vein endothelial cells (HUVEC) and in murine organ culture was studied. RNA-seq revealed that nuclear receptor corepressor 1 (NCoR1), silencing mediator of retinoid and thyroid hormone receptors (SMRT) and repressor element-1 silencing transcription factor (REST) are the highest expressed corepressors in HUVECs. Knockout and knockdown strategies demonstrated that the depletion of NCoR1 increased the angiogenic capacity of endothelial cells, whereas depletion of SMRT or REST did not. Interestingly, the effect was VEGF signaling independent. NCoR1 depletion significantly upregulated angiogenesis-associated genes, especially tip cell genes, including ESM1, DLL4 and NOTCH4, as observed by RNA- and ATAC-seq. Confrontation assays comparing cells with and without NCoR1-deficiency revealed that loss of NCoR1 promotes a tip-cell position during spheroid sprouting. Moreover, a proximity ligation assay identified NCoR1 as a direct binding partner of the Notch-signaling-related transcription factor RBPJk. Luciferase assays showed that siRNA-mediated knockdown of NCOR1 promotes RBPJk activity. Furthermore, NCoR1 depletion prompts upregulation of several elements in the Notch signaling cascade. Downregulation of NOTCH4, but not NOTCH1, prevented the positive effect of NCOR1 knockdown on spheroid outgrowth. Collectively, these data indicate that decreasing NCOR1 expression is an attractive approach to promote angiogenic function.
Beyond well-established difficulties with working memory in individuals with attention deficit hyperactivity disorder (ADHD), evidence is emerging that other memory processes may also be affected. We investigated, first, which memory processes show differences in adults and adolescents with ADHD in comparison to control participants, focusing on working and short-term memory, initial learning, interference, delayed and recognition memory. Second, we investigated whether ADHD severity, co-occurring depressive symptoms, IQ and physical fitness are associated with the memory performance in the individuals with ADHD.
We assessed 205 participants with ADHD (mean age 25.8 years, SD 7.99) and 50 control participants (mean age 21.1 years, SD 5.07) on cognitive tasks including the digit span forward (DSF) and backward (DSB), the Rey Auditory Verbal Learning Test (RAVLT), and the vocabulary and matrix reasoning subtests of the Wechsler Abbreviated Scale of Intelligence. Participants with ADHD were additionally assessed on ADHD severity, depression symptoms and cardiorespiratory fitness. A series of regressions were run, with sensitivity analyses performed when variables were skewed.
ADHD-control comparisons were significant for DSF, DSB, delayed and recognition memory, with people with ADHD performing less well than the control participants. The result for recognition memory was no longer significant in sensitivity analysis. Memory performance was not associated with greater ADHD or depression symptoms severity. IQ was positively associated with all memory variables except DSF. Cardiorespiratory fitness was negatively associated with the majority of RAVLT variables.
Individuals with ADHD showed difficulties with working memory, short-term memory and delayed memory, as well as a potential difficulty with recognition memory, despite preserved initial learning.
In recent decades, biodiversity has declined significantly, threatening ecosystem services that are vital to society and the economy. Despite the growing recognition of biodiversity risks, the private sector response remains limited, leaving a significant financing gap. The paper therefore describes market-based solutions to bridge the financing gap, which can follow a risk assessment approach and an impact-oriented perspective. Key obstacles to mobilising private capital for biodiversity conservation are related to pricing biodiversity due to its local dimension, the lack of standardized metrics for valuation and still insufficient data reporting by companies hindering informed investment decisions. Financing biodiversity projects poses another challenge, mainly due to a mismatch between investor needs and available projects, for example in terms of project timeframes and their additionality.
This paper shows that support for climate action is high across survey participants from all EU countries in three dimensions: (1) Participants are willing to contribute personally to combating climate change, (2) they approve of pro-climate social norms, and (3) they demand government action. In addition, there is a significant perception gap where individuals underestimate others' willingness to contribute to climate action by over 10 percentage points, influencing their own willingness to act. Policymakers should recognize the broad support for climate action among European citizens and communicate this effectively to counteract the vocal minority opposed to it.
In a unifying framework generalizing established theories we characterize under which conditions Joint Ownership of assets creates the best cooperation incentives in a partnership. We endogenise renegotiation costs and assume that they weakly increase with additional assets. A salient sufficient condition for optimal cooperation incentives among patient partners is if Joint Ownership is a Strict Coasian Institution for which transaction costs impede an efficient asset reallocation after a breakdown. In contrast to Halonen (2002) the logic behind our results is that Joint Ownership maximizes the value of the relationship and the costs of renegotiating ownership after a broken relationship.
Inflation and trading
(2024)
We study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover, many investors appear unaware of inflation-hedging strategies despite being otherwise well-informed about inflation and asset returns. Consequently, whereas exogenous shifts in inflation expectations do not impact return expectations, information on past returns during periods of high inflation leads to negative updating about the perceived stock-return impact of inflation, which feeds into return expectations and subsequent actual trading behavior.
We educate investors with significant dividend holdings about the benefits of dividend reinvestment and the costs of misperceiving dividends as additional, free income. The intervention increases planned dividend reinvestment in survey responses. Using trading records, we observe a corresponding causal increase in dividend reinvestment in the field of roughly 50 cents for every euro received. This holds relative to their prior behavior and a placebo sample. Investors who learned the most from the intervention update their trading by the largest extent. The results suggest the free dividends fallacy is a significant source of dividend demand. Our study demonstrates that simple, targeted, and focused educational interventions can affect investment behavior.
Coming of voting age. Evidence from a natural experiment on the effects of electoral eligibility
(2024)
In recent years, several jurisdictions have lowered the voting age, with many more discussing it. Sceptics question whether young people are ready to vote, while supporters argue that allowing them to vote would increase their specific engagement with politics. To test the latter argument, we use a series of register-based surveys of over 10,000 German adolescents. Knowing the exact birthdates of our respondents, we estimate the causal effect of eligibility on their information-seeking behaviour in a regression discontinuity design. While eligible and non-eligible respondents do not differ in their fundamental political dispositions, those allowed to vote are more likely to discuss politics with their family and friends and to use a voting advice application. This effect appears to be stronger for voting age 16 than for 18. The right to vote changes behaviour. Therefore, we cannot conclude from the behaviour of ineligible citizens that they are unfit to vote.
Highlights
• Pathways for a circular economy towards the EU goals require policy support that, in turn, requires legitimacy.
• Legitimacy is often contested in the public discourse at all phases in the technological innovation system.
• Legitimacy remains poorly understood for ‘in-between’ technologies that struggle to move from the formative to the growth stage.
• The article explores legitimacy for chemical recycling primarily based on evidence from the UK, Germany, and Italy.
Abstract
The European Commission aims to increase the recycling of plastic packaging to 60% by 2025, requiring fundamental changes towards a more circular economy. Pathways for this transition require policy support that largely depends on their legitimacy in the public discourse. These normative aspects remain poorly understood for ‘in-between’ technologies, i.e., technologies that are no longer novel but struggle to move to the growth phase within the technological innovation system. Therefore, we ask: How do discourses shape technology legitimacy for in-between technologies? Drawing on the empirical example of chemical recycling, the analysis renders two principal findings. First, legitimising and delegitimising storylines present contesting views on in-between technologies regarding their technological aspects, environmental and social impacts, and economic and policy implications. Second, how discourses contribute to technology legitimacy depends on the actors and interests that drive the prevalent storylines in particular contexts.
Highlights
• Germany plans more long-distances water transfers to secure drinking water supply.
• Long-distance water transfers can unfold lock-ins that limit adaptive water governance.
• Our interdisciplinary case study shows how lock-ins emerge over different spaces and times.
• Commercialisation of water but also local protests contributed to various lock-ins.
• We therefore call for context-specific assessments of potentials and risks of LDWT.
Abstract
Germany plans to expand water transfers over long distances in the light of numerous and pressing challenges for drinking water supply. Research on inter- and intrabasin water transfers warns, however, that major investments in large-scale infrastructure systems accompanied by institutional logics and political interests often lead to a so-called lock-in. As a consequence, long-distance water transfers can limit the potential for adaptive water governance in the involved supply areas over decades with negative impacts for people and the environment. By using a case study in Germany as an example, we researched when, where and how such lock-ins around long-distance water transfers emerge. In the infrastructural development of the Elbaue-Ostharz transfer system we found various lock-ins that overlap in space and time. Some are located at the centre others at the margins of the infrastructure and commercialization of the water sector as well as hydraulic and hygienic concerns interlock with local protests in a way that the expansion of the long-distance water transfer infrastructure is presented continuously as imperative. Our findings contribute to a relational understanding of lock-ins of long-distance water transfers as contingent and diverse processes. Given the widespread occurrence of lock-ins, we argue for a context-specific assessment of potentials and risks of long-distance water transfers in times of multiple crises.