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The case for corona bonds
(2020)
Corona bonds are feasible and important to preserve the European project. We set out a number of principles that might serve as a blueprint for the European institutions. Importantly, Corona bonds could be issued through a new public law entity and include all the safeguards required for the protection of the fundamental values of the EU. This proposal is pragmatic in the sense that it facilitates the choice European leaders have to make now; necessary to secure the resilience of the European Union. The political risks are significantly higher now than in 2010. The gargantuan challenge of tackling the combined impact of climate change, migration, digitalization, geopolitical shifts, and the spread of autocracy, requires leadership and joint action by the Council and the Eurogroup.
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.
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.
Capital in the corona crisis
(2020)
Die Coronakrise und die Eindämmungspolitik der Nationalstaaten hat gravierende wirtschaftliche Folgen. Nicht alle EU-Mitgliedsstaaten sind in gleicher Weise gewappnet und manche werden derzeit heftiger von der Coronakrise getroffen als andere. Eine Möglichkeit, europäische Solidarität zu organisieren, ist die Ausgabe von Gemeinschaftsanleihen, so genannter Corona-Bonds. Dieser Beitrag diskutiert das Für und Wider der Corona-Bonds und ihrer Alternativen: Weder Gemeinschaftsanleihen noch eine Ausweitung des EZB-Engagements sollten das Mittel der Wahl sein. Wir plädieren vielmehr für direkte, auf europäischer Ebene koordinierte Transferzahlungen an bedürftige Mitgliedsstaaten.
The coronavirus has led to a human tragedy, but it need not end up in an economic catastrophe.
In Southern Europe there are signs of a silver lining: the growth rate of the total number of deaths attributed to the coronavirus has been decreasing for weeks in Italy and Spain.
While the effect of the connement measures aim at limiting the spread of the virus is at best uncertain, the economic and social costs of a prolonged lockdown are much less ambiguous and potentially huge. Importantly, these costs can be very unequally distributed.
We argue that it is therefore time to start thinking about how to gradually unlock these countries, and we make some suggestions along this line starting with large-scale testing and continuous re-testing as the most useful pre-condition.
Der Ausnahmezustand
(2020)
Wenn wir die Berechtigung der Maßnahmen im Kampf gegen die Corona-Pandemie unterstellen, dann deshalb, weil wir darauf hoffen, dass sie greifen und etwas bewirken, und zwar in nicht allzu ferner Zukunft. Tun sie es, ist alles gut. Aber was, wenn nicht – und wenn der Zustand, der durch sie eintritt, länger und länger dauert, vielleicht ein Ende auch gar nicht absehbar ist? Dazu drei knappe, aber grundsätzliche Bemerkungen aus der Sicht der Staatstheorie, des Verfassungsrechts und der Rechtsphilosophie.
Human cytomegalovirus (CMV) is a significant cause of morbidity and mortality in patient groups at risk. We have previously shown that the anti-CMV IgG seroprevalence in an urban region of Germany has changed over the last decades. Overall, a decline from 63.7 to 57.25% had been observed between 1988–1997 and 1998–2008 (p < 0,001). Here, we continuously follow the trends to the most recent decade 2009 to 2018. In a retrospective analysis, we determined the seroprevalence of CMV IgG antibodies in our patient cohort, stratified by gender and selected groups at risk (e.g., patients with HIV infection; women of childbearing age). The overall prevalence of anti-CMV IgG non-significantly declined further from 57.25% in 1998–2008 to 56.48% in 2009–2018 (p = 0.881). Looking at gender differences, overall CMV seroprevalence in males declined to 52.82% (from 55.54% in 1998–2008; p = 0.0254), while it non-significantly increased in females to 59.80%. The high seroprevalence in patients with a known HIV infection further increased from 87.46% in 1998–2008 to 92.93% in the current period (p = 0.9999). In women of childbearing age, no significant changes over the last three decades could be observed. The CMV seroprevalence in oncological patients was determined to be 60.64%. Overall, the former significant decline of CMV seroprevalence between the decades 1988–1997 and 1998–2008 in this urban region of Germany slowed down to a non-significant decrease of 0.77% (1998–2008 vs. 2009–2018). This might be an indicator that CMV seroprevalence has reached a plateau.
Sei es ein Stadtteil im Nordend oder ein Park samt dazugehörigem Schlösschen – der Name Holzhausen ist in Frankfurt am Main allgegenwärtig. Die von Holzhausen zählen zu den ältesten Familien Frankfurts. Seit der Mitte des 13. Jahrhunderts prägten ihre Vertreter die Geschicke der Stadt, vor allem im Bereich der Politik, aber auch dem der Kultur. Im frühen 19. Jahrhundert teilte sich die Familie in zwei Linien: Der ältere Zweig verblieb in Frankfurt und starb mit Adolph Freiherr von Holzhausen 1923 aus, die jüngere Linie hingegen ist seit der Mitte des 19. Jahrhunderts in Österreich ansässig. Mit dem Tod Adolph von Holzhausens ging das Erbe des Frankfurter Familienzweigs an die Stadt Frankfurt. Adolph von Holzhausens Vorhaben, schon zu seinen Lebzeiten mit dem Erlös aus dem Verkauf der Grundstücke im Holzhausenviertel den Bau der Universitätsbibliothek zu finanzieren, wurde durch die Hyperinflation vereitelt.
Im nachfolgenden Interview spricht Elena Holzhausen über die heutige Rolle ihrer Familie, deren Bezug zu Frankfurt, die Fortführung der Familientradition und das Mäzenatentum. Elena Holzhausen ist Diözesankonservatorin der Erzdiözese Wien und verheiratet mit Georg Holzhausen. Dessen Bruder, der Dokumentarfilmer Johannes Holzhausen, hatte für die im Jahre 2014 im Historischen Museum Frankfurt gezeigte Ausstellung "Die Holzhausen. Frankfurts älteste Familie" einen Film über das gegenwärtige private Leben der Familie gedreht.
Background: The vascular effects of training under blood flow restriction (BFR) in healthy persons can serve as a model for the exercise mechanism in lower extremity arterial disease (LEAD) patients. Both mechanisms are, inter alia, characterized by lower blood flow in the lower limbs. We aimed to describe and compare the underlying mechanism of exercise-induced effects of disease- and external application-BFR methods. Methods: We completed a narrative focus review after systematic literature research. We included only studies on healthy participants or those with LEAD. Both male and female adults were considered eligible. The target intervention was exercise with a reduced blood flow due to disease or external application. Results: We identified 416 publications. After the application of inclusion and exclusion criteria, 39 manuscripts were included in the vascular adaption part. Major mechanisms involving exercise-mediated benefits in treating LEAD included: inflammatory processes suppression, proinflammatory immune cells, improvement of endothelial function, remodeling of skeletal muscle, and additional vascularization (arteriogenesis). Mechanisms resulting from external BFR application included: increased release of anabolic growth factors, stimulated muscle protein synthesis, higher concentrations of heat shock proteins and nitric oxide synthase, lower levels in myostatin, and stimulation of S6K1. Conclusions: A main difference between the two comparators is the venous blood return, which is restricted in BFR but not in LEAD. Major similarities include the overall ischemic situation, the changes in microRNA (miRNA) expression, and the increased production of NOS with their associated arteriogenesis after training with BFR.
Background: Obesity and depression are both associated with changes in sleep/wake regulation, with potential implications for individualized treatment especially in comorbid individuals suffering from both. However, the associations between obesity, depression, and subjective, questionnaire-based and objective, EEG-based measurements of sleepiness used to assess disturbed sleep/wake regulation in clinical practice are not well known.
Objectives: The study investigates associations between sleep/wake regulation measures based on self-reported subjective questionnaires and EEG-derived measurements of sleep/wake regulation patterns with depression and obesity and how/whether depression and/or obesity affect associations between such self-reported subjective questionnaires and EEG-derived measurements.
Methods: Healthy controls (HC, NHC = 66), normal-weighted depressed (DEP, NDEP = 16), non-depressed obese (OB, NOB = 68), and obese depressed patients (OBDEP, NOBDEP = 43) were included from the OBDEP (Obesity and Depression, University Leipzig, Germany) study. All subjects completed standardized questionnaires related to daytime sleepiness (ESS), sleep quality and sleep duration once as well as questionnaires related to situational sleepiness (KSS, SSS, VAS) before and after a 20 min resting state EEG in eyes-closed condition. EEG-based measurements of objective sleepiness were extracted by the VIGALL algorithm. Associations of subjective sleepiness with objective sleepiness and moderating effects of obesity, depression, and additional confounders were investigated by correlation analyses and regression analyses.
Results: Depressed and non-depressed subgroups differed significantly in most subjective sleepiness measures, while obese and non-obese subgroups only differed significantly in few. Objective sleepiness measures did not differ significantly between the subgroups. Moderating effects of obesity and/or depression on the associations between subjective and objective measures of sleepiness were rarely significant, but associations between subjective and objective measures of sleepiness in the depressed subgroup were systematically weaker when patients comorbidly suffered from obesity than when they did not.
Conclusion: This study provides some evidence that both depression and obesity can affect the association between objective and subjective sleepiness. If confirmed, this insight may have implications for individualized diagnosis and treatment approaches in comorbid depression and obesity.