Should non-euro area countries join the single supervisory mechanism?

Irrespective of the euro crisis, a European banking union makes sense, including for non-euro area countries, because of the extent of European Union financial integration. The Single Supervisory Mechanism (SSM) is the first element of the banking union. From the point of view of non-euro countries, the draft SSM regulation as amended by the EU Council includes strong safeguards relating to decision-making, accountability, attention to financial stability in small countries and the applicability of national macroprudential measures. Non-euro countries will also have the right to leave the SSM and thereby exempt themselves from a supervisory decision. The SSM by itself cannot bring the full benefits of the banking union, but would foster financial integration, improve the supervision of cross-border banks, ensure greater consistency of supervisory practices, increase the quality of supervision, avoid competitive distortions and provide ample supervisory information. While the decision to join the SSM is made difficult by uncertainty surrounding other elements of the banking union, including possible burden sharing, we conclude that non-euro EU members should stand ready to join the SSM and be prepared for negotiations on the other elements of the banking union

A Design Method to Exploit Synergies Between Fiber-Reinforce Composites and Additive Manufactured Processes

This paper proposes a design method for devices composed of long fiber-reinforced composites (FRC) and additive manufactured (AM) parts. Both FRC and AM processes have similar application characteristics: suitable for small production volumes, additive in nature, and capable of being highly automated. On the other hand, the classes have distinct characteristics. FRCcomponents tend to be large and of simple shapes, while AM components tend to be small with highly complex geometry. Their combination has the potential for significant synergies, while mitigating their individual limitations. A decision guide is proposed, in the form of a series of questions, to guide the designer to determine if their application is a good candidate for FRC+AM. The decision guide is reformulated into a proposed design process that guides the designer to advantageously benefit from AM and FRC characteristics. The tools are illustrated with an example of a composite pressure vessel with integrated pressure reducer

Reconstructing Climate Policy: Beyond Kyoto

In their comprehensive analysis of the Kyoto Protocol and climate policy, Richard B. Stewart and Jonathan B. Wiener examine the current impasse in climate policy and the potential steps nations can take to reduce greenhouse gases. They summarize the current state of information regarding the extent of global warming that would be caused by increasing uncontrolled greenhouse gas emissions. They explain why participation by all major greenhouse gas-emitting countries is essential to curb future greenhouse gas emissions and also note the significant obstacles to obtaining such participation. Stewart and Wiener argue it is in the national interest of the United States to participate in such a regime, provided that it is well designed. They discuss the elements of sound climate regulatory design, including maximum use of economic incentives, the comprehensive approach, and other flexibility mechanisms; participation by all major emitting countries, including developing countries; regulatory targets based on longer-term emissions pathways set to maximize net social benefits; and effective arrangements to ensure compliance with regulatory obligations by nations and sources. After evaluating the successes and failures of the Kyoto Protocol in light of those elements, the authors propose a series of U.S. initiatives at the international and domestic levels, with the aim of engaging the United States and major developing country emitters such as China in the global greenhouse gas regulatory effort and correcting the remaining defects in the design of the Kyoto Protocol. Although several alternatives to the current Kyoto Protocol regime have been proposed, Stewart and Wiener argue that the best approach for surmounting the current global climate policy impasse is a new strategy that would lead, sooner or later, to simultaneous accession by the United States and China (and other major developing country emitters) to a modified and improved version of the Kyoto Protocol agreement

Reconstructing Climate Policy: Beyond Kyoto

In their comprehensive analysis of the Kyoto Protocol and climate policy, Richard B. Stewart and Jonathan B. Wiener examine the current impasse in climate policy and the potential steps nations can take to reduce greenhouse gases. They summarize the current state of information regarding the extent of global warming that would be caused by increasing uncontrolled greenhouse gas emissions. They explain why participation by all major greenhouse gas-emitting countries is essential to curb future greenhouse gas emissions and also note the significant obstacles to obtaining such participation. Stewart and Wiener argue it is in the national interest of the United States to participate in such a regime, provided that it is well designed. They discuss the elements of sound climate regulatory design, including maximum use of economic incentives, the comprehensive approach, and other flexibility mechanisms; participation by all major emitting countries, including developing countries; regulatory targets based on longer-term emissions pathways set to maximize net social benefits; and effective arrangements to ensure compliance with regulatory obligations by nations and sources. After evaluating the successes and failures of the Kyoto Protocol in light of those elements, the authors propose a series of U.S. initiatives at the international and domestic levels, with the aim of engaging the United States and major developing country emitters such as China in the global greenhouse gas regulatory effort and correcting the remaining defects in the design of the Kyoto Protocol. Although several alternatives to the current Kyoto Protocol regime have been proposed, Stewart and Wiener argue that the best approach for surmounting the current global climate policy impasse is a new strategy that would lead, sooner or later, to simultaneous accession by the United States and China (and other major developing country emitters) to a modified and improved version of the Kyoto Protocol agreement

Interpretable Clustering using Unsupervised Binary Trees

We herein introduce a new method of interpretable clustering that uses unsupervised binary trees. It is a three-stage procedure, the first stage of which entails a series of recursive binary splits to reduce the heterogeneity of the data within the new subsamples. During the second stage (pruning), consideration is given to whether adjacent nodes can be aggregated. Finally, during the third stage (joining), similar clusters are joined together, even if they do not descend from the same node originally. Consistency results are obtained, and the procedure is used on simulated and real data sets.Comment: 25 pages, 6 figure

A Toolkit for Foundations and Individual Investors: Harnessing Your Investments to Help Solve the Climate Crisis

Outlines five foundation strategies for advancing climate change solutions as investors, including engaging investment managers, supporting policy solutions and regulatory actions, and coordinating with others. Lists successes and specific action steps

Indeterministic Handling of Uncertain Decisions in Duplicate Detection

In current research, duplicate detection is usually considered as a deterministic approach in which tuples are either declared as duplicates or not. However, most often it is not completely clear whether two tuples represent the same real-world entity or not. In deterministic approaches, however, this uncertainty is ignored, which in turn can lead to false decisions. In this paper, we present an indeterministic approach for handling uncertain decisions in a duplicate detection process by using a probabilistic target schema. Thus, instead of deciding between multiple possible worlds, all these worlds can be modeled in the resulting data. This approach minimizes the negative impacts of false decisions. Furthermore, the duplicate detection process becomes almost fully automatic and human effort can be reduced to a large extent. Unfortunately, a full-indeterministic approach is by definition too expensive (in time as well as in storage) and hence impractical. For that reason, we additionally introduce several semi-indeterministic methods for heuristically reducing the set of indeterministic handled decisions in a meaningful way

"The Myths of Turkish Influence in the European Union". University of Illinois EUC Working Paper Volume 6, No. 2, 2006

Among the many objections to Turkish membership in the European Union lie claims that Turkey will be a powerful actor in the future EU, with a population as large as or larger than Germany. Many also claim that this power will have negative effects on the EU. We examine such claims analytically, influenced strongly by spatial models of EU policy-making. We find that Turkey's preferences lie sufficiently outside the EU mainstream so that it will have little influence in day-to-day policy-making under the assent, codecision, consultation, and cooperation procedures (or the common procedure in the rejected constitutional treaty). Its influence may be more evident in areas such as the CFSP or JHA, where unanimity remains the normal procedure. Still, Turkey's veto power here is no different from that of other, much smaller countries. Furthermore, veto power can only block changes and cannot be used to pull the EU into undesirable new directions. Even this veto power can be avoided if the EU-25 establishes whatever policies they desire prior to Turkish membership, forcing Turkey to accept a fait accompli. Despite these limitations to its power, Turkey may have some influence in purely intergovernmental settings such as negotiations over new treaties that might occur some decades hence