A risky bet: Climate change and the EU’s microprudential framework of banks

Banking regulation and supervision have a key role to play in realizing the EU’s climate change objectives. In this article, we analyse the EU-level initiatives currently underway to decarbonize the banking system, in particular with regard to the microprudential rulebook. We document how regulators work hard to fit climate policy into the existing objectives of the microprudential framework. We also assess whether these efforts are likely to be successful by sketching two ways forward, which involve their own distinct hazards. The first is a ‘Deferential Transition’, which sees policymakers rely on banks and external rating providers to develop adequate internal risk management procedures while taking a largely agnostic approach as to what methodologies are appropriate. If this is the way forward, we see a number of risks: banks have a clear incentive to downplay risk, while large financial institutions gain a significant advantage and the division of responsibility between banks and supervisors becomes blurred. We also outline the scenario of a ‘Guided Transition’, in which regulators provide fine-grained guidance on the future that banks should anticipate. Although we broadly think this approach is the more effective route to greening EU banking, we also see challenges of an entirely different sort: regulators will unavoidably face political choices and EU lawmakers will need to consider issues of legality, legitimacy, and accountability. In this regard, we argue, the EU faces a risky bet

Varietetsspecifika gester : Att hålla tummarna i Finland och Sverige

Peer reviewe

Validitaet und schriftliche Sprachkompetenz

Die Validität bei der Bewertung sprachlicher Kompetenzen im Fach Deutsch als Fremdsprache steht in der vorliegenden Studie im Mittelunkt. Untersucht wird auf welche sprachlichen, textuellen und aufgabenbezogenen Aspekte die Bewertenden Wert legen, die Bewerterübereinstimmung schwedischer Bewertenden sowie wie sich schwedische Bewertungen schriftlicher Kompetenz zu den Niveaus des GER verhalten. Neben einer qualitativen thematischen Inhaltsanalyse bietet die Arbeit auch quantitativ angelegte statistische Berechnungen. Basierend auf den Ergebnissen werden didaktische Empfehlungen für den schulischen Fremdsprachenunterricht in Schweden gegeben. Dieses Buch wendet sich an Forschende und Praktiker im fremdsprachlichen Bereich, an Lernende, Lehrkräfte, Lehrwerksautoren und -autorinnen, Lehramtstudierende sowie weitere Akteure schulischer Bildung

New observations of NO2 in the upper troposphere from TROPOMI

Nitrogen oxides (NOx≡NO+NO2) in the NOx-limited upper troposphere (UT) are long-lived and so have a large influence on the oxidizing capacity of the troposphere and formation of the greenhouse gas ozone. Models misrepresent NOx in the UT, and observations to address deficiencies in models are sparse. Here we obtain a year of near-global seasonal mean mixing ratios of NO2 in the UT (450–180 hPa) at 1∘×1∘ by applying cloud-slicing to partial columns of NO2 from TROPOMI. This follows refinement of the cloud-slicing algorithm with synthetic partial columns from the GEOS-Chem chemical transport model. TROPOMI, prior to cloud-slicing, is corrected for a 13 % underestimate in stratospheric NO2 variance and a 50 % overestimate in free-tropospheric NO2 determined by comparison to Pandora total columns at high-altitude free-tropospheric sites at Mauna Loa, Izaña, and Altzomoni and MAX-DOAS and Pandora tropospheric columns at Izaña. Two cloud-sliced seasonal mean UT NO2 products for June 2019 to May 2020 are retrieved from corrected TROPOMI total columns using distinct TROPOMI cloud products that assume clouds are reflective boundaries (FRESCO-S) or water droplet layers (ROCINN-CAL). TROPOMI UT NO2 typically ranges from 20–30 pptv over remote oceans to >80 pptv over locations with intense seasonal lightning. Spatial coverage is mostly in the tropics and subtropics with FRESCO-S and extends to the midlatitudes and polar regions with ROCINN-CAL, due to its greater abundance of optically thick clouds and wider cloud-top altitude range. TROPOMI UT NO2 seasonal means are spatially consistent (R=0.6–0.8) with an existing coarser spatial resolution (5∘ latitude × 8∘ longitude) UT NO2 product from the Ozone Monitoring Instrument (OMI). UT NO2 from TROPOMI is 12–26 pptv more than that from OMI due to increase in NO2 with altitude from the OMI pressure ceiling (280 hPa) to that for TROPOMI (180 hPa), but possibly also due to altitude differences in TROPOMI and OMI cloud products and NO2 retrieval algorithms. The TROPOMI UT NO2 product offers potential to evaluate and improve representation of UT NOx in models and supplement aircraft observations that are sporadic and susceptible to large biases in the UT.This research has been supported by the European Research Council under the European Union’s Horizon 2020 research and innovation programme (through the Starting Grant awarded to Eloise A. Marais, UpTrop (grant no. 851854))

Letter from the Secretary of the Treasury, transmitting an estimate of appropriations for payment of claims originating prior to July 1, 1875, under sections 3687 and 3689, revised statutes.

Estimates for Payment of Claims. [1802] Claims under special statutes include the Seminole war

Marginalia

The authors of this volume look beyond the mainstream ques­tions in their respective fields and instead write on topics that are marginal. At first glance, these are topics that are non-essential, yet are worth examining due to the dynamic nature of the periphery. Translation and inter­pretation is, in other words, approached from a marginal or peripheral perspective, which proves to be a positive force that sheds light on originally small and strange issues, and thus demon­strates the power of margins, words and translation

Revisiting Migrant Networks

This open access book provides new conceptualisations on the networks of migrants and their descendants in accessing the labour market. Although references to social networks are common in discussions of migration, simplified ideas of co-ethnic networks often obscure the reality, for example confounding ties with co-ethnics and ‘strong ties’. This open access book addresses key questions about the role of networks in migration contexts, particularly in relation to how migrants and their descendants, access the labour market and develop their employment trajectories over time. Rather than adopting a narrow essentializing ethnic lens, the research presented in this book explores intersectional identities of class, generation and gender. By focusing on the kinds of capital circulating between ties, including the dark side of social capital, the book offers insights into power dynamics and the potentially exclusionary dimension of networks. Taking a long term view, across generations, the research in this book shows how migrants and their descendants mobilize resources to tackle discrimination and enhance their position within particular labour markets. Drawing on robust quantitative and rich qualitative data, this book provides a primary source to students, scholars and policy-makers focusing on issues of migration, social networks, social mobility as well as labour market inequalities

Revisiting Migrant Networks

This open access book provides new conceptualisations on the networks of migrants and their descendants in accessing the labour market. Although references to social networks are common in discussions of migration, simplified ideas of co-ethnic networks often obscure the reality, for example confounding ties with co-ethnics and ‘strong ties’. This open access book addresses key questions about the role of networks in migration contexts, particularly in relation to how migrants and their descendants, access the labour market and develop their employment trajectories over time. Rather than adopting a narrow essentializing ethnic lens, the research presented in this book explores intersectional identities of class, generation and gender. By focusing on the kinds of capital circulating between ties, including the dark side of social capital, the book offers insights into power dynamics and the potentially exclusionary dimension of networks. Taking a long term view, across generations, the research in this book shows how migrants and their descendants mobilize resources to tackle discrimination and enhance their position within particular labour markets. Drawing on robust quantitative and rich qualitative data, this book provides a primary source to students, scholars and policy-makers focusing on issues of migration, social networks, social mobility as well as labour market inequalities