The Crisis: Policy Lessons and Policy Challenges

Bruegel Director Jean Pisani-Ferry, with Agnès Bénassy-Quéré (CEPII, University Paris-Ouest and Ecole Polytechnique, Paris), Benoît Coeuré (Ecole Polytechnique, Paris) and Pierre Jacquet (ENPC, Paris, and Agence Française de Développement) provide an in-depth analysis of the financial crisis. The authors review the main causes of the crisis, pointing to three different, non-mutually exclusive lines of explanation: wrong incentives in the financial sector, unsustainable macroeconomic outcomes, and misunderstood and mismanaged systemic complexity. They also discuss supervisory and regulatory reform going forward, including an examination of the issues of moral hazard, the separation of retail and investment banking, the desirable size of financial institutions, risk management, the role of central banks, and other issues. This working paper was previously published as CEPII (Centre d'études prospectives et d'informations internationales) working document 2009-28.

The crisis: Policy lessons and policy challenges

We review the competing explanations of the 2007-2008 global crisis, recall how governments around the world had to depart from established policy stances, and reflect on the legacy of the crisis both in terms of future challenges and changes in policy doctrine. The G-20 has addressed important regulatory and macro-financial dimensions of the crisis, but it has left difficult questions unanswered. We review some of these incoming challenges such as moral hazard in the post-bail-out world, the trade-off between financial stability and the cost of capital, the feasibility for central banks to manage their new financial stability mandate, and the effectiveness of peer review to address global imbalances

A Thermodynamic and experimental study of low-alloy steels after carbonitriding in a low-pressure atmosphere

The effect of the composition of two steels (B and 6MnCr5) on precipitation of undesirable phases (carbides, nitrides and carbonitrides) under thermochemical treatment (low-pressure or vacuum carbonitriding) is investigated. Metallographic and x-ray diffraction studies and thermodynamic computations are performed.BMI Fours Industriels, St. Quentin Fallavier, Franc

Carbonitruration basse pression d'aciers et de pièces obtenues par la technologie MIM

Le traitement de carbonitruration est aujourd'hui un procédé très répandu pour augmenter la résistance mécanique des pièces en acier. Ce type de solution a fait ses preuves dans le cadre de pièces massives, mais l'oxydation interne des couches enrichies reste une limitation conséquente du traitement à pression atmosphérique.C'est dans cette optique scientifique que s'inscrit une partie de cette étude visant le développement d'un traitement de carbonitruration à basse pression, en vue d'une application industrielle. Les nombreuses investigations expérimentales réalisées sur la nuance 16MnCr5 ont permis le développement et la mise au point de deux cycles répondant à deux critères de profondeur de traitement : 0.25 0.4 mm et 0.7 1.2 mm. Les observations métallurgiques ne révèlent aucune forme de précipitation, ce qui n'est pas le cas lorsque que le traitement est appliqué à une nuance métallurgique plus fortement alliée (Fe - 0.18 %C - 3.12 % Cr - 0.7 %V -0.45 %W).D'un point de vue simulation, les outils de calculs thermodynamiques confirment et clarifient les phénomènes de précipitations observés. L'acier plus fortement allié (qui contient initialement des carbures de vanadium de type MC) présente des carbures de types M23C6 et M7C3 ainsi que des carbonitrures de types M (C, N). En complément à la détermination des phases en présence et de leur composition, une modélisation de la diffusion du carbone et de l'azote est proposée. Le modèle utilise des conditions aux limites déterminées expérimentalement, des coefficients de diffusion du carbone et de l'azote interdépendants issus de la littérature. La cinétique de refroidissement au cours de la trempe est déterminée pour alimenter le modèle de calcul de transformation de phases et simuler le profil de dureté. Le couplage des modèles développés donne des résultats très proches des profils de carbone, azote et duretés mesurés expérimentalement.Une autre partie du travail propose l'intégration du traitement de carbonitruration à basse pression au procédé de mise en œuvre MIM (Moulage par Injection de poudres Métalliques) permettant la réalisation des composants de formes complexes. Les pièces MIM obtenues par l'exploitation du feedstock commercial PolyMIM 16MnCr5 intégrant un système de liant soluble à l'eau présentent 10 % de porosité. Les résultats métallurgiques observés sur les pièces MIM carbonitrurées consécutivement au palier de frittage sont identiques à ceux observés sur des pièces massives. La comparaison des profils de diffusion en carbone et azote entre les pièces à 10 et20 % de porosité (obtenu par diminution de la durée du pallier de frittage) montre cependant que le taux de porosité influence la profondeur de traitement.The carbonitriding treatment is now a widely accepted industrial process to improve the strength of treated steel parts. This type of solution has been proven in the case of massive parts, but internal oxidation of enriched layers remains a significant drawback of the treatment at atmospheric pressure.It is against this scientific backdrop that this project seeks to develop a carbonitriding treatment at low pressure for industrial application. Numerous experimental investigations carried out on the 16MnCr5 steel grade allowed the development of cycles answering two criteria of depth treatment: 0.25 - 0.4 mm 0.7 - 1.2 mm. Metallurgical observations show no form of precipitation, which however is no longer the case when the treatment is applied to a more highly alloyed steel grade (Fe - 0.18% C - 3.12% Cr - 0.7% V -0.45% W).From a simulation point of view, thermodynamic calculations confirm and clarify the precipitation phenomena observed. The more highly alloyed steel (which initially contains vanadium rich carbides of MC type) exhibits carbides of M23C6 and M7C3 type, and carbonitrides of M (C, N) type. To complement the determination of present phases and their composition, it is proposed that the diffusion of carbon and nitrogen be modeled. The model uses experimentally determined boundary conditions, and interdependent nitrogen and carbon taken from the literature. The kinetics of cooling during the quenching is determined to supply the calculation model of phase transformations and simulate the hardness profile. The coupling of developed models gives carbon, nitrogen and hardness profiles very similar to experimentally measured ones.The work also proposes the integration of the low-pressure carbonitriding treatment to the MIM (Metal Injection Moulding) process, allowing the production of complex shapes components. MIM parts obtained from the exploitation of the trade PolyMIM 16MnCr5 feedstock integrating a water-soluble binder system present 10% of porosity. Metallurgical results observed on MIM parts, carbonitrided consecutively to the sintering step are similar to those observed on massive wrought parts. Comparison of carbon and nitrogen profiles of carbonitrided MIM parts containing 10 and 20 % of porosity (obtained by reducing the length of the bearing sintering) shows that the porosity level influences the case depth of MIM parts.PARIS-Arts et Métiers (751132303) / SudocSudocFranceF

Electron energy loss spectroscopy determination of Ti oxidation state at the (001) LaAlO3/SrTiO3 interface as a function of LaAlO3 growth conditions

At the (001) interface between the two band-insulators LaAlO3 and SrTiO3, a high-mobility electron gas may appear, which has been the object of numerous works over the last four years. Its origin is a subject of debate between the interface polarity and unintended doping. Here we use electron energy loss 'spectrum images', recorded in cross-section in a scanning transmission electron microscope, to analyse the Ti3+ ratio, characteristic of extra electrons. We find an interface concentration of Ti3+ that depends on growth conditions.Comment: 6 page

Growth and Electrostatic/chemical Properties of Metal/LaAlO₃/SrTiO₃ Heterostructures

International audienc

A Thermodynamic and experimental study of low-alloy steels after carbonitriding in a low-pressure atmosphere

The effect of the composition of two steels (B and 6MnCr5) on precipitation of undesirable phases (carbides, nitrides and carbonitrides) under thermochemical treatment (low-pressure or vacuum carbonitriding) is investigated. Metallographic and x-ray diffraction studies and thermodynamic computations are performed.BMI Fours Industriels, St. Quentin Fallavier, Franc

Prevalence, associated factors and outcomes of pressure injuries in adult intensive care unit patients: the DecubICUs study

Funder: European Society of Intensive Care Medicine; doi: http://dx.doi.org/10.13039/501100013347Funder: Flemish Society for Critical Care NursesAbstract: Purpose: Intensive care unit (ICU) patients are particularly susceptible to developing pressure injuries. Epidemiologic data is however unavailable. We aimed to provide an international picture of the extent of pressure injuries and factors associated with ICU-acquired pressure injuries in adult ICU patients. Methods: International 1-day point-prevalence study; follow-up for outcome assessment until hospital discharge (maximum 12 weeks). Factors associated with ICU-acquired pressure injury and hospital mortality were assessed by generalised linear mixed-effects regression analysis. Results: Data from 13,254 patients in 1117 ICUs (90 countries) revealed 6747 pressure injuries; 3997 (59.2%) were ICU-acquired. Overall prevalence was 26.6% (95% confidence interval [CI] 25.9–27.3). ICU-acquired prevalence was 16.2% (95% CI 15.6–16.8). Sacrum (37%) and heels (19.5%) were most affected. Factors independently associated with ICU-acquired pressure injuries were older age, male sex, being underweight, emergency surgery, higher Simplified Acute Physiology Score II, Braden score 3 days, comorbidities (chronic obstructive pulmonary disease, immunodeficiency), organ support (renal replacement, mechanical ventilation on ICU admission), and being in a low or lower-middle income-economy. Gradually increasing associations with mortality were identified for increasing severity of pressure injury: stage I (odds ratio [OR] 1.5; 95% CI 1.2–1.8), stage II (OR 1.6; 95% CI 1.4–1.9), and stage III or worse (OR 2.8; 95% CI 2.3–3.3). Conclusion: Pressure injuries are common in adult ICU patients. ICU-acquired pressure injuries are associated with mainly intrinsic factors and mortality. Optimal care standards, increased awareness, appropriate resource allocation, and further research into optimal prevention are pivotal to tackle this important patient safety threat

Correction to: Prevalence, associated factors and outcomes of pressure injuries in adult intensive care unit patients: the DecubICUs study

The original version of this article unfortunately contained a mistake

Prevalence, associated factors and outcomes of pressure injuries in adult intensive care unit patients: the DecubICUs study

Funder: European Society of Intensive Care Medicine; doi: http://dx.doi.org/10.13039/501100013347Funder: Flemish Society for Critical Care NursesAbstract: Purpose: Intensive care unit (ICU) patients are particularly susceptible to developing pressure injuries. Epidemiologic data is however unavailable. We aimed to provide an international picture of the extent of pressure injuries and factors associated with ICU-acquired pressure injuries in adult ICU patients. Methods: International 1-day point-prevalence study; follow-up for outcome assessment until hospital discharge (maximum 12 weeks). Factors associated with ICU-acquired pressure injury and hospital mortality were assessed by generalised linear mixed-effects regression analysis. Results: Data from 13,254 patients in 1117 ICUs (90 countries) revealed 6747 pressure injuries; 3997 (59.2%) were ICU-acquired. Overall prevalence was 26.6% (95% confidence interval [CI] 25.9–27.3). ICU-acquired prevalence was 16.2% (95% CI 15.6–16.8). Sacrum (37%) and heels (19.5%) were most affected. Factors independently associated with ICU-acquired pressure injuries were older age, male sex, being underweight, emergency surgery, higher Simplified Acute Physiology Score II, Braden score 3 days, comorbidities (chronic obstructive pulmonary disease, immunodeficiency), organ support (renal replacement, mechanical ventilation on ICU admission), and being in a low or lower-middle income-economy. Gradually increasing associations with mortality were identified for increasing severity of pressure injury: stage I (odds ratio [OR] 1.5; 95% CI 1.2–1.8), stage II (OR 1.6; 95% CI 1.4–1.9), and stage III or worse (OR 2.8; 95% CI 2.3–3.3). Conclusion: Pressure injuries are common in adult ICU patients. ICU-acquired pressure injuries are associated with mainly intrinsic factors and mortality. Optimal care standards, increased awareness, appropriate resource allocation, and further research into optimal prevention are pivotal to tackle this important patient safety threat