Searching for the optimal EMU fiscal rule:an ex-post analysis of the SGP reform proposals

Over last decades the study of fiscal policy rules has attracted a growing attention from researchers and policy-makers. The case of European Monetary Union is a clear example. However, even before its inception, the Stability and Growth Pact has been a source of inspiration for a large number of policy recommendations. The heated political and academic debate intervened after the Ecofin Council's decision on November 2003 and mostly concluded in March 2005 with the Spring European Council's conclusions has revealed the institutional and theoretical weaknesses of EMU rule-based system. This paper provides an ex-post analysis of the Pact by indicating a different qualitative and pragmatic approach to judge the most relevant and known SGP reforms; furthermore, it highlights the direction along which any modification of the Pact would have been successfully implemented and offers useful insights also to test the robustness of the new SGP. After revisiting the main characteristics of a fully effective rule-based framework and taking into account the specificity of EMU economic policy set up, we evaluate in a systematic way, through a multivariate statistical analysis, about 100 proposals for reforming the SGP presented by professional academic and non-academic economists prior to April 2005. Despite these large number of proposals, however, principal component analysis outcomes show that only few reforms could have been effectively considered a real improvement of the previous version of SGP, the others reflecting the traditional dilemma between credibility and effectiveness aspects of budgetary rules.Fiscal rules, Fiscal policy, Stability and Growth Pact, European Union Monetary, Principal Component Analysis

“The New Medium-Term Budgetary Objectives and the Problem of Fiscal Sustainability After the Crisis.”

The paper analyses the medium-term objectives (MTOs) recently adopted by the EU Member States as a reference for the multilateral budgetary surveillance, assessing the ability of the new MTOs to promote long-term fiscal sustainability. The paper calibrates the (yet undisclosed) algorithm for computing the minimum budgetary targets that EU countries can declare as MTO and discusses two novel features of the algorithm: a supplementary debt-reduction effort requested from high-debt countries, and the partial frontloading of the expected future increases in age-related expenditure -the cost of ageing-. The paper evaluates the impact of the crisis on EU countries? current as well as future MTOs through the channels of higher public debt, lower growth potential, and higher cost of ageing. On the basis of alternative scenarios for macroeconomic and budgetary conditions as of 2012 -when the next revision of MTOs is scheduled-, the paper concludes that prospective MTOs would be more stringent than the current ones. Therefore, a path for gradual fiscal tightening is already embedded into the European fiscal framework and should be considered when discussing exit strategies. Finally, an alternative indicator linking MTOs to the current fiscal and financial imbalances is presented.National Budget, Deficit, and Debt, policy objectives, fiscal policy, comparative analysis

Are Italy's public finances sustainable? The role of demographics, productivity, and labour markets.

In light of the uncertainty of the effects of population ageing on growth and fiscal variables, it is sensible to ask whether Italy's public finances can achieve sustainability under the spending pressure exerted by future demographic and macroeconomic developments. The paper addresses this question by assessing long-term fiscal sustainability, following the commonlyagreed European methodology, under alternative scenarios considering a variety of issues that may have a bearing on Italy's public finance conditions, namely, immigration, life expectancy, female labour participation, and productivity growth. Despite the different hypotheses captured by the alternative scenarios, the paper finds that projected debt-to-GDP ratios decrease over time, as long as fiscal consolidation is achieved in the near future. It also shows a one-shot debt-reduction strategy is not a credible substitute for a budgetary-adjustment strategy. The paper concludes Italy's public finances are sustainable and can deal with future spending pressures resulting from the ageing population.Fiscal Sustainability, Fiscal Policy

Aneurysms of the intracranial segment of the ophthalmic artery trunk. case report and systematic literature review

Aneurysms arising from the ophthalmic artery trunk (OAT) are very rare, particularly in the artery's intracranial course. The onset of a subarachnoid hemorrhage (SAH) from a ruptured OAT aneurysm in this segment is extremely rare. We present a case and discuss the anatomy, clinical significance, and therapeutic options for an aneurysm at this site. We also retrospectively analyzed the record of a patient with a ruptured aneurysm of the intracranial segment of the OAT and conducted a comprehensive and systematic review of the PubMed and Scopus databases for literature on this pathology. Only one case report of SAH from an aneurysm of the intracranial segment of the OAT was published in the literature. Only in our case was the intracranial OAT segment aneurysm discovered in the acute phase of SAH. Conventional angiography with three-dimensional acquisition may help detect aneurysms at this level. Detailed knowledge of the anatomy of the OAT is of paramount importance for both surgical and endovascular approaches. Surgical treatment is complex because of difficulties in accessing the orbital region and the risk of optic nerve and vascular injuries. Endovascular treatment, when feasible, could be a good alternative to reduce the risk of loss of vision related to surgical manipulation

Beyond the (Dis)Empowerment Binary: Inevitability and the Feminization of Agriculture in Chitwan, Nepal

Changing demands of the agricultural sector, due to male out-migration, have been shown to influence power dynamics and livelihood strategies within households, communities, and broader society. These shifts have led to a rise in women’s agricultural engagement in Nepal. In hypothesizing the outcomes of what has been defined as the feminization of agriculture on the women left behind, the existing literature has created a (dis)empowerment binary. Based on field work conducted in Chitwan, we initially confirm that women do experience that increased agricultural engagement presents both the potential for an increased burden and an opportunity for empowerment. Our research then goes beyond this binary, by utilizing the concept of inevitability, revealing both the micro and macro level nexi of migration, agriculture, and gender in relation to the feminization of agriculture in Nepal. By underscoring the double inevitability of both male out-migration itself and women’s roles within their households we argue we can more accurately represent our informants’ lived realities and thereby provide an alternative to the (dis)empowerment binary for future research. This includes the recognition of a relational nature of the feminization of agriculture phenomenon, which is often overlooked in the current discourse

Flow-diverter treatment for renal artery aneurysms: One-year follow-up of a multicentric preliminary experience

PURPOSERenal artery aneurysms (RAAs) are rare in the general population, although the true incidence and natural history remain elusive. Conventional endovascular therapies such as coil embolization or covered stent graft may cause sidebranches occlusion, leading to organ infarction. Flow-diverters (FD) have been firstly designed to treat cerebrovascular aneurysms, but their use may be useful to treat complex RAAs presenting sidebraches arising from aneurysmal sac. To evaluate mid-term follow-up (FUP) safety and efficacy of FD during treatment of complex RAAs.METHODSBetween November 2019 and April 2020, 7 RAAs were identified in 7 patients (4 men, 3 women; age range 55-82 years; median 67 years) and treated by FD. Procedural details, complications, morbidity and mortality, aneurysm occlusion and segmental artery patency were retrospectively reviewed. Twelve months computed tomography angiography (CTA) FUP was evaluated for all cases.RESULTDeployment of FD was successful in all cases. One intraprocedural technical complication was encountered with one FD felt down into aneurism sac which requiring additional telescopic stenting. One case at 3 months CTA FUP presented same complication, requiring same rescue technique. At 12 months CTA FUP 5 cases of size shrinkage and 2 cases of stable size were documented. No rescue surgery or major intraprocedural or mid-term FUP complication was seen.CONCLUSIONComplex RAAs with two or more sidebranches can be safely treated by FD. FD efficacy for RAA needs a further validation at long term FUP by additional large prospective studies

A RARE CASE OF CAROTID WEB IN YOUNG MAN WITH ISCHEMIC STROKE

Background and Aims: CarotidWeb (CW) is a rare cause of Ischemic Stroke (IS) in young people. It is a nonatheroscherotic alteration of carotid artery (CA), identified radiographically as a shelf-like intraluminal filling defect on the posterolateral wall of proximal internal carotid artery (ICA). CW etiology is unknown. Methods: We report a case of a young man with left CW and IS on ipsilateral Middle Cerebral Artery (MCA) territory. Results: A 49-years-old man was admitted to the emergency department (ED) 45 minutes after sudden onset of right hemiparesis and aphasia (NIHSS 9). He had no previous pathology and did not use medical treatment. CT perfusion showed hypoperfusion on the left temporoparietal lobe and a steno-occlusion of distal M1 segment of left MCA. According to Guidelines we started intravenous thrombolysis (IV) 90 minutes after symptoms onset, followed by catheter-based cerebral thrombectomy 20 minutes later with improvement of neurological status (NIHSS=4). Cerebral Angiography showed a shelf-like intraluminal filling defect along the posterior wall of left proximal ICA with classical stasis of intravenous contrast distal to the CW. We decided to perform endovascular stenting of CW 5 days later, followed by dual antiplatelet therapy. Workup for hypercoagulability and vasculitis was normal. Renal Doppler Ultrasound was negative. MRI showed small left parietal ischemic lesion. Patient was discharged a week after stroke onset (NIHSS=0)

Hemichorea-hemiballism syndrome following a thrombo-embolic striatal infarction

[No abstract available