THE STATE OF CHINA-EUROPEAN UNION ECONOMIC RELATIONS. Bruegel Working Paper Issue 09 20 November 2019

China and the European Union have an extensive and growing economic relationship. The relationship is problematic because of the distortions caused by China’s state capitalist system and the diversity of interests within the EU’s incomplete federation. More can be done to capture the untapped trade and investment opportunities that exist between the parties. China’s size and dynamism, and its recent shift from an export-led to a domesticdemand- led growth model, mean that these opportunities are likely to grow with time. As the Chinese economy matures, provided appropriate policy steps are taken, it is likely to become a less disruptive force in world markets than during its extraordinary breakout period

FDI another day: Russian reliance on European investment. Bruegel Policy Contribution Issue n˚3 | February 2020

Most foreign direct investment into Russia originates in the European Union: European investors own between 55 percent and 75 percent of Russian FDI stock. This points to a Russian dependence on European investment, making the EU paramount for Russian medium-term growth. Even if we consider ‘phantom’ FDI that transits through Europe, the EU remains the primary investor in Russia. Most phantom FDI into Russia is believed to originate from Russia itself and thus is by construction not foreign

From climate change to cyber-attacks: incipient financial-stability risks for the euro area. Bruegel Policy Contribution Issue n˚2 | February 2020

The European Central Bank’s November 2019 Financial Stability Review highlighted the risks to growth in an environment of global uncertainty. It also discusses sovereign-debt concerns in case interest rates increase, and risks arising from household and corporate debt. It assesses the risks from a possible overvaluation of asset prices, and evaluates risks within the banking and non-banking system, and climate risks. On the whole, the ECB report is comprehensive and covers the main risks to euro-area financial stability. However, some issues deserve more attention. • First, the assessment of risks in the housing market should be more nuanced. Current housing markets relative to those pre-crisis seem to be far less driven by mortgage credit, and the size of the construction sector has not increased. This is possibly good news for financial stability because a house price correction would transmit less into mortgage defaults and corrections to economic activity. • Second, there should be greater emphasis on changes in market expectations of interest rates, which can have substantial effects on asset prices. This could be particularly relevant if interest rate changes are not driven by real-economy developments. • Third, the financial system relies on a safe asset as a reference. We show that the supply of safe sovereign assets in the euro area has fallen dramatically, driven by deteriorating sovereign credit ratings and reduced supplies of bonds from the safest countries. More safe assets would support financial stability. • Fourth, though climate risks to financial stability must be taken seriously, risk weights on green assets should not be reduced since they still contain normal financial stability risks. Instead, risk weights for brown assets should be increased. • Fifth, the ECB does not consider cybersecurity and hybrid threats in its assessment. These threats are significant risks for financial institutions and at the more systemic level. • Policies to address financial-stability concerns include macroprudential measures. In this respect, we discover discrepancies between EU countries: countries with the same levels of house-price overvaluation have adopted very different macroprudential measures. Some countries might thus have done too much, while others have done too little. • When it comes to preventing the next recession or reducing its impact, we argue that EU policymakers need to be better prepared to use discretionary fiscal policy earlier and more forcefully, in particular because the ability of monetary authorities to react to the next cyclical downturn is very limited

Women’s changing socioeconomic position and union formation in Spain and Portugal

Economic and sociological theories of marriage have long emphasized the impact of women’s education and employment on union formation. In this study, we explore the relevance of the female economic independence hypothesis to explain women’s patterns of entry into marriage and cohabitation in Portugal and Spain. In these two Southern European countries, gender equity has improved remarkably in the public sphere, but family relations remain structured along traditional gender roles. We focus on three indicators of women’s autonomy: educational attainment, employment status and having lived independently from the family of origin. The analysis is based on the Fertility and Family Surveys and discrete-time multinomial logistic regression models are used to estimate the odds of marrying, cohabiting or remaining single. The results suggest that whereas the effect of female education is consistent with the independence hypothesis, women’s labour force participation encourages union formation, particularly among younger cohorts. Living independently from the family of origin reduces the likelihood of entering marriage but increases considerably the odds of cohabiting.cohabitation, education, employment, independence hypothesis, marriage, Portugal, South Europe, Spain, union formation, women’s status

Coastal wave storms: Observations and simulations in the NW Mediterranean

The importance of improving wind-wave predictions for the NW Mediterranean coastal region makes it necessary to perform a study in-depth of wave generation and propagation mechanisms under sharp spatial and temporal gradients. For this purpose, a heavily instrumented coastal transect was set perpendicular to Tarragona’s harbour coastline. Wave data were obtained from different buoys and meteorological stations. Wave data were analysed paying special attention to storm identification and storm evolution in terms of the integrated spectral parameters and the spectral shape. Measured data were also used to analyse the performance of the operational 18km resolution WAM wave model, and a higher resolution SWAN wave model forced with different wind fields (modelled and observed). The in-situ observations reproduced the expected features of wave generation and propagation: wave height and peak period increased with fetch during fetch-limited growth conditions and peak period was conserved in fully-developed sea conditions. Spectral shapes agreed with previous observations in both fetch-limited and fully-developed growth conditions. The differences between the time series recorded at each instrument confirm the importance of strong temporal and spatial gradients in the regional wind and wave fields. Due to the coarse temporal and spatial resolution of the operational wind and wave models, the wave model did not predict specific features of the time series such as storm peaks and calm periods, sudden changes in wave direction, and differences between instruments. Also, the operational wave model did not accurately predict the integrated spectral wave parameters: wave height was up to -50% under-predicted at the peak of the storm, low peak periods (7.5s) were under-predicted. To improve these results a high resolution wind model (4km, 3h) was used to force a high resolution wave model (1km, 1h) during one particular storm event. Increasing the resolution of the wind and wave models, the peaks of the storm were predicted and wave height estimations were significantly improved in terms of magnitude (wave height underprediction at the peak of the storm was reduced from -50% in the operational model to -17%). Some of the differences between the instruments’ time series were reproduced but not all of them. Wave height and peak period were still significantly under-predicted. Because wind speeds were over-predicted (25%), these results point to a need of improving wave predictions in terms of wave growth. For this reason, a study of the sensitivity of the wave model to different wind input fields was performed. It was concluded that modelled wind fields were better input than in-situ wind observations because of the lack of spatial variability of the observations. Also, because the observations do not represent the highest wind speeds along the fetch of the buoys. When increasing the wind (taking the highest values in the region or enhancing the predicted wind fields) better predictions of the magnitude of the wave height were obtained, although the improvements of the peak period were not conclusive. The results suggest that the reason of the under-rediction of the high-resolution models was an inaccurate transmission of energy from the winds towards the waves. The role of the drag coefficient and bimodal spectra were also considered, but its study in detail will be approached in future work. The overall results point to the need of better understanding the local wave generation and growth processes to eventually improve wave predictions in the area

The handball and an approach to life story of Marc García Diéguez

El balonmano es un deporte de colaboración y oposición directa surgido en Europa a finales del siglo XIX, aunque precedido por juegos antiguos con diversas similitudes, como el «Juego de Ucrania». Se incluyó por primera vez en los Juegos Olímpicos en 1936, y desde 1972 se ha incorporado a la cita olímpica todos los años. España destaca por sus grandes logros en este deporte, tanto masculinos como femeninos, además de por su alto nivel interno. Por sus características y su desarrollo, el balonmano en España cumple con los principios fundamentales y los valores esenciales del Olimpismo, poniendo el deporte al servicio de la sociedad y favoreciendo el compromiso de esta para mantener y sostener la dignidad humana. Como referente en este deporte destaca Marc García Diéguez, actual jugador de la Liga Asobal, brillante por su trayectoria, dedicación y por su espíritu deportivoHandball is a sport of collaboration and direct opposition emerged in Europe at the end of the 19th century, although preceded by old games with various similarities, such as the “Game of Ukraine”. It was included for the first time in the Olympic Games in 1936, and since 1972 it has been incorporated every year. Spain stands out for its great achievements in this sport, both male and female, in addition to its high internal level. Due to its characteristics, handball complies with the fundamental principles and the essential values of Olympism, putting sport at the service of society and favoring its commitment to maintain and sustain human dignity. Marc García Diéguez, current player of the Asobal League, stands out as a reference in these values, brilliant for his career, dedication and sporting spiri

Revisión Biliográfica sobre queratitis lamelar difusa a propósito de dos casos

Con el advenimiento de procedimientos como la queratomileusis con láser in situ (LASIK), una nueva región anatómica en la córnea entró en existencia: el espacio potencial creado en la córnea se conoce como la interfase del LASIK. Dentro de esta región se pueden producir una serie de procesos biológicos y bioquímicos después de la creación del colgajo o “flap” corneal, que pueden dar lugar a una variedad de potenciales complicaciones con diferentes etiologías que, con frecuencia, solapan presentaciones clínicas. Este estudio se centra en las diferentes manifestaciones de la queratitis lamelar difusa (QLD). El propósito de este trabajo es describir la etiología, clasificación, diagnóstico y tratamiento más adecuado de las diferentes formas de QLD a través de una revisión de la literatura científica. La búsqueda bibliográfica se ha realizado a través de la base de datos MEDLINE (vía PubMed) y de la Biblioteca Cochrane Plus. Se utilizaron los siguientes términos de búsqueda: “diffuse lamellar keratitis”, “diffuse lamellar keratitis” AND “epithelial defects”, “pressure induced stromal keratitis”, “interface fluid síndrome” y “Post-LASIK Edema-induced Keratopathy”. Además se incluye el análisis de dos casos clínicos observados en la práctica clínica del Instituto Oftalmológico de Oftalmobiología Aplicada (IOBA) indicando las actuaciones llevadas a cabo y cómo fue la resolución de los mismos. La diferenciación entre las diferentes entidades y estadios de la QLD es fundamental para el diagnóstico rápido, el tratamiento y el resultado visual final. Aunque las presentaciones iniciales pueden superponerse de manera significativa, las manifestaciones pueden ser fácilmente distinguidas con un seguimiento estrecho, y la mayoría de las complicaciones se resuelven sin secuelas visuales significativas cuando son identificadas y tratadas adecuadamenteOtroMáster en Subespecialidades Oftalmológica

Chesterton en Borges

A partir de los aportes críticos de Enrique Anderson Imbert y de Umberto Eco acerca de las posibles relaciones existentes entre los escritos de Borges y Chesterton es que, en el presente trabajo, me propongo estudiar el motivo del cuarto cerrado y su relación con el detective en Seis problemas para don Isidro Parodi de Honorio Bustos Domecq (seudónimo de Adolfo Bioy Casares y Jorge Luis Borges). En tal sentido, intento fundamentar la relación paródica que a nivel de procedimientos se establece con la saga del padre Brown de Gilbert R. Chesterton. Con tal finalidad, reseño el itinerario diacrónico que los tres elementos fundamentales de este tipo de relatos -el cuarto cerrado, el detective y la víctima-, han tenido a lo largo de la historia de la literatura de índole policial con el objetivo preciso de señalar la peculiar textualización de los mismos en la obra analizada. La originalidad del tratamiento de estos motivos típicos, tanto por parte de Biorges como por parte de Chesterton, ha evitado su posible petrificación en el tiempo como tópico literario.Considering Enrique Anderson Imbert's and Emberto Eco's critical contributions on the posible relations between Borges' and Chesterton's works, this paper aims at studying the motif of the locked room and its connection to the detective in Six problems for Don Isidro Parodi by Honorio Bustos Domeq (pseudonym of Adolfo Bioy Casares and Jorge Luis Borges). In this sense, it is my purpose to support the parodic relation at the level of procedures which can be detected in relation with Gilbert K. Chesterton's Father Brown saga. To do so, there is a review of the diachronic itinerary taken by the three fundamental elements of this type of stories (the locked room, the detective, and the victim- have had through the history of detective literature. The objective is to highlight their peculiar textualization in the corpus. The original treatment of these typical motives, both by Borges and by Chesterton, has avoided any possible petrifaction in time as a literary topic.Fil: Domínguez, Marta Susana. Universidad Nacional del Su

This is it: the inspiration ¡to show!

El objetivo de este artículo es presentar una experiencia multidisciplinar desarrollada desde la asignatura de Expresión Corporal en la Universidad de Córdoba, con los futuros maestros especialistas en Educación Física. La experiencia, basada en el Método de Proyectos, pone en juego a un grupo de profesionales del mundo de la danza, las artes escénicas y la educación fomentando el trabajo cooperativo y el intercambio de experiencias con los futuros docentes. El proceso de aprendizaje está motivado por un hecho de la realidad social y cultural actual: el recorrido profesional de Michael Jackson, que se convierte en inspiración del proyecto, tanto durante el proceso como en la creación de la performance grupal.The aim of this communication is to present a multidisciplinary experience developed from the subject's corporal language at the University of Córdoba, with future teachers specialists in physical education. The experience, based on the method of projects, puts into play a group of professionals of the world of dance, performing arts and education by encouraging cooperative work and the exchange of experiences with the future teachers. The learning process is motivated by a fact of current social and cultural reality: the professional career of Michael Jackson, which turns into inspiration for the project, both during the process and in the creation of the group performance

Study of the intestinal microbiota of Solea senegalensis specimens after the administration of the probiotic Shewanella putrefaciens SpPdp11 by Next Generation Sequencing

Introduction Probiotics are defined as live microorganisms which, when administered in adequate amounts, confer a health benefit on the host [1]. The use of probiotics is a key tool to protect farmed fish, in many cases predisposed to stress and/or infection under intensive culture conditions. In this way, Shewanella putrefaciens Ppd11 (SpPdp11) is a microorganism applied to farmed fish such as Solea senegalensis and Sparus aurata that has demonstrated probiotic effect such as promotes the growth and a better efficiency of feed utilization, stimulating the immune system of S. senegalensis and S. aurata, and the stress tolerance of S. senegalensis specimens to high stocking densities [2]. In addition, its capability to modulate the intestinal microbiota of these farmed fish has also been demonstrated using Denaturing Gradient Gel Electrophoresis (DGGE). At present, the Next Generation Sequencing (NGS) methodology is a better and more sensitive way to evaluate the composition of the microbiota and to analyze the effects on it of different factors, such as the dietary supplementation with a probiotic. In this context, this is the first time that the effect of the probiotic on the intestinal microbiota of S. senegalensis is analyzed using the NGS methodology.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech