Complementarity and coordination of macroeconomic and financial policies to tackle internal and external imbalances.

Policy responses to the global crisis have helped stabilise the economies and contained the threat of financial instability. But growing sovereign indebtedness, a weakened financial system and uneven economic growth prospects at the global level pose risks of new imbalances and vulnerabilities. To limit those risks it is essential to address both macroeconomic and fi nancial market failures. Important changes in financial market regulation and banking supervision are already being introduced. In the macroeconomic area, an effort is being made to strengthen the coordination of economic policies in the context of the G20. New institutions, such as macroprudential authorities, are being set up in many countries to monitor and contrast the emergence of systemic risk. There are, however, several areas where policy frameworks need to be further strengthened. At the international level we need surplus and deficit countries to rebalance global demand and ensure a return to sustained global growth, without conflicting policy actions leading to potential instability. Effective acroprudential policies require a clear definition of responsibilities, and need to be consistent with the conduct of monetary policies. In Europe, more effective economic governance is needed to proceed on the route towards greater economic integration and to fortify the euro, including tighter rules on fiscal policies, a broader surveillance over macroeconomic imbalances and an effective mechanism for crisis management.

Hedge funds and financial stability.

Much has been achieved to date in containing the financial stability risks that hedge funds could pose, while avoiding unnecessary restrictions that would distort market forces and prevent hedge funds from continuing to play their role in today’s markets. But in a continuously changing financial market environment, sustained attention is required by market participants and supervisory authorities to assess ongoing market developments and address any weaknesses in counterparty risk management practices and market discipline at an early stage. Dealers in the aggregate appear to be fairly well protected at present against the direct counterparty credit risks from hedge fund defaults, but the robustness of margining practices to a major deterioration in market conditions and liquidity needs to be examined further. The broader financial effects, via a deterioration in market liquidity and prices, from a market shock affecting hedge funds and other leveraged institutions remain difficult to gauge. This highlights the importance of improved stress testing and scenario analysis practices. A critical challenge in this regard will be to ensure improved assessment and mitigation of tail risks by all key participants in the system, so that unrealistic expectations that risks can be transferred to others do not lead to moral hazard and wider risks to the financial system.

2D Coordination Polymers Based on Isoquinoline-5-Carboxylate and Cu(II)

By combining isoquinoline-5-carboxilic acid with Cu(II) ions under several different conditions, we were able to obtain novel metallorganic materials, among which two 2D coordination polymers, CP 1 and CP 2 which were also characterized by SC-XRD. Ratio of solvents (EtOH : DMF) in the mixture employed during their synthesis has a marked effect in selecting the formation of one species or the other, which basically differ in the coordination at the Cu(II) center due to k1/k2 denticity of the carboxylate ligands.Two 2D coordination polymers which exclusively form depending on DMF : EtOH solvent mixture, fully characterized by SC-XRD, are among the novel materials formed by the combination of Cu(II) with isoquinoline-5-carboxylate ligand described here.imag

Histogram Reweighting Method for Dynamic Properties

The histogram reweighting technique, widely used to analyze Monte Carlo data, is shown to be applicable to dynamic properties obtained from Molecular Dynamics simulations. The theory presented here is based on the fact that the correlation functions in systems in thermodynamic equilibrium are averages over initial conditions of functions of the trajectory of the system in phase-space, the latter depending on the volume, the total number of particles and the classical Hamiltonian. Thus, the well-known histogram reweighting method can almost straightforwardly be applied to reconstruct the probability distribution of initial states at different thermodynamic conditions, without extra computational effort. Correlation functions and transport coefficients are obtained with this method from few simulation data sets.Comment: 4 pages, 3 figure

Polypeptides from Hermetia illucens: a bio source for innovative materials in the framework of a circular economy model

Plastic waste reduction is one of the main challenges of the 21st century from an environmental and sustainability perspective. Still nowadays, relatively little plastic waste is collected for recycling (less than 10%) and a large fraction (approximately 20%) of Municipal Solid Waste (MSW) goes to landfill. At the global level, the generation of municipal solid waste (MSW) is estimated to be 2.5 billion tonnes per year, of which 30-55% is represented by the so-called organic fraction of municipal solid waste (OFMSW). While the use of alternative, plastic-like materials from natural sources could be one of the most appealing solutions, the massive occupation of agricultural soils for their supply is a big concern. In this scenario, waste valorization is gaining major relevance within the framework of circular economy models, with bio-conversion mediated from insects being one possible and effective answer. The project RICH (Turning Rubbish Into biobased materials: a sustainable CHain for the full valorization of organic waste) aims to develop an innovative and integrated circular economy chain, which, starting from the biotransformation of the organic fraction of municipal solid waste (OFMSW), allows the targeted production of biobased materials with high technological value, such as bioplastics and other advanced protein-based materials. In the present study, proteins and polypeptides were extracted from larvae of Hermetia illucens, also known as black soldier fly. Extracts were characterized by means of proteomics techniques such as BCA, SDSPAGE, and LC-MS analyses. Procedures were next defined to prepare materials such as films, tuning the mechanical properties, and investigating the correlation with the molecular structure. Elastic films were obtained and the elasticity was correlated with the chemical composition and the protocol for film preparation. The results so far obtained pave the way for the application of these materials in the biomedical and packaging fields, bringing us closer to the completion of a new circular economy model

The transmission of unconventional monetary policy to bank credit supply : evidence from the TLTRO

We assess the transmission of the Targeted Longer-Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014:05-2018:01) and for Portugal (2011:01-2018:01), using a panel data setup. For the Euro area, we find a positive relationship between the TLTRO and the amount of credit granted to the real economy. For the vulnerable countries, the effects of the TLTRO on the stock of credit increased from 2016 to 2017. Among the group of small banks, the effects are stronger in less vulnerable countries. We also find that competition has no statistically significant impact on the transmission of the TLTRO to the bank credit supply for the Euro area. For Portugal, using a difference-in-differences model, we find no statistically significant impact of the TLTRO on credit granted by banks. Finally, bidding banks set lower interest rates than non-bidding banks and the difference seems to be larger in 2017. In Portugal, the effects of the TLTRO on loan interest rates also increased from 2016 to 2017 and are stronger for small banks.info:eu-repo/semantics/publishedVersio

Innovative bioplastics from polypeptides of Hermetia illucens

The environmentally sustainable waste management, together with waste valorization, is one of the actual challenges pursued by the European Commission. UE policies are thus contributing in the frameworks of circular economy by promoting the extraction of high quality materials from wastes. At the European level, the generation of municipal solid waste (MSW) is estimated to be 500 kg per capita, of which 70% (discarded food, yard trimmings, paper and wood) is represented by the so-called organic fraction of municipal solid waste (OFMSW). In this scenario, organic waste valorization is gaining major relevance within circular economy models, with bioconversion mediated from insects being one possible and effective answer to the problem. The project RICH (Turning Rubbish Into biobased materials: a sustainable CHain for the full valorization of organic waste) aims to develop an innovative and integrated circular economy chain, which, starting from the biotransformation of the organic fraction of municipal solid waste (OFMSW), allows the targeted production of biobased materials with high technological value, such as bioplastics and other advanced protein-based materials. In the present study, proteins and polypeptides were extracted from larvae and pupae of Hermetia illucens, also known as Black Soldier Fly. The extraction efficiency from both stages was assessed. Crude extracts were characterized by means of proteomics techniques such as BCA, SDS-PAGE, and LC-MS analyses. State of art materials were prepared, investigating the correlation with the molecular structure through physical techniques (FTIR, Contact Angle, TGA). Results clearly points out a correlation between film-forming ability and the chosen larval stage, with extracts from Larvae at the 6th instar leading to the best results. A correlation with polypeptide chain length is proposed

Programmed cell death-1, PD-1, is dysregulated in T cells from children with new onset type 1 diabetes

Programmed death cell 1 (PD-1) is an inhibitor of T cell activation and is also functionally linked to glycolysis. We hypothesized that PD-1 expression is defective in activated T cells from children with type 1 diabetes (T1D), resulting in abnormal T cell glucose metabolism