The new financial stability architecture in the EU

After the introduction of the euro in 1999, the debate on the financial stability architecture in the EU focused on the adequacy of a decentralised setting based on national responsibilities for preventing and managing crises. The Financial Services Action Plan in 1999 and the introduction of the Lamfalussy process for financial regulation and supervision in 2001 enhanced the decentralised arrangements by increasing significantly the level of legal harmonisation and supervisory cooperation. In addition, authorities adopted EU-wide MoUs to safeguard cross-border financial stability. In this context, the financial crisis has proved to be a major challenge to the ongoing process of European financial integration. In particular, momentous events such as the freezing of interbank markets, the loss of confidence in financial institutions, runs on banks and difficulties affecting cross-border financial groups, questioned the ability of the EU financial stability architecture to contain threats to the integrated single financial market. In particular, the crisis has demonstrated the importance of coupling to micro-prudential supervision a macro dimension aimed at a broad and effective monitoring and assessment of the potential risks covering all components of the financial system. In Europe, following the de Larosière Report, the European Commission has put forward proposals for establishing a European System of Financial Supervision and a European Systemic Risk Board, the latter body to be set up under the auspices of the ECB. While the details for the implementation of these structures still need to be spelt out, they should reinforce significantly – ten years after the introduction of the euro – the financial stability architecture at the EU level

The lender of last resort in the european single financial market

The paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU’s financial-stability architecture for preventing and resolving financial problems, including lender-of-last-resort operations. The paper examines how the lender-of-last-resort function might materialize during a systemic financial disturbance affecting more than one EU Member State. The paper identifies challenges and possible ways of enhancing the effectiveness of the existing architecture

Understanding portuguese consumer acceptability of seaweed-based snacks

The world's population is growing and that. As a result, the world's resources are becoming increasingly scarce. Over the years, the food industry has become more competitive, while consumers have become more concerned about what they eat, especially the nutritional and health benefits of the food they eat. The consumption of algae has proven to be an alternative to the environmental saturation resulting from the production of more traditional foods, and therefore the promotion of the consumption of algae is of great importance, since it tends to be a healthy alternative that benefits both human beings and the planet's ecosystem, promoting the sustainability of the planet. This study attempts to validate an alternative way of consuming seaweed: seaweed snacks. In order to explore understand the Portuguese consumer acceptability of seaweed-based snacks, will be evaluate the impact of the independent variables: familiarity, knowledge of seaweed, neophobia and product certification and labelling, on the independent variable will be assessed. It was observed that the respondents claimed not to have sufficient knowledge about seaweed, despite having some previous experience with it: seeing and eating seaweed-based food. The product that stood out the most was the seaweed-based snack, confirming that it could be a good bet for the market to overcome the barriers inherent in seaweed consumption. Labelling is also an aid in choosing healthier food products and can also be very useful in spreading nutritional and health information about algae-based foods

Migraine among university students, analysis of the demand for acupuncture in its treatment

info:eu-repo/semantics/publishedVersio

A INFLUÊNCIA DO APEGO NA RECOMENDAÇÃO DE UMA IES NA ÓTICA DE ALUNOS DE UMA UNIVERSIDADE PÚBLICA FEDERAL NO BRASIL

Apego emocional e a recomendação da marca são dois assuntos explorados no marketing, entretanto, poucos trabalhos buscaram medir esta relação, em especial no contexto educacional. Buscando suprir esta carência, o presente artigo buscou analisar a influência do apego por uma instituição de ensino superior pública na recomendação dela por parte dos alunos. Para tanto, realizou-se uma survey descritiva e quantitativa com a participação de 87 alunos de um curso superior de uma universidade pública do sul do Brasil entre janeiro e abril de 2014. Os dados foram tabulados e tratados via equação estrutural, sendo que o resultado da modelagem, revelou haver uma forte influência do apego emocional na recomendação. Neste caso, conclui-se que o apego emocional é um forte componente para gerar a recomendação, mesmo em IES públicas federais

Early-onset neonatal sepsis and the implementation of group B streptococcus prophylaxis in a Brazilian maternity hospital : a descriptive study

Objectives: to describe early-onset neonatal sepsis (EOS) epidemiology in a public maternity hospital in Brasilia, Brazil. Methods: we defined EOS as a positive blood culture result obtained from infants aged ≤72 hours of life plus treatment with antibiotic therapy for ≥5 days. Incidence was calculated based on the number of cases and total live births (LB). This is a descriptive study comparing the period of 2012–2013 with the period of 2014–September 2015, before and after implementation of antibiotic prophylaxis during labor for group B streptococcus (GBS) prevention, respectively. Results: overall, 36 infants developed EOS among 21,219 LB (1.7 cases per 1000 LB) and 16 died (case fatality rate of 44%). From 2014, 305 vaginal-rectal swabs were collected from high-risk women and 74 (24%) turned out positive for GBS. After implementation of GBS prevention guidelines, no new cases of GBS were detected, and the EOS incidence was reduced from 1.9 (95% CI 1.3–2.8) to 1.3 (95% CI 0.7–2.3) cases per 1000 LB from 2012–2013 to 2014–September 2015 (p = 0.32). Conclusions: although the reduction of EOS incidence was not significant, GBS colonization among pregnant women was high, no cases of neonatal GBS have occurred after implementation of prevention guidelines

The legal history of the European banking union (1973-2018) : how European law drove the integration of the single financial market from its expansion and crisis to the banking union

Defence date: 29 November 2019Examining Board: Professor Karl-Heinz Ladeur, Universität Hamburg; Professor Giorgio Monti, European University Institute; Professor Luís Silva Morais, Universidade de Lisboa; Professor René Smits, Universiteit van AmsterdamThis dissertation is driven by two research questions. First, what was the role played by European law and institutions in the evolution of the single financial market? Second, how can such evolution explain the creation of the Banking Union, where national competences were ultimately centralised at European level? In order to answer these questions, the dissertation provides the legal history of the Banking Union, starting with the first steps towards a single financial market in 1973 and ending with the creation of the Banking Union in 2013 and its evolution by 2018. The research into this history led to the identification of five phases of market integration. Each phase is characterized by the introduction of distinct legal and institutional innovations – such as the single passport in financial services – aiming at moving forward the integration of the single financial market. Such innovations were often at the boundaries of what could be achieved under the Treaty, while being politically acceptable to Member States. Therefore, the innovations represented in each historical period the outcome of an equilibrium between the expansion of European competences and the safeguarding of national sovereignty. These equilibria remained, however, unstable, as the increasing market integration was not captured by either limited European competences or constrained national sovereignty. Over time, increasing integration led to a build-up of risks, but without a European stabilisation capacity. The risks materialised with the 2007/2008 financial crisis followed by the sovereign debt crisis of the euro area in 2010. Since risk-sharing was excluded in both the single financial market and the Monetary Union, there was a rapid dis-integration process. The soft governance arrangements failed in preventing and managing the crises. The Banking Union then emerged to prevent dis-integration by centralising executive competences, with many legal and institutional implications for European integration. It stopped, however, short of introducing risk-sharing among Member States, despite the significant distributional effects it is bound to have. Together with concerns about the democratic legitimation of such effects, this is the main challenge to its future