Shadow banking in the euro area: risks and vulnerabilities in the investment fund sector

This paper first highlights the structural features of shadow banking in the euro area, focussing on investment funds. It then discusses the potential systemic risks that the recent expansion of the investment fund sector presents. While investment funds provide important intermediation services to the real sector, including market and liquidity risk-sharing and the bridging of information gaps, their rapid expansion may present systemic risks that need to be detected, monitored and managed. In particular, the risk of fund outflows and the possible negative impacts on the wider financial system have risen due to the rapid expansion of the investment fund sector, its growing involvement in capital markets, its use of synthetic leverage, and the inherent and growing maturity and liquidity mismatch arising from the demandable nature of fund share investments. While available data suggest that vulnerabilities within the investment fund sector are growing and links to the wider financial system and real economy have strengthened, data limitations prevent drawing a definitive conclusion on the sectors' contribution to systemic risk

Analysing flux decline in dead-end filtration

Can we rely on the analysis of flux decline to evaluate the risks of a filter media to be clogged during filtration of a given particle suspension? This important issue can be dealt with a macroscopic approach described in this paper. We seek to identify and quantify the successive prevailing mechanisms which occur during a filtration run, directly and solely from experimental flux data. This is achieved from the collection of experimental data (filtrate volume V vs. time t) and the use of the differential equation (d2t/dV2) = k(dt/dV)n. A methodology is then proposed to define and validate experimental procedures with the purpose of quantifying occurring fouling mechanism. For the purpose of illustrating its valuable impact for a bench marking procedure, the methodology has been applied on a model system composed of a bentonite suspension and a series of microfiltration membranes of different structures

Heat transfer characterization in a shallow aquifer using heat and dye tracer tests

Very low enthalpy geothermal systems (open or closed) are increasingly considered for heating or cooling houses and offices using groundwater energy combined with heat pumps. However, the design and the impact of current shallow geothermal systems are often set up and assessed in a semi-empirical way. In our country, this situation seems accepted by most of the private partners but not by the authorities and responsible administrations evaluating the impact on groundwater with a mid- to long-term perspective. A rigorous methodology is needed based on a physically based estimation of heat transfer parameters. In this study, the simultaneous use of heat and dye tracers allows estimating simultaneously heat transfer and solute transport parameters in an alluvial aquifer. The experimental field site, located near Liege (Belgium), is equipped with 21 piezometers drilled in the alluvial deposits of the Meuse River. These alluvial deposits are composed of a loam layer (3 m) overlying a sand and gravel layer which constitutes the alluvial aquifer (7 m). The tracing experiment consisted in injecting simultaneously heated water and a dye tracer in a piezometer and monitoring the evolution of groundwater temperature and tracer concentration in a series of control panels set perpendicularly to the main groundwater flow. Results showed drastic differences between heat transfer and solute transport due to the main influence of thermal capacity of the saturated porous medium. The tracing experiment was then simulated using a numerical model and the best estimation of heat transfer and solute transport parameters is obtained by calibrating this numerical model using inversion tools. The developed concepts and tests may lead to real projects of various extents that can be now optimized by the use of a rigorous and efficient methodology at the field scale

Combining resistivity and frequency domain electromagnetic methods to investigate submarine groundwater discharge in the littoral zone

Submarine groundwater discharge (SGD) is an important gateway for nutrients and pollutants from land to sea. While understanding SGD is crucial for managing nearshore ecosystems and coastal freshwater reserves, studying this discharge is complicated by its occurrence at the limit between land and sea, a dynamic environment. This practical difficulty is exacerbated by the significant spatial and temporal variability. Therefore, to capture the magnitude of SGD, a variety of techniques and measurements, applied over multiple periods, is needed. Here, we combine several geophysical methods to detect zones of fresh submarine groundwater discharge (FSGD) in the intertidal zone, upper beach, dunes, and shallow coastal area. Both terrestrial electrical-resistivity tomography (ERT; roll-along) and marine continuous resistivity profiling (CRP) are used from the shallow continental shelf up to the dunes and combined with frequency domain electromagnetic (FDEM) mapping in the intertidal zone. In particular, we apply an estimation of robust apparent electrical conductivity (rECa) from FDEM data to provide reliable lateral and vertical discrimination of FSGD zones. The study area is a very dynamic environment along the North Sea, characterized by semi-diurnal tides between 3 and 5 m. CRP is usually applied in calmer conditions, but we prove that such surveys are possible and provide additional information to primarily land-bound ERT surveying. The 2D inversion models created from ERT and CRP data clearly indicate the presence of FSGD on the lower beach or below the low-water line. This discharge originates from a potable freshwater lens below the dunes and flows underneath a thick saltwater lens, present from the dunes to the lower sandy beach, which is fully observed with ERT. Freshwater outflow intensity has increased since 1980, due to a decrease of groundwater pumping in the dunes. FDEM mapping at two different times reveals discharge at the same locations, clearly displays the lateral variation of the zone of discharge, and suggests that FSGD is stronger at the end of winter compared to the beginning of autumn. ERT, CRP, and FDEM are complementary tools in the investigation of SGD. They provide a high-resolution 3D image of the saltwater and freshwater distribution in the phreatic coastal aquifer over a relatively large area, both off- and onshore

Proposition d'un support d'aide à la décision pour l'amélioration de l'accès à une eau souterraine de meilleure qualité dans un contexte de contamination géogénique au fluorure au Bénin, Afrique de l'Ouest

High concentrations of fluoride (up to 7 mg/L) are observed in the hard crystalline aquifers in the central part of Benin (Department of Collines) while the WHO recommended standard is 1.5 mg/L. The drinking of water with high fluoride contents affects human heath as dental fluorosis which already occurs frequently in the region. The hydrogeochemical investigations in the area reveal that the origin of fluoride in groundwater is geogenic with an important contribution of ferromagnesian minerals, mainly biotite. This work aims to carry out a double cartography at the scale of the Department of Collines for: (i) an estimation map of the fluoride concentration in the groundwater by ordinary kriging and (ii) a probability map to exceed the WHO guideline value of fluoride in water (1.5 mg/L) by indicator kriging. Beside the cartography, analysis of the spatial structure of the data (groundwater fluoride content) through variograms calculation was also carried out. This analysis shows a strong link between spatial structure of fluoride contents in groundwater and the dominant geological layer structures, corroborating the geogenic origin of fluoride. The proposed maps could be useful as decision support for policymakers and water resources managers for the appropriate locations of further groundwater extraction wells to limit or avoid fluoride risk areas

Assessment of the knowledge of graphical symbols labelled on malaria rapid diagnostic tests in four international settings

<p>Abstract</p> <p>Background</p> <p>Graphical symbols on <it>in vitro </it>diagnostics (IVD symbols) replace the need for text in different languages and are used on malaria rapid diagnostic tests (RDTs) marketed worldwide. The present study assessed the comprehension of IVD symbols labelled on malaria RDT kits among laboratory staff in four different countries.</p> <p>Methods</p> <p>Participants (n = 293) in Belgium (n = 96), the Democratic Republic of the Congo (DRC, n = 87), Cambodia (n = 59) and Cuba (n = 51) were presented with an anonymous questionnaire with IVD symbols extracted from ISO 15223 and EN 980 presented as stand-alone symbols (n = 18) and in context (affixed on RDT packages, n = 16). Responses were open-ended and scored for correctness by local professionals.</p> <p>Results</p> <p>Presented as stand-alone, three and five IVD symbols were correctly scored for comprehension by 67% and 50% of participants; when contextually presented, five and seven symbols reached the 67% and 50% correct score respectively. 'Batch code' scored best (correctly scored by 71.3% of participants when presented as stand-alone), 'Authorized representative in the European Community' scored worst (1.4% correct). Another six IVD symbols were scored correctly by less than 10% of participants: 'Do not reuse', '<it>In vitro </it>diagnostic medical device', 'Sufficient for', 'Date of manufacture', 'Authorised representative in EC', and 'Do not use if package is damaged'. Participants in Belgium and Cuba both scored six symbols above the 67% criterion, participants from DRC and Cambodia scored only two and one symbols above this criterion. Low correct scores were observed for safety-related IVD symbols, such as for 'Biological Risk' (42.7%) and 'Do not reuse' (10.9%).</p> <p>Conclusion</p> <p>Comprehension of IVD symbols on RDTs among laboratory staff in four international settings was unsatisfactory. Administrative and outreach procedures should be undertaken to assure their acquaintance by end-users.</p

Neutralizing anti-Tat antibodies prolonged HAART interruption in vaccines in a prospective structured interruption study

Anti-Tat therapeutic vaccination has been clinically investigated by different groups [1-4], given that 1) extracellular Tat protein induces T cell apoptosis and cellular immune suppression, 2) epidemiological data showed that LTNP exhibit high level of serum anti-Tat Ab, negatively correlated with p24 antigenemia, 3) in Tat immunized macaques, viremia decreased following SHIV challenge. Anti-Tat therapeutic vaccination using Tat Toxoid adjuvanted either with Seppic [1,2] or with alum or DcChol (Aventis Pasteur) proved to be safe. A prospective structured treatment interruption study (STI) monitored according to EU guidelines was conducted at Hospital St-Pierre, Brussels (Pr. N. Clumeck) on 31 vaccinees who received a DcChol adjuvanted Tat Toxoid (n = 12), a DcChol placebo (n = 8) or non adjuvanted Tat toxoid (n = 11). The 2 year study follow-up showed that vaccinees developing high titer of Abs neutralizing Tat bioactivity prolonged HAART-interruption.info:eu-repo/semantics/publishedOral presentation. From 2006 International Meeting of The Institute of Human VirologyBaltimore, USA. 17–21 November, 200

The extreme UV imager telescope on-board the Solar Orbiter mission: overview of phase C and D

The Solar Orbiter mission is composed of ten scientific instruments dedicated to the observation of the Sun’s atmosphere and its heliosphere, taking advantage of an out-of ecliptic orbit and at perihelion reaching a proximity close to 0.28 A.U. On board Solar Orbiter, the Extreme Ultraviolet Imager (EUI) will provide full-Sun image sequences of the solar corona in the extreme ultraviolet (17.1 nm and 30.4 nm), and high-resolution image sequences of the solar disk in the extreme ultraviolet (17.1 nm) and in the vacuum ultraviolet (121.6 nm). The EUI concept uses heritage from previous similar extreme ultraviolet instrument. Additional constraints from the specific orbit (thermal and radiation environment, limited telemetry download) however required dedicated technologies to achieve the scientific objectives of the mission. The development phase C of the instrument and its sub-systems has been successfully completed, including thermo-mechanical and electrical design validations with the Structural Thermal Model (STM) and the Engineering Model (EM). The instrument STM and EM units have been integrated on the respective spacecraft models and will undergo the system level tests. In parallel, the Phase D has been started with the sub-system qualifications and the flight parts manufacturing. The next steps of the EUI development will be the instrument Qualification Model (QM) integration and qualification tests. The Flight Model (FM) instrument activities will then follow with the acceptance tests and calibration campaigns