Central Banking

Before the 2007–2008 global financial crisis, the vast majority of social scientists were not paying much attention to the politics of central banking, despite the fact that, since their creation, central banks have been pivotal institutions between private financial institutions and public authorities (Singleton, 2010). During the past decades, central banks acquired considerable independence from public officials under the Central Bank Independence (CBI) template (McNamara, 2002). Governments justified their decisions to delegate monetary competences by relying on a narrow conception of monetary policy, in which central bankers should only seek to control inflation and ignore the implications of their policies on other economic issues such as financial stability or wealth inequalities (Issing et al., 2001; Marcussen, 2009). Heterodox economists and critical political economists opposed this view by declaring that monetary policy is fundamentally political as it deals with complicated policy trade-offs, which generates winners and losers (Epstein & Gintis, 1995; Forder, 2005). However, until 2007, their concerns were very marginal and remained at the fringes of the political debate. The vast majority of policy-makers, economists, and central bankers themselves agreed on the fact that the CBI template was the optimal institutional arrangement between fiscal and monetary authorities

The Promises and Perils of Central Bank Digital Currencies

This paper analyzes the proposal that central banks should issue digital currencies (CBDC) to provide a public alternative to private digital accounts and cryptocurrencies. We build on some The promises and perils of central bank digital currencies recent themes in political economy research to give a broader and more balanced perspective than the existing literature, highlighting both the promises and perils of CBDC. We argue that, on the one hand, the present state of the private financial sector is problematic and regulators should seek to tackle the issues of financial power, financial instability and lack of adequate monetary policy options. On the other hand, implementing CBDC comes with risks of its own, such as that of creating a “Frankenstein scenario” where too much power is given to unelected technocrats. Our tentative conclusion is therefore that CBDC should be seen as a second-best option, while the primary focus of policy makers should be on the possibility of financial re-regulation

Monomorphic epitheliotropic intestinal T-cell lymphoma comprises morphologic and genomic heterogeneity impacting outcome.

Monomorphic epitheliotropic intestinal T-cell lymphoma (MEITL) is a rare aggressive T-cell lymphoma most reported in Asia. We performed a comprehensive clinical, pathological and genomic study of 71 European MEITL patients (36 males; 35 females, median age 67 years). The majority presented with gastrointestinal involvement and had emergency surgery, and 40% had stage IV disease. The tumors were morphologically classified into two groups: typical (58%) and atypical (i.e. nonmonomorphic or with necrosis, angiotropism or starry-sky pattern) (42%), sharing a homogeneous immunophenotypic profile (CD3+ (98%) CD4- (94%) CD5- (97%) CD7+ (97%) CD8+ (90%) CD56+ (86%) CD103+ (80%) cytotoxic marker+ (98%)) with more frequent expression of TCRgd (50%) than TCRab (32%). MYC expression (30% of cases) partly reflecting MYC gene locus alterations, correlated with nonmonomorphic cytology. Almost all cases (97%) harbored deleterious mutation(s) and/or deletion of the SETD2 gene and 90% had defective H3K36 trimethylation. Other frequently mutated genes were STAT5B (57%), JAK3 (50%), TP53 (35%) JAK1 (12.5%), BCOR and ATM (11%). Both TP53 mutations and MYC expression correlated with atypical morphology. The median overall survival (OS) of 63 patients (43/63 only received chemotherapy after initial surgery) was 7.8 months. Multivariate analysis found a strong negative impact on outcome of MYC expression, TP53 mutation, STAT5B mutation and poor performance status while aberrant B-cell marker expression (20% of cases) correlated with better survival. In conclusion, MEITL is an aggressive disease with resistance to conventional therapy, predominantly characterized by driver gene alterations deregulating histone methylation and JAK/STAT signalling and encompasses genetic and morphologic variants associated with very high clinical risk

Confirmation that chestnuts are insect-pollinated

We have performed new insect-exclusion experiments to test if chestnuts are insect-pollinated, as proposed in an earlier study. We used double rather than simple nets to ensure that erect styles do not emerge outside of the nets while allowing most airborne pollen to penetrate. Our findings indicate that >= 94% of chestnut flowers are pollinated by insects. Therefore, chestnut ought to be considered as one of the most important entomophilous tree genus of the northern temperate and subtropical flora

Strong pollen limitation in genetically uniform hybrid chestnut orchards despite proximity to chestnut forests

Key message In arboriculture, the number and diversity of pollen donors can have a major impact on fruit production. We studied pollination insurance in hybrid chestnut orchards ( C. sativa × C. crenata ) provided by nearby wild European chestnuts ( C. sativa ) in southwestern France. Most fruits were sired by hybrid pollenizers rather than by wild chestnuts. When these hybrid pollenizers were too scarce, a frequent situation, pollen produced by wild chestnut trees did not compensate for the lack of compatible pollen and fertilization rates and fruit production collapsed. Context The demand for chestnuts has been increasing in recent years in many European countries, but fruit production is not sufficient to meet this demand. Improving pollination service in chestnut orchards could increase fruit production. Aims Investigate pollination service in chestnut orchards. Evaluate the contribution to pollination of trees growing in chestnut woods and forests. Methods We investigated five orchards planted with hybrid chestnuts ( C. sativa × C. crenata ) cultivars in southwestern France. We combined fruit set data, which provide information about pollination rate, with genetic data, which provide information about pollen origin. We used this information to estimate the contribution of nearby C. sativa forest stands to the pollination of each orchard. Results Pollination rates vary considerably, being fivefold higher in orchards comprising numerous pollen donors than in monovarietal orchards. Because of asymmetric hybridization barriers between hybrid and purebred cultivars, the surrounding chestnut forests provide very limited pollination insurance: less than 14% of the flowers in these monovarietal orchards had been pollinated by forest trees. Conclusion Because chestnut orchards are now increasingly relying on hybrid cultivars, surrounding wild European chestnut trees are no longer a reliable pollen source. To achieve maximal fruit set, efforts must therefore concentrate on orchard design, which should include enough cultivar diversity

Efficient monitoring of phenology in chestnuts

Chestnuts (Castanea spp.) are ecologically and economically important forest and fruit trees. They are cultivated for their nutritious nuts. To select varieties to be cultivated in chestnut orchards, their phenology needs to be considered. In this work, we adapt the international BBCH system to chestnuts by building on an existing phenological scale used in some European countries for these species. The proposed BBCH scale uses eight of the ten principal growth stages for fruit trees and secondary growth stages that are specific to chestnut trees. We tested it by monitoring chestnut trees phenology during three growing seasons, illustrating its suitability for high-throughput phenotyping studies. Overall, the approach used, despite its inherent limitations, is straightforward, accessible and flexible, allowing particularly precise description of the complex flowering phenology of these trees

Sexual interference revealed by joint study of male and female pollination success in chestnut

Most seed plants produce both pollen and ovules. In principle, pollen export could interfere with pollen import through self-pollination, resulting in ovule usurpation and reduced fruit set. Evidence for such interference exists under experimental settings but its importance under natural conditions is unknown. To test for sexual interference in nature, it is necessary to study together mating system, through paternity analyses, and fruit set, the proportion of flowers giving seeds or fruits. We developed a new model combining both processes, using chestnut (Castanea) as case study. We carried out a paternity analysis in an intensively studied plot of 273 trees belonging to three interfertile chestnut species and including a range of individuals with more or less functional stamens, resulting in a large data set of 1924 mating events. We then measured fruit set on 216 of these trees. Fruit set of male-fertile trees was much lower than that of male-sterile trees. Our process-based model shows that pollen is not limiting in the study site and hence cannot account for reduced fruit set. It also indicates that self-pollination is high (74%) but selfing rate is low (4%). Self-pollen is less competitive than cross-pollen, reducing sexual interference, but not sufficiently, as many ovules end up being self-fertilized, 95% of which abort before fruit formation, resulting in the loss of 46% of the fruit crop. These results suggest that the main cause of reduced reproductive potential in chestnut is sexual interference by self-pollen, raising questions on its evolutionary origins

Adaptive function of duodichogamy: Why do chestnut trees have two pollen emission phases?

Premise: Intersexual mating facilitation in flowering plants has been largely underexplored. Duodichogamy is a rare flowering system in which individual plants flower in the sequence male-female-male. We studied the adaptive advantages of this flowering system using chestnuts (Castanea spp., Fagaceae) as models. These insectpollinated trees produce many unisexual male catkins responsible for a first staminate phase and a few bisexual catkins responsible for a second staminate phase. We hypothesized that duodichogamy increases female mating success by facilitating pollen deposition on stigmas of the rewardless female flowers through their proximity with attractive male flowers responsible for the minor staminate phase. Methods: We monitored insect visits to 11 chestnut trees during the entire flowering period and explored reproductive traits of all known duodichogamous species using published evidence. Results: In chestnuts, insects visited trees more frequently during the first staminate phase but visited female flowers more frequently during the second staminate phase. All 21 animal-pollinated duodichogamous species identified are mass-flowering woody plants at high risk of self-pollination. In 20 of 21 cases, gynoecia (female flower parts) are located close to androecia (male flower parts), typically those responsible for the second minor staminate phase, whereas androecia are often distant from gynoecia. Conclusions: Our results suggest that duodichogamy increases female mating success by facilitating pollen deposition on stigmas by means of the attractiveness of the associated male flowers while effectively limiting self-pollination

An intensive study plot to investigate chestnut tree reproduction

Abstract Key message Pollination is a key step for fruit production. To provide a tool for future in-depth analysis of pollination in chestnut, we describe in detail a chestnut orchard (location, genotype, phenotype and seed-set of all trees). Context Chestnuts, which are insect-pollinated trees, have been massively planted around the world for nut production. Orchards are planted with clonal varieties selected from crosses between the European chestnuts ( Castanea sativa ) and Japanese chestnuts ( C. crenata ) or Chinese chestnuts ( C. mollissima ) because these two last species are tolerant to blight and ink diseases. Aims To characterize chestnut genetic resources and accurately model male and female fitness as well as pollen exchanges in orchards, we characterized all chestnuts of the INRAE chestnut germplasm collection located near Bordeaux (France). Methods All chestnut trees were geolocated and genotyped using 79 SNP and 98 SSR loci. We scored their flowering phenology using chestnut BBCH scale and precisely described their phenotype (height, diameter a breast height (DBH), canopy diameter…), their capacity to produce pollen (flower type, catkins length…) and their fruit production (number of burrs, seed-set…). Results We geolocated 275 trees and genotyped 273 of them. We identified 115 unique genotypes and assigned each genotype to species. To assess phenology, we evaluated 244 trees twice a week, for 6 weeks from early June to mid-July. We also described tree phenotypes with 11 variables, pollen production with 5 variables and fruit production with 3 variables. All measures were recorded in 2018 except seed set that was measured two consecutive years, in 2018 and 2019. Conclusion The data collected is very detailed and allows modelling precisely pollen exchanges between trees. Parts of this data have been successfully published in scientific articles. Data are available at: https://data.inrae.fr/dataset.xhtml?persistentId=doi:10.15454/GSJSWW Associated metadata are available at: https://metadata-afs.nancy.inra.fr/geonetwork/srv/fre/catalog.search#/metadata/02c5ca07-1536-4f89-9a0c-9e8d44a9128