The regulation of repo markets: Incorporating public interest through a stronger role of civil society

Regulatory failures, which came to the fore after the financial crisis of 2007-2009, lead to the question of why some activities by financial institutions were not regulated prior to the crisis of 2007, even though regulators knew about certain dangers to financial stability? The repo-market, although centrally involved in the last crisis, still awaits stringent regulation. At the same time, the regulatory cycle seems to come to an end, boding ill for future crises which will be amplified by this market. In this situation, NGOs are needed to make regulators act upon their knowledge and to tighten their regulations

Getting into the water with the Ecosystem Services Approach: The DESSIN ESS evaluation framework

Driven by Europe's pressing need to overcome its water quality and water scarcity challenges, the speed of innovation in the water sector is outpacing that of science. The methodologies available to assess the impact of innovative solutions to water-related challenges remain limited and highly theoretical, which sets boundaries on their application and usefulness to water practitioners. This hampers the uptake of new technologies and innovative management practices, thus foregoing potential gains in resource efficiency and nature protection, as well as wider benefits to society and the economy. To address this gap, the DESSIN project developed a framework to evaluate the changes in ecosystem services (ESS) associated with technical or management solutions implemented at the water body, sub-catchment or catchment level. The framework was developed with a specific focus on freshwater ecosystems to allow for a more detailed exploration of practical implementation issues. Its development, testing and validation was carried out by conducting ESS evaluations in three different urban case study settings. The framework builds upon existing classification systems for ESS (CICES and FEGS-CS) and incorporates the DPSIR adaptive management scheme as its main structural element. This enables compatibility with other international initiatives on ESS assessments and establishes a direct link to the EU Water Framework Directive, respectively. This work furthers research on practical implementation of the Ecosystem Services Approach, while pushing the discussion on how to promote more informed decision-making and support innovation uptake to address Europe's current water-related challenges

Mapping and assessment of forest ecosystems and their services - Applications and guidance for decision making in the framework of MAES

The aim of this report is to illustrate by means of a series of case studies the implementation of mapping and assessment of forest ecosystem services in different contexts and geographical levels. Methodological aspects, data issues, approaches, limitations, gaps and further steps for improvement are analysed for providing good practices and decision making guidance. The EU initiative on Mapping and Assessment of the state of Ecosystems and their Services (MAES), with the support of all Member States, contributes to improve the knowledge on ecosystem services. MAES is one of the building-block initiatives supporting the EU Biodiversity Strategy to 2020.JRC.H.3-Forest Resources and Climat

Open for Business: Entrepreneurial Central Banks and the Cultivation of Market Liquidity

In 2013, the Governor of the Bank of England heralded that the Bank of England is ‘open for business’: ready to buy and sell every asset it can value, thereby adjusting the role of the Bank of England to the demands of market-based finance. This article examines this re-articulation of the role of central banks in financial markets, situating it in the context of the recently enacted Basel III regulatory reforms. By placing a regulatory price on private liquidity provision, Basel III hampers broker-dealers’ market-making capacity and the liquidity of assets used as collateral in repo-transactions. The BoE aims to counter these fragilities of market-based finance, providing a potential backstop for market prices. Endorsing entrepreneurial principles, a hallmark of neoliberal reason, this hybrid mode of external and internal intervention establishes a new balance in the relationship between central banks and private market actors. Our paper complements analyses which showed that such liquidity-providing interventions of central banks are of institutional necessity by highlighting how regulators and central bankers engage with this task. We show that the ‘cultivation of market liquidity’ is driven by the intention to transform shadow-banking into a value for society, therefore accepting to engage in an admittedly risky investment

Open for Business: Entrepreneurial Central Banks and the Cultivation of Market Liquidity

In 2013, the Governor of the Bank of England heralded that the Bank of England is ‘open for business’: ready to buy and sell every asset it can value, thereby adjusting the role of the Bank of England to the demands of market-based finance. This article examines this re-articulation of the role of central banks in financial markets, situating it in the context of the recently enacted Basel III regulatory reforms. By placing a regulatory price on private liquidity provision, Basel III hampers broker-dealers’ market-making capacity and the liquidity of assets used as collateral in repo-transactions. The BoE aims to counter these fragilities of market-based finance, providing a potential backstop for market prices. Endorsing entrepreneurial principles, a hallmark of neoliberal reason, this hybrid mode of external and internal intervention establishes a new balance in the relationship between central banks and private market actors. Our paper complements analyses which showed that such liquidity-providing interventions of central banks are of institutional necessity by highlighting how regulators and central bankers engage with this task. We show that the ‘cultivation of market liquidity’ is driven by the intention to transform shadow-banking into a value for society, therefore accepting to engage in an admittedly risky investment

Getting into the water with the Ecosystem Services Approach: The DESSIN ESS evaluation framework

Driven by Europe’s pressing need to overcome its water quality and water scarcity challenges, the speed of innovation in the water sector is outpacing that of science. The methodologies available to assess the impact of innovative solutions to water-related challenges remain limited and highly theoretical, which sets boundaries on their application and usefulness to water practitioners. This hampers the uptake of new technologies and innovative management practices, thus foregoing potential gains in resource efficiency and nature protection, as well as wider benefits to society and the economy. To address this gap, the DESSIN project developed a framework to evaluate the changes in ecosystem services (ESS) associated with technical or management solutions implemented at the water body, sub-catchment or catchment level. The framework was developed with a specific focus on freshwater ecosystems to allow for a more detailed exploration of practical implementation issues. Its development, testing and validation was carried out by conducting ESS evaluations in three different urban case study settings. The framework builds upon existing classification systems for ESS (CICES and FEGS-CS) and incorporates the DPSIR adaptive management scheme as its main structural element. This enables compatibility with other international initiatives on ESS assessments and establishes a direct link to the EU Water Framework Directive, respectively. This work furthers research on practical implementation of the Ecosystem Services Approach, while pushing the discussion on how to promote more informed decision-making and support innovation uptake to address Europe’s current water-related challenges.publishedVersio

Coingestion of protein and carbohydrate in the early recovery phase, compared with carbohydrate only, improves endurance performance despite similar glycogen degradation and AMPK phosphorylation

The present study compared the effects of postexercise carbohydrate plus protein (CHO+PROT) and carbohydrate (CHO)-only supplementation on muscle glycogen metabolism, anabolic cell signaling, and subsequent exercise performance. Nine endurance-trained males cycled twice to exhaustion (muscle glycogen decreased from ~495 to ~125 mmol/kg dry wt) and received either CHO only (1.2 g·kg−1·h−1) or CHO+PROT (0.8/0.4 g·kg−1·h−1) during the first 90 min of recovery. Glycogen content was similar before the performance test after 5 h of recovery. Glycogen synthase (GS) fractional activity increased after exhaustive exercise and remained activated 5 h after, despite substantial glycogen synthesis (176.1 ± 19.1 and 204.6 ± 27.0 mmol/kg dry wt in CHO and CHO+PROT, respectively; P = 0.15). Phosphorylation of GS at site 3 and site 2+2a remained low during recovery. After the 5-h recovery, cycling time to exhaustion was improved by CHO+PROT supplementation compared with CHO supplementation (54.6 ± 11.0 vs. 46.1 ± 9.8 min; P = 0.009). After the performance test, muscle glycogen was equally reduced in CHO+PROT and CHO. Akt Ser473 and p70s6k Thr389 phosphorylation was elevated after 5 h of recovery. There were no differences in Akt Ser473, p70s6k Thr389, or TSC2 Thr1462 phosphorylation between treatments. Nitrogen balance was positive in CHO+PROT (19.6 ± 7.6 mg nitrogen/kg; P = 0.04) and higher than CHO (−10.7 ± 6.3 mg nitrogen/kg; P = 0.009). CHO+PROT supplementation during exercise recovery improved subsequent endurance performance relative to consuming CHO only. This improved performance after CHO+PROT supplementation could not be accounted for by differences in glycogen metabolism or anabolic cell signaling, but may have been related to differences in nitrogen balance

Coingestion of protein and carbohydrate in the early recovery phase, compared with carbohydrate only, improves endurance performance despite similar glycogen degradation and AMPK phosphorylation

The present study compared the effects of postexercise carbohydrate plus protein (CHO+PROT) and carbohydrate (CHO)-only supplementation on muscle glycogen metabolism, anabolic cell signaling, and subsequent exercise performance. Nine endurance-trained males cycled twice to exhaustion (muscle glycogen decreased from ~495 to ~125 mmol/kg dry wt) and received either CHO only (1.2 g·kg−1·h−1) or CHO+PROT (0.8/0.4 g·kg−1·h−1) during the first 90 min of recovery. Glycogen content was similar before the performance test after 5 h of recovery. Glycogen synthase (GS) fractional activity increased after exhaustive exercise and remained activated 5 h after, despite substantial glycogen synthesis (176.1 ± 19.1 and 204.6 ± 27.0 mmol/kg dry wt in CHO and CHO+PROT, respectively; P = 0.15). Phosphorylation of GS at site 3 and site 2+2a remained low during recovery. After the 5-h recovery, cycling time to exhaustion was improved by CHO+PROT supplementation compared with CHO supplementation (54.6 ± 11.0 vs. 46.1 ± 9.8 min; P = 0.009). After the performance test, muscle glycogen was equally reduced in CHO+PROT and CHO. Akt Ser473 and p70s6k Thr389 phosphorylation was elevated after 5 h of recovery. There were no differences in Akt Ser473, p70s6k Thr389, or TSC2 Thr1462 phosphorylation between treatments. Nitrogen balance was positive in CHO+PROT (19.6 ± 7.6 mg nitrogen/kg; P = 0.04) and higher than CHO (−10.7 ± 6.3 mg nitrogen/kg; P = 0.009). CHO+PROT supplementation during exercise recovery improved subsequent endurance performance relative to consuming CHO only. This improved performance after CHO+PROT supplementation could not be accounted for by differences in glycogen metabolism or anabolic cell signaling, but may have been related to differences in nitrogen balance