Mobilizing Finance for the Just Energy Transition in the European Union

Minimizing the adverse social and economic consequences of the energy transition is an important social aspiration. It is the essence of the “just transition,” the connective tissue that binds together climate goals with social outcomes centered around jobs. This policy note proposes the first iteration of a just transition policy framework built around three interrelated and mutually reinforcing pillars. These include: (i) a system for determining a hierarchy of priorities for activities, sectors, or groups that are to be compensated for the negative impacts they suffer from the transition to a low-carbon economy or supported because they contribute directly to a more equitable sharing of the costs and opportunities from the transition; (ii) a fiscal transfer mechanism to allocate public funds consistent with these priorities; and (iii) financial flows enablers, a set of instruments or policy interventions to facilitate private financial flows to activities or projects that are deemed to contribute to a more just transition. The assessment provides seven key takeaways for consideration by competent authorities to strengthen further the EU just transition policy framework going forward. These are: (i) narrowing the scope of the framework by focusing on social support and/or land restoration, while encouraging private sector funding for economic revitalization projects; (ii) enhancing data collection on social impact assessment to better understand the negative effects of climate transition initiatives and prevent "social washing"; (iii) embedding just transition considerations in sustainability regulations by including relevant indicators and metrics; (iv) providing guidance on assessing just transition-related risks for financial firms in prioritized regions and sectors; (v) clarifying supervisory expectations for financial firms regarding just transition-related litigation and liability risk; (vi) encouraging the development of financial instruments for the just transition; and (vii) maximizing the role of multilateral development banks in de-risking just transition projects, especially in member countries with limited resources and capacity

The European Investment Bank and SMEs: key lessons for Latin America and the Caribbean

Incluye BibliografíaThis paper discusses the engagement of the European Investment Bank Group (EIB Group) with the financing and support of SMEs, both within the European Union (EU) as well as EU Candidate Countries and the Balkans. Indeed, lending and providing financial support to SMEs is one of the key core objectives of the EIB Group. The main focus of the paper is to describe and analyse the practises and experiences of the EIB Group in this field, to discuss the key lessons and to make policy recommendations to be considered within the Latin America and Caribbean (LAC) context. The large role played by the EIB Group in financing SMEs in Europe shows the significance of the role the public sector needs to, and can, play in providing direct financial support to SMEs - as well as helping catalyse private financing to them, for example via bank guarantees and other risk-sharing instruments - given the large market imperfections and gaps in private financial markets for SMEs, particularly credit markets. This is the case in general, but has become particularly evident in the crisis, where the EIB Group has played an important countercyclical role in credit provision, in the face of sharply falling private credit to SMEs. It is noteworthy that the valuable role that public financial institutions need to play has been increasingly recognized since the crisis at the level of multilateral development banks (MDBs) and regional development banks (RDBs). It is important that similar conclusions are also applied to national development banks

Comparing logit-based early warning systems:Does the duration of systemic banking crises matter?

This paper compares the performance of binomial and multinomial logit models in the context of building early warning systems (EWS) for systemic banking crises. We test the hypothesis that the predictive performance of binomial logit models is hampered by what we define as the crisis duration bias, arising from the decision to either treat crisis years after the onset of a crisis as non-crisis years or remove them altogether from the sample. In line with our hypothesis, results from a large sample of world economies suggest that i) the multinomial logit outperforms the binomial logit model in predicting systemic banking crises, and ii) the longer the average duration of the crisis in the sample, the larger the improvement

Bank Competition, Financial Dependence, and Economic Growth in the Gulf Cooperation Council

The relationship between bank competition, firm access to finance, and economic growth is a much debated topic in the economic literature and in policy circles. This paper uses a panel of 23 manufacturing sectors over 2002\u201310 to investigate the impact of bank competition on industry growth in the Gulf Cooperation Council economies. The results show that greater competition allows financially dependent firms to grow faster. In addition, the results show that lower restrictions on banks\u2019 permissible activities, better credit information, and greater institutional effectiveness mitigate the damaging impact of low competition. These results are robust to a variety of checks. The findings suggest that improving bank competition should be an important aspect of the financial sector development agenda in the Gulf Cooperation Council

The Role of MicroRNAs in the Regulation of Gastric Cancer Stem Cells: A Meta-Analysis of the Current Status

Gastric cancer (GC) remains one of the major causes of cancer-related mortality worldwide. As for other types of cancers, several limitations to the success of current therapeutic GC treatments may be due to cancer drug resistance that leads to tumor recurrence and metastasis. Increasing evidence suggests that cancer stem cells (CSCs) are among the major causative factors of cancer treatment failure. The research of molecular CSC mechanisms and the regulation of their properties have been intensively studied. To date, molecular gastric cancer stem cell (GCSC) characterization remains largely incomplete. Among the GCSC-targeting approaches to overcome tumor progression, recent studies have focused their attention on microRNA (miRNA). The miRNAs are short non-coding RNAs which play an important role in the regulation of numerous cellular processes through the modulation of their target gene expression. In this review, we summarize and discuss recent findings on the role of miRNAs in GCSC regulation. In addition, we perform a meta-analysis aimed to identify novel miRNAs involved in GCSC homeostasis

Gene Regulatory Network Characterization of Gastric Cancer’s Histological Subtypes: Distinctive Biological and Clinically Relevant Master Regulators

Gastric cancer (GC) molecular heterogeneity represents a major determinant for clinical outcomes, and although new molecular classifications have been introduced, they are not easy to translate from bench to bedside. We explored the data from GC public databases by performing differential gene expression analysis (DEGs) and gene network reconstruction to identify master regulators (MRs), as well as a gene set analysis (GSA) to reveal their biological features. Moreover, we evaluated the association of MRs with clinicopathological parameters. According to the GSA, the Diffuse group was characterized by an epithelial-mesenchymal transition (EMT) and inflammatory response, while the Intestinal group was associated with a cell cycle and drug resistance pathways. In particular, the regulons of Diffuse MRs, such as Vgll3 and Ciita, overlapped with the EMT and interferon-gamma response, while the regulons Top2a and Foxm1 were shared with the cell cycle pathways in the Intestinal group. We also found a strict association between MR activity and several clinicopathological features, such as survival. Our approach led to the identification of genes and pathways differentially regulated in the Intestinal and Diffuse GC histotypes, highlighting biologically interesting MRs and subnetworks associated with clinical features and prognosis, suggesting putative actionable candidates

Adapting and Surviving: Intra and Extra-Cellular Remodeling in Drug-Resistant Gastric Cancer Cells

Despite the significant recent advances in clinical practice, gastric cancer (GC) represents a leading cause of cancer-related deaths in the world. In fact, occurrence of chemo-resistance still remains a daunting hindrance to effectiveness of the current approach to GC therapy. There is accumulating evidence that a plethora of cellular and molecular factors is implicated in drug-induced phenotypical switching of GC cells. Among them, epithelial-mesenchymal transition (EMT), autophagy, drug detoxification, DNA damage response and drug target alterations, have been reported as major determinants. Intriguingly, resistant GC phenotype may be the result of GC cell-induced tumor microenvironment (TME) remodeling, which is currently emerging as a key player in promoting drug resistance and overcoming cytotoxic effects of drugs. In this review, we discuss the possible mechanisms of drug resistance and their involvement in determining current GC therapies failure