Trace anomaly of the conformal gauge field

The proposed by Bastianelli and van Nieuwenhuizen new method of calculations of trace anomalies is applied in the conformal gauge field case. The result is then reproduced by the heat equation method. An error in previous calculation is corrected. It is pointed out that the introducing gauge symmetries into a given system by a field-enlarging transformation can result in unexpected quantum effects even for trivial configurations.Comment: 9 pages, LaTeX file, BI-TP 93/3

Weaponisation of finance: the role of European central banks and financial sanctions against Russia

In response to Russia’s full-scale invasion of Ukraine, the Group of Seven (G7) countries and the European Union (EU) adopted a variety of financial sanctions, including the freezing of foreign reserve assets of the Central Bank of Russia held by other central banks. Drawing on a Principal-Agent framework and on speeches, newspaper articles and interviews with policy-makers, this study examines what it means for the ECB and the central banks of the Eurosystem to be involved in these sanctions. As a consequence of these actions, these central banks have been enlisted in monetary and financial warfare. Moreover, the three-fold objective of the ECB has de facto effectively been reweighted somewhat, as the focus on ‘price stability’ (primary objective) has become seemingly temporarily less prominent. Instead, the secondary and tertiary objectives have moved centre-stage, favouring geopolitical considerations

The European Central Bank, the Single Supervisory Mechanism and the COVID-19 related economic crisis: a neofunctionalist analysis

The COVID-19 pandemic triggered a major economic crisis worldwide. The monetary policy response of the European Central Bank (ECB) was fast and massive. The ECB also intervened on the supervisory side because, after the establishment of Banking Union, the ECB was given responsibility for banking supervision in the euro area through the Single Supervisory Mechanism (SSM). This paper explains the response of the ECB-SSM to the COVID-19 related economic crisis during 2020 and 2021, up until February 2022. These ECB actions include the reduction of bank capital buffers, the redefinition of non-performing loans, and the limitations on dividends and bonuses paid by banks. We adopt a neofunctionalist approach, which suggests that policies are developed at the EU level in response to need, whereby supranational actors and spillovers are particularly important. We offer some concluding insights into whether the ECB-SSM’s responses have led to a further deepening of integration

The Dog that Would Never Bite? The Past and Future of the Stability and Growth Pact

This paper analyses the underlying reasons for the creation of the Stability and Growth Pact (SGP) and its subsequent development in recent years. The paper examines the economic and political factors behind it, including the role of economic ideas, experts, politicians, institutional arrangements in the Maastricht Treaty, domestic politics, and the exceptional position of Germany in the realm of monetary integration in the EU. It concludes that a set of commonly held beliefs together with a corresponding power-political constellation explain the creation of the SGP.Das Papier analysiert die grundlegenden Bedingungen für das Zustandekommen des Stabilitäts- und Wachstumspakts(SGP) und seiner Entwicklung in den Folgejahren. Es werden ökonomische und politische Faktoren untersucht, insbesondere die Rolle wirtschaftspolitischer Vorstellungen und den Einfluss von Experten, Politikern, institutioneller Regelungen im Maastricht Vertrag, innenpolitischer Vorgänge und die Sonderstellung Deutschlands im Bereich der Europäischen Währungsunion. Die gemeinschaftlichen wirtschaftspolitischen Vorstellungen werden als notwendige Bedingung für die Schaffung des Paktes aufgefasst, und ihr Zusammentreffen mit einer entsprechenden machtpolitischen Spielkonstellation wird als dessen hinreichende Erklärung verstanden.1 Introduction 2 Why Might an SGP be Necessary? – Lessons from Economics and Politics 2.1 The Economics of the SGP 2.2 The Politics of the SGP 3 Negotiating the Pact 4 Analysing the Birth of the Stability and Growth Pact 4.1 Actor Orientations 4.2 Actor Constellation 5 Lessons from the Theory and the Past for the Current Situation 6 Conclusion References Note

Explaining the response of the ECB to the COVID-19 related economic crisis: inter-crisis and intra-crisis learning

The economic effects of the Covid-19 pandemic have placed a renewed strain on the economic governance of the European Union (EU). The European Central Bank (ECB) was a key player in the EU's response to the crisis induced by the pandemic. This paper adopts a theoretical approach focused on policy learning to explain how and why the ECB responded to the crisis in 2020-2021. By drawing on speeches, newspaper articles and interviews with policy-makers, the paper finds that the ECB was able to rely on earlier crisis experiences in the euro area in forming its response to the pandemic crisis. Although the sovereign debt crisis and the pandemic crisis had both similarities and differences from one another, the ECB was able to engage in inter-crisis and intra-crisis learning. Its learning concerned objectives, instruments as well as an awareness that timely and forceful response was crucial, so that the member states and other EU institutions had time to act

Women’s leadership in the European Central Bank

Institutions, Decisions and Collective Behaviou

Research Brief 10-02-HNP

Despite the knowledge and information available about HIV, stigma is still present. The affects of stigma are real and tangible. Globally HIV positive people are marginalized and often dread that their HIV status will adversely affect them socially. The belief that HIV-infected people are somehow deviant, or misconceptions about the mode of transmission fuels anxiety, fear, and distrust, which translates into barriers to adequate health care, emotional distress, and actions that can have adverse affects on health outcomes. When working with HIV-infected individuals and those at risk of becoming infected with HIV, the impact of stigma can be crippling to research. Stigma associated with HIV has had a significant role in the ability to recruit and retain eligible study subjects for a nutrition based HIV study, Increasing Animal Source Foods in Diets of HIV-infected Kenyan Women and Their Children (HNP). While this study specifically focused on HIV-infected women living in Kenya, the generalization gathered could be extrapolated to other populations. It is recommended that similar studies conduct focus groups with the study population prior to piloting, to ensure stakeholder input and an understanding of the particular challenges and concerns within a local context. Future studies should also employ individuals known in the community that the population trusts to assist with recruitment. Finally, factors that identify study staff, or associate subjects with the study should be minimal to reduce the risk of disclosing a subject’s HIV status.This publication was made possible through support provided by the Office of Agriculture, Bureau of Economic Growth, Agriculture and Trade, under Grant No. PCE-G-00-98-00036-00 to University of California, Davis. The opinions expressed herein are those of the authors and do not necessarily reflect the views of USAID

Are (some) social players entering European recovery through the Semester back door?

In summer 2020, in an unprecedented move, the EU offered its Member States help vto cope with the fall-out of the Covid-19 pandemic. To do so, it drew on the EU longterm budget (2021-2027) and created a new temporary support system referred to as ‘NextGenerationEU’ (NGEU). Formally established in February 2021, the socalled ‘Recovery and Resilience Facility’ (RRF) at the core of the NGEU provides financial support to Member States, notably through a combination of grants and loans (European Parliament and Council of the EU 2021). The EU has issued debt to finance this expenditure, the size and scope of which are unparalleled and break with longstanding taboos). Yet even so, not all scholars agree that this situation represents a sea change.The European Commission insisted on attaching strings to these funds, i.e., that they be spent on the digital transition, the energy transition and on stimulating social and inclusive growth benefi ting the next generation. Member States need to submit detailed national Recovery and Resilience Plans (RRPs) to access the funds.While some reporting templates are new, others draw on the European Semester the EU macro-economic policy coordination framework. Examining how and why the Semester became part of RRF governance, this chapter asks, to what extent did this new set-up change the power balance among key players (e.g., fi nancial and economic players versus social aff airs players)? The chapter distinguishes between ‘EU institutional social players’ and ‘social stakeholders’. The former consist of the DG Employment, Social Aff airs & Inclusion (DG EMPL) of the European Commission, the Employment, Social Policy, Health and Consumer Affairs (EPSCO) Council formation and the EU Employment and Social Protection Committees (EMCO and the SPC).2 ‘Social stakeholders’ comprise both EU and national social partners (representatives of worker and employer organisations) and civil society organisations (CSOs). Wherever relevant, we distinguish between players’ involvement at EU and domestic level.Social Sciences and Humanities Research Council (Canada) and European Union Jean Monnet Network Grant (Erasmus Plus)Institutions, Decisions and Collective Behaviou