How has the macroeconomic imbalances procedure worked in practice to improve the resilience of the euro area? March 24 2020

This paper shows how the Macroeconomic Imbalances Procedure (MIP) could be streamlined and its underlying conceptual framework clarified. Implementation of the country-specific recommendations is low; their internal consistency is sometimes missing; despite past reforms, the MIP remains largely a countryby-country approach running the risk of aggravating the deflationary bias in the euro area. We recommend to streamline the scoreboard around a few meaningful indicators, involve national macro-prudential and productivity councils, better connect the various recommendations, simplify the language and further involve the Commission into national policy discussions. This document was prepared for the Economic Governance Support Unit at the request of the ECON Committee

Appendix 4 : Relocation : What Matters ? Competition or/and Co-ordination.

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Dynamics of sliding drops on superhydrophobic surfaces

We use a free energy lattice Boltzmann approach to investigate numerically the dynamics of drops moving across superhydrophobic surfaces. The surfaces comprise a regular array of posts small compared to the drop size. For drops suspended on the posts the velocity increases as the number of posts decreases. We show that this is because the velocity is primarily determined by the contact angle which, in turn, depends on the area covered by posts. Collapsed drops, which fill the interstices between the posts, behave in a very different way. The posts now impede the drop behaviour and the velocity falls as their density increases.Comment: 7 pages, 4 figures, accepted for publication in Europhys. Let

Gravitational oscillations of a liquid column

We report gravity oscillations of a liquid column partially immersed in a bath of liquid. We stress in particular some peculiarities of this system, namely (i) the fact that the mass of this oscillator constantly changes with time; (ii) the singular character of the beginning of the rise, for which the mass of the oscillator is zero; (iii) the sources of dissipation in this system, which is found to be dominated at low viscosity by the entrance (or exit) effects, leading to a long-range damping of the oscillations. We conclude with some qualitative description of a second-order phenomenon, namely the eruption of a jet at the beginning of the rise.Comment: 22 pages, pdf. Submitted to Physics of Fluid

The G20 in the aftermath of the crisis: a Euro-Asian view

In 2009 the global economy switched from recession to recovery. However, the pace of the recovery has been very different in different parts of the world, with the divergence between emerging and mature economies becoming greater than expected. Europe and emerging Asia are in this respect in clearly opposite situations, while the Japanese situation is closer to that of Europe than to those of its neighbours (Figure 1 on the next page).

What international monetary system for a fast-changing world economy

Though the renminbi is not yet convertible, the international monetary regime has already started to move towards a 'multipolar' system, with the dollar, the euro and the renminbi as its key likely pillars. This shift corresponds to the long-term evolution of the balance of economic weight in the world economy. Such an evolution may mitigate some of the flaws of the present (non-) system, such as the rigidity of key exchange rates, the asymmetry of balance of-payments adjustments or what remains of the Triffin dilemma. However it may exacerbate other problems, such as short-run exchange rate volatility or the scope for â??currency warsâ??, while leaving key questions unresolved, such as the response to capital flows global liquidity provision. Hence, in itself, a multipolar regime can be both the best and the worst of all regimes.Which of these alternatives will materialise depends on the degree of cooperation within a multilateral framework.

LE ROLE DE L'ETAT DANS LA GOUVERNANCE D'ENTREPRISE

The topic of corporate governance has become increasingly prominent in recent years in many different academic areas in recent years. In this article we address various approaches to corporate governance, with a particular emphasis on the historical role of the State. It seems that certain approaches to corporate governance avoid discussing the role of the State, focusing instead on interactions between corporate managers and shareholders. The changes in corporate governance which have followed various financial crises show that the role of the State and the desires of the larger society are key factors in gaining a better understanding of corporate governance.corporate governance ; the State ; business history ; ideology

Hydrodynamic friction of fakir-like super-hydrophobic surfaces

A fluid droplet located on a super-hydrophobic surface makes contact with the surface only at small isolated regions, and is mostly in contact with the surrounding air. As a result, a fluid in motion near such a surface experiences very low friction, and super-hydrophobic surfaces display strong drag-reduction in the laminar regime. Here we consider theoretically a super-hydrophobic surface composed of circular posts (so called fakir geometry) located on a planar rectangular lattice. Using a superposition of point forces with suitably spatially-dependent strength, we derive the effective surface slip length for a planar shear flow on such a fakir surface as the solution to an infinite series of linear equations. In the asymptotic limit of small surface coverage by the posts, the series can be interpreted as Riemann sums, and the slip length can be obtained analytically. For posts on a square lattice, our analytical results are in excellent quantitative agreement with previous numerical computations

Attosecond control of collective electron motion in plasmas

International audienceToday, light fields of controlled and measured waveform can be used to guide electron motion in atoms and molecules with attosecond precision. Here, we demonstrate attosecond control of collective electron motion in plasmas driven by extreme intensity ( 1018Wcm2) light fields. Controlled few-cycle near-infrared waves are tightly focused at the interface between vacuum and a solid-density plasma, where they launch and guide subcycle motion of electrons from the plasma with characteristic energies in the multi-kiloelectronvolt range--two orders of magnitude more than has been achieved so far in atoms and molecules. The basic spectroscopy of the coherent extreme ultraviolet radiation emerging from the light-plasma interaction allows us to probe this collective motion of charge with sub-200 as resolution. This is an important step towards attosecond control of charge dynamics in laser-driven plasma experiments