Notable trends in the EU budget

The European Union budget has a number of specific characteristics which make it different from the budgets of the Member States : in principle, it must never be in deficit, and there is a special decision-making procedure. The structure and maximum expenditure are specified for a 7-year period in the Financial Perspective. In relation to GDP and national budgets of the Member States, the EU budget is small. It is increasingly funded on the basis of the size of the gross national income of each Member State whereas import levies and VAT-based transfers from the Member States are becoming less important. The United Kingdom receives a special rebate. The importance of the Common Agricultural Policy, historically the largest EU expenditure item, is steadily diminishing in favour of expenditure on cohesion policy. Since the beginning of the 1990s, the Common Agricultural Policy has undergone a radical reform. Opinions differ on the contribution made by the cohesion policy towards income convergence between regions in the EU. The Commission’s proposals regarding the Financial Perspective for 2007-2013 embodied an important increase in expenditure and placed the emphasis on the attainment of the Lisbon objectives. Protracted negotiations at European Council level led to a compromise in December 2005 and following difficult negotiations with the European Parliament, a new Interinstitutional Agreement was signed on 17 May 2006.European Union, EU budget, Financial Perspective, Common Agricultural Policy, Cohesion policy

Strategies and measures aimed at consolidating public finances

The article outlines the current budgetary situation, explains why consolidation plans are urgently needed and provides an answer to the question as to what form those plans should preferably take. It also contains an insight into the strategies aimed at consolidating public finances. The financial crisis and the resultant economic recession have seriously undermined the health of public finances in almost all the developed economies. Budget deficits and public debt have risen sharply and these budgetary problems will not disappear automatically once the economy has fully recovered from the recession. On top of this, the budgetary impact of the ageing of the population could drive up budget deficits and cause public debt to rise even more quickly. To restore the sustainability of public finances, extensive consolidation efforts are required in a wide range of countries. Although a rapid and significant consolidation effort implemented simultaneously by a large group of countries could act as a brake on the economic recovery to some extent, a postponement of consolidation efforts, on the other hand, could shake the confidence of economic agents, give rise to financing risks and trigger a strong rise in interest rates. To remove doubts about the creditworthiness of countries, it is therefore advisable not to delay the announcement of concrete and credible austerity plans, even if the measures will only be implemented in the years to come. The timing and scope of consolidation efforts are dependent on country-specific circumstances. The scope of the consolidation efforts needed in most countries means that no limitations can be imposed with regard to the composition of consolidation plans. However, preference needs to be given to structural measures that reduce non-growth-promoting government expenditure or can dampen the increase in ageing-related expenditure. In spite of the already heavy burden of compulsory taxation in many countries, extra government revenues cannot be ruled out. Most countries have now begun preparing budgetary exit strategies. So there is some prospect of budgetary objectives that will herald a return to healthy public finances. In some countries, concrete austerity measures have already been worked out in the meantime. In other countries, plans of this type have yet to be detailed. However, firm government action is urgently required for this latter group of countries too, all the more so since postponing the necessary consolidation efforts would entail major risks.fiscal policy, budgetary consolidation, austerity plans, government debt

The US current account deficit : how did it come about and what are the policy implications

One of the most remarkable characteristics of the world economy today is the enormous, ever worsening US balance of payments current account deficit, which reached a record level of 5.7 p.c. of GDP in 2004. This has given rise to concerns in academic and political circles regarding the sustainability of the current situation and the potential dangers for the global economy of a sudden, disorderly adjustment. The size of the US current account deficit is not only unprecedented in American post-war history, but it also seems to be exceptional from an international perspective. Moreover, the US deficit contrasts with a surplus in virtually every other region and the problem has consequently taken on a global dimension. The increase in the US current account deficit recorded in the nineties reflects an internal American shortfall in savings. Whereas the private savings-investment equilibrium was restored in 2002 and 2003, the same period saw a huge deficit in the public sector budget. The start of the new millennium brought notable changes in the way the US current account deficit was financed since investments by Asian public authorities in American government debt instruments largely took over the position previously occupied by European private foreign direct investments and investments in equities. It is sometimes put forward that the US, unlike other countries facing similar circumstances, is safeguarded from an attack on its currency because of its prominent role in the international financial system. According to an influential school of thought in economic literature, the current international system can even be seen as a “revived” Bretton Woods system. Indeed, a number of East-Asian countries, including China, use a fixed or quasi-fixed exchange rate against the dollar, which brings to mind an informal dollar standard. Although this set of circumstances has undoubtedly offered various regions in the world a number of mutual benefits during recent years, these exchange rate relations may nevertheless have caused some distortions in US spending, whereas Asian countries have to deal with a growing exchange rate risk on their official reserves. Different scenarios are conceivable to deal with the global imbalances. The results of model simulations show the huge effort required to significantly reduce the US current account deficit which highlights the scale of the problem, emphasising the need for simultaneous economic policy measures in the different economies involved. The concern over global imbalances and the development of exchange rates also feature prominently on the agenda of international forums such as the G7 or G20 meetings. In the statements issued at those meetings, the need for a common approach to tackle the global imbalances is given priority and the belief that excessive exchange rate volatility is not desirable is underlined.current account imbalances, United States current account, financial flows into the United States, international monetary system

Experimental evidence of planar channeling in a periodically bent crystal

The usage of a Crystalline Undulator (CU) has been identified as a promising solution for generating powerful and monochromatic $\gamma$-rays. A CU was fabricated at SSL through the grooving method, i.e., by the manufacturing of a series of periodical grooves on the major surfaces of a crystal. The CU was extensively characterized both morphologically via optical interferometry at SSL and structurally via X-ray diffraction at ESRF. Then, it was finally tested for channeling with a 400 GeV/c proton beam at CERN. The experimental results were compared to Monte Carlo simulations. Evidence of planar channeling in the CU was firmly observed. Finally, the emission spectrum of the positron beam interacting with the CU was simulated for possible usage in currently existing facilities

Steering efficiency of a ultrarelativistic proton beam in a thin bent crystal

Crystals with small thickness along the beam exhibit top performance for steering particle beams through planar channeling. For such crystals, the effect of nuclear dechanneling plays an important role because it affects their efficiency. We addressed the problem through experimental work carried out with 400 GeV/c protons at fixed-target facilities of CERN-SPS. The dependence of efficiency vs. curvature radius has been investigated and compared favourably to the results of modeling. A realistic estimate of the performance of a crystal designed for LHC energy including nuclear dechanneling has been achieved

Episodic Transient Gamma-Ray Emission from the Microquasar Cygnus X-1

Cygnus X-1 is the archetypal black hole (BH) binary system in our Galaxy. We report the main results of an extensive search for transient gamma-ray emission from Cygnus X-1 carried out in the energy range 100 MeV - 3 GeV by the AGILE satellite, during the period 2007 July - 2009 October. The total exposure time is about 300 days, during which the source was in the "hard" X-ray spectral state. We divided the observing intervals in 2 or 4 week periods, and searched for transient and persistent emission. We report an episode of significant transient gamma-ray emission detected on 2009, October 16 in a position compatible with Cygnus X-1 optical position. This episode, occurred during a hard spectral state of Cygnus X-1, shows that a 1-2 day time variable emission above 100 MeV can be produced during hard spectral states, having important theoretical implications for current Comptonization models for Cygnus X-1 and other microquasars. Except for this one short timescale episode, no significant gamma-ray emission was detected by AGILE. By integrating all available data we obtain a 2$\sigma$ upper limit for the total integrated flux of $F_{\gamma,U.L.} = 3 \times 10^{-8} \rm ph cm^{-2} s^{-1}$ in the energy range 100 MeV - 3 GeV. We then clearly establish the existence of a spectral cutoff in the energy range 1-100 MeV that applies to the typical hard state outside the flaring period and that confirms the historically known spectral cutoff above 1 MeV.Comment: Accepted for publication by ApJ on the 9th of Feb 2010, 5 pages, 3 figure

Strong Reduction of the Effective Radiation Length in an Axially Oriented Scintillator Crystal

We measured a considerable increase of the emitted radiation by 120 GeV/c electrons in an axially oriented lead tungstate scintillator crystal, if compared to the case in which the sample was not aligned with the beam direction. This enhancement resulted from the interaction of particles with the strong crystalline electromagnetic field. The data collected at the external lines of the CERN Super Proton Synchrotron were critically compared to Monte Carlo simulations based on the Baier-Katkov quasiclassical method, highlighting a reduction of the scintillator radiation length by a factor of 5 in the case of beam alignment with the [001] crystal axes. The observed effect opens the way to the realization of compact electromagnetic calorimeters or detectors based on oriented scintillator crystals in which the amount of material can be strongly reduced with respect to the state of the art. These devices could have relevant applications in fixed-target experiments, as well as in satellite-borne γ telescopes

First AGILE Catalog of High Confidence Gamma-Ray Sources

We present the first catalog of high-confidence gamma-ray sources detected by the AGILE satellite during observations performed from July 9, 2007 to June 30, 2008. Catalogued sources are detected by merging all the available data over the entire time period. AGILE, launched in April 2007, is an ASI mission devoted to gamma-ray observations in the 30 MeV - 50 GeV energy range, with simultaneous X-ray imaging capability in the 18-60 keV band. This catalog is based on Gamma-Ray Imaging Detector (GRID) data for energies greater than 100 MeV. For the first AGILE catalog we adopted a conservative analysis, with a high-quality event filter optimized to select gamma-ray events within the central zone of the instrument Field of View (radius of 40 degrees). This is a significance-limited (4 sigma) catalog, and it is not a complete flux-limited sample due to the non-uniform first year AGILE sky coverage. The catalog includes 47 sources, 21 of which are associated with confirmed or candidate pulsars, 13 with Blazars (7 FSRQ, 4 BL Lacs, 2 unknown type), 2 with HMXRBs, 2 with SNRs, 1 with a colliding-wind binary system, 8 with unidentified sources.Comment: Revised version, 15 pages, 3 figures, 3 tables. To be published in Astronomy and Astrophysics. Text improved and clarified. Refined analysis of complex regions of the Galactic plane yields a new list of high-confidence sources including 47 sources (compared with the 40 sources appearing in the first version

Direct Evidence for Hadronic Cosmic-Ray Acceleration in the Supernova Renmant IC 443

The Supernova Remnant (SNR) IC 443 is an intermediate-age remnant well known for its radio, optical, X-ray and gamma-ray energy emissions. In this Letter we study the gamma-ray emission above 100 MeV from IC 443 as obtained by the AGILE satellite. A distinct pattern of diffuse emission in the energy range 100 MeV-3 GeV is detected across the SNR with its prominent maximum (source "A") localized in the Northeastern shell with a flux F = (47 \pm 10) 10^{-8} photons cm^{-2} s^{-1} above 100 MeV. This location is the site of the strongest shock interaction between the SNR blast wave and the dense circumstellar medium. Source "A" is not coincident with the TeV source located 0.4 degree away and associated with a dense molecular cloud complex in the SNR central region. From our observations, and from the lack of detectable diffuse TeV emission from its Northeastern rim, we demonstrate that electrons cannot be the main emitters of gamma-rays in the range 0.1-10 GeV at the site of the strongest SNR shock. The intensity, spectral characteristics, and location of the most prominent gamma-ray emission together with the absence of co-spatial detectable TeV emission are consistent only with a hadronic model of cosmic-ray acceleration in the SNR. A high-density molecular cloud (cloud "E") provides a remarkable "target" for nucleonic interactions of accelerated hadrons: our results show enhanced gamma-ray production near the molecular cloud/shocked shell interaction site. IC 443 provides the first unambiguous evidence of cosmic-ray acceleration by SNRs.Comment: 5 pages, 2 figures; accepted by ApJLetters on Jan 21, 201

A high-performance custom photodetection system to probe the light yield enhancement in oriented crystals

Scintillating homogeneous detectors represent the state of the art in electromagnetic calorimetry. Moreover, the currently neglected crystalline nature of the most common inorganic scintillators can be exploited to achieve an outstanding performance boost in terms of compactness and energy resolution. In fact, it was recently demonstrated by the AXIAL/ELIOT experiments that a strong reduction in the radiation length inside PWO, and a subsequent enhancement in the scintillation light emitted per unit thickness, are attained when the incident particle trajectory is aligned with a crystal axis within $\sim 1^\circ$. A SiPM-based system has been developed to directly probe this remarkable effect by measuring the scintillation light emitted by a PWO sample. The same concept could be applied to full-scale detectors that would feature a design significantly more compact than currently achievable and unparalleled resolution in the range of interest for present and future experiments