Integration through monetary union: A sceptical view

After several years of unrest in the international monetary scene, the governments of the EEC countries agreed in December 1969 at The Hague to place monetary union in Europe on the agenda. Behind this agreement, however, resides a wide range of differences of opinion, which are partly expressed in the host of plans for European monetary integration that have been published in recent months. One essential divergency of opinion is, whether one should first peg intra-Community exchange rates or whether one should first try to harmonize policies and wait till stable exchange rates come about almost by themselves. A premature fixing of exchange rates would lead to — unwanted waves of imported inflation in the more stable countries and to imported deflation and unemployment in the less stable countries, — regional problems in those parts of the EEC that have had a tradition of wage push, and the danger of undue industrial concentration in those parts that have a tradition , of relatively high labour discipline, and — the necessity for sizeable intra-EEC fiscal transfers in favour of cost-push regions to counterbalance the negative effects of high wage costs. These transfers might easily overstress the European solidarity, that is the readiness to pay, of the more stable national regions. These problems appear to be bigger if one thinks of an enlarged EEC. Contrary to the costs and risks of premature exchange rate fixing, the benefits are, it seems, frequently overestimated: As long as the free flow of goods and capital is guaranteed (and not impaired in defense of outdated fixed parities, as has often been the case in the past) most of the beneficial economic integration effects are secured. To avoid a setback in integration - similar to the recent setback due to the premature fixing of common agricultural prices - it therefore seems advisable not to force together divergent underlying trends, but rather to implement elastic devices for a harmonious growing-together of the various European economies. --

Optimal learning of joint alignments with a faulty oracle

We consider the following problem, which is useful in applications such as joint image and shape alignment. The goal is to recover n discrete variables gi ∈ {0, . . . , k − 1} (up to some global offset) given noisy observations of a set of their pairwise differences {(gi − gj) mod k}; specifically, with probability 1 k + for some > 0 one obtains the correct answer, and with the remaining probability one obtains a uniformly random incorrect answer. We consider a learning-based formulation where one can perform a query to observe a pairwise difference, and the goal is to perform as few queries as possible while obtaining the exact joint alignment. We provide an easy-to-implement, time efficient algorithm that performs O (n lg n k^2 ) queries, and recovers the joint alignment with high probability. We also show that our algorithm is optimal by proving a general lower bound that holds for all non-adaptive algorithms. Our work improves significantly recent work by Chen and Cand´es [CC16], who view the problem as a constrained principal components analysis problem that can be solved using the power method. Specifically, our approach is simpler both in the algorithm and the analysis, and provides additional insights into the problem structure.First author draf

Congenital Toxoplasmosis in Austria: Prenatal Screening for Prevention is Cost-Saving

Background: Primary infection of Toxoplasma gondii during pregnancy can be transmitted to the unborn child and may have serious consequences, including retinochoroiditis, hydrocephaly, cerebral calcifications, encephalitis, splenomegaly, hearing loss, blindness, and death. Austria, a country with moderate seroprevalence, instituted mandatory prenatal screening for toxoplasma infection to minimize the effects of congenital transmission. This work compares the societal costs of congenital toxoplasmosis under the Austrian national prenatal screening program with the societal costs that would have occurred in a No-Screening scenario. Methodology/Principal Findings: We retrospectively investigated data from the Austrian Toxoplasmosis Register for birth cohorts from 1992 to 2008, including pediatric long-term follow-up until May 2013. We constructed a decision-analytic model to compare lifetime societal costs of prenatal screening with lifetime societal costs estimated in a No-Screening scenario. We included costs of treatment, lifetime care, accommodation of injuries, loss of life, and lost earnings that would have occurred in a No-Screening scenario and compared them with the actual costs of screening, treatment, lifetime care, accommodation, loss of life, and lost earnings. We replicated that analysis excluding loss of life and lost earnings to estimate the budgetary impact alone. Our model calculated total lifetime costs of €103 per birth under prenatal screening as carried out in Austria, saving €323 per birth compared with No-Screening. Without screening and treatment, lifetime societal costs for all affected children would have been €35 million per year; the implementation costs of the Austrian program are less than €2 million per year. Calculating only the budgetary impact, the national program was still cost-saving by more than €15 million per year and saved €258 million in 17 years. Conclusions/Significance: Cost savings under a national program of prenatal screening for toxoplasma infection and treatment are outstanding. Our results are of relevance for health care providers by supplying economic data based on a unique national dataset including long-term follow-up of affected infants

A dual-mask coronagraph for observing faint companions to binary stars

Observations of binary stars for faint companions with conventional coronagraphic methods are challenging, as both targets will be bright enough to obscure any nearby faint companions if their scattered light is not suppressed. We propose coronagraphic examination of binary stars using an apodized pupil Lyot coronagraph and a pair of actively-controlled image plane masks to suppress both stars simultaneously. The performance is compared to imaging with a band-limited mask, a dual-mask Lyot coronagraph and with no coronagraph at all. An imaging procedure and control system for the masks are also described.Comment: 17 pages, 6 figure