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With the second wave of the Covid-19 pandemic in full swing, banks face a challenging environment. They will need to address disappointing results and adverse balance sheet restatements, the intensity of which depends on the evolution of the euro area economies. At the same time, vulnerable banks reinforce real economy deficiencies. The contribution of this paper is to provide a comparative assessment of the various policy responses to address a looming banking crisis. Such a crisis will fully materialize when non-performing assets drag down banks simultaneously, raising the specter of a fullblown systemic crisis. The policy responses available range from forbearance, recapitalization (with public or private resources), asset separation (bad banks, at national or EU level), to debt conversion schemes. We evaluate these responses according to a set of five criteria that define the efficacy of each. These responses are not mutually exclusive, in practice, as they have never been. They may also go hand in hand with other restructuring initiatives, including potential consolidation in the banking sector. Although we do not make a specific recommendation, we provide a framework for policymakers to guide them in their decision making.With the second wave of the Covid-19 pandemic in full swing, banks face a challenging environment. They will need to address disappointing results and adverse balance sheet restatements, the intensity of which depends on the evolution of the euro area economies. At the same time, vulnerable banks reinforce real economy deficiencies. The contribution of this paper is to provide a comparative assessment of the various policy responses to address a looming banking crisis. Such a crisis will fully materialize when non-performing assets drag down banks simultaneously, raising the specter of a fullblown systemic crisis. The policy responses available range from forbearance, recapitalization (with public or private resources), asset separation (bad banks, at national or EU level), to debt conversion schemes. We evaluate these responses according to a set of five criteria that define the efficacy of each. These responses are not mutually exclusive, in practice, as they have never been. They may also go hand in hand with other restructuring initiatives, including potential consolidation in the banking sector. Although we do not make a specific recommendation, we provide a framework for policymakers to guide them in their decision making.

The investigation involved five agricultural tractors with increasingly efficient vibration control systems. Tri-axial frequency-weighted acceleration values were acquired on the seat surface and on the cabin floor, together with the running speed values. Measurements were carried out under normal working conditions. Results indicate that during ploughing and harrowing the axis determining the exposure risk for the operator is generally the transversal one, due to the roll effect. Differently, during translations on farm roads, the axis determining the exposure risk is the vertical one. The acceleration values determining the risk for the driver during plowing at 5 ÷ 7 km/h are high (0.86 ÷ 1.15 m/s) and always higher than the daily exposure action value defined in the European Directive 2002/44/CE (0.5 m/s). During harrowing at 2 km/h the acceleration values are quite low (0.23 ÷ 0.38 m/s). During translation at 17 ÷ 19 km/h the acceleration values are in the range 0.31 ÷ 0.95 m/s depending on the surface roughness (asphalt, dirt or gravel). Based on the whole set of measurements, the SEAT values are in the range 0.4 ÷ 1.38. As regards the comparison between the tractors, an absolute ranking was not achieved since the performances strictly depend on the working conditions. Referring to the seats, the ranking showed the opposite trend to the one expected considering the seat technology.

This Policy Letter presents a proposal for designing a program of government assistance for firms hurt by the Coronavirus crisis in the European Union (EU). In our recent Policy Letter 81, we introduced a new, equity-type instrument, a cash-against-tax surcharge scheme, bundled across firms and countries in a European Pandemic Equity Fund (EPEF). The present Policy Letter 84 focuses on the principles and conditions relevant for the operationalization of a EPEF. Our proposal has several desirable features. It: a) offers better risk sharing opportunities, augmenting the resilience of businesses and EU economies; b) is need-based, thereby contributing to an effective use of resources; c) builds on conditions and credible controls, addressing adverse selection and moral hazard; d) is accessible to smaller and medium-sized firms, the backbone of Europe's economy; e) applies Europe-wide uniform eligibility criteria, strengthening support among member states; f) is a scheme of limited duration, reducing (perceived) government interference in businesses; g) creates a template for a growth-oriented public policy, aligning public and private sector interests; and h) builds on the existing institutional infrastructure and requires minimal legislative adjustments.

This policy letter adds to the current discussion on how to design a program of government assistance for firms hurt by the Coronavirus crisis. While not pretending to provide a cure-all proposal, the advocated scheme could help to bring funding to firms, even small firms, quickly, without increasing their leverage and default risk. The plan combines outright cash transfers to firms with a temporary, elevated corporate profit tax at the firm level as a form of conditional payback. The implied equity-like payment structure has positive risk-sharing features for firms, without impinging on ownership structures. The proposal has to be implemented at the pan-European level to strengthen Euro area resilience.

A methodology based on harmonic response methods and vibroacoustic analysis was developed by the authors in order to compute and predict the acoustic field emitted by an external gear pump. A quite simplified FEM model of a 8.5 cc/rev external gear pump was developed with fixed support between the flange and the test rig and the pump was considered as a "black box". A first comparison between computed and experimentally measured noise levels at the main modal frequencies for some pump working conditions allowed us to improve the pump FEM model. This paper reports some results of the validation process of this methodology. In particular, the results of sound power tests performed on the pump at some working conditions were compared with the predicted sound power values calculated by applying this numerical method. The sound power tests, based on sound intensity measurements, were carried out on a test rig complying with the requirements of ISO 16902 standard. The pump was completely isolated from the prime mover and was mounted on a reflecting plane. A parallelepiped, centred with respect to the pump, was chosen as measurement surface. Sound intensity measurements were performed by scanning procedure according to ISO 9614-2 test code at three different working conditions. In parallel, for each working condition the sound intensity field emitted by the pump was numerically computed in a grid of points on the same parallelepiped surface. Results confirmed the potentiality of this approach in offering a good compromise between noise prediction accuracy and reduction of experimental and modelling requirements.

There has been a spirited debate about the merits of mark-to-market accounting for financial institutions for some time now. Many argue that market prices provide the best estimate of value available and should always be used. However, others suggest that in times of crisis market prices are not a good reflection of value and their use can lead to serious distortions. This article explains the circumstances where market prices do reflect future earning power and those where market imperfections imply that they do not. We suggest that in financial crisis situations where liquidity is scarce and prices are low as a result, market prices should be supplemented with both model-based and historic cost valuations. The rest of the time and in particular when asset prices are low because expectations of future cash flows have fallen, mark-to-market accounting should instead be used.

This paper starts presenting an overview of the noise control methodologies currently applied to mobile machines and the main results till now reached. Thanks to the EU noise limits in force for more than 30 years, many efforts have been addressed to a deeper knowledge on the main noise sources and the related noise transmission paths. As a result, the emitted sound power levels and the sound pressure level at the operator station fully meet the limits currently in force. Despite this compliance, however, the noise by these machines keeps adversely affecting both people in the surrounding areas and the operators. Some results of studies by the author aimed at overcoming this limitation are then presented. They mainly concern the tailoring of the Sound Quality approach to this specific field. The shift from criteria based on energy parameters to hearing-related criteria assures new remarkable opportunities for the noise control of these machines. Noise solutions can be found able not only to assure lower noise levels and reduced perceived annoyance, but also able to take into account the main expectations of operators referring to the noise signals as carriers of information about the state of operation of the machine.

Alcuni studi condotti sul controllo del rumore al posto guida di pale caricatrici, hanno evidenziato come i parametri più correlati alla percezione soggettiva del disturbo siano le grandezze psicoacustiche di loudness e sharpness, mettendo così in luce una possibile correlazione tra riduzione simultanea di questi parametri e miglioramento del comfort acustico in tale postazione. Una procedura di ottimizzazione numerica è stata allora sviluppata e applicata ad alcuni segnali di rumore stazionario, registrati al posto guida, al fine di trovare analiticamente, per ciascun segnale in input, tutte le modifiche allo spettro in bande di 1/3 di ottave che fossero in grado di ridurre contemporaneamente i valori medi sia di loudness che di sharpness. Specifici test di ascolto soggettivi, condotti sui segnali di rumore originali e su alcuni dei segnali così ottimizzati hanno poi confermato, da un lato, l'adeguatezza della procedura di ottimizzazione e, dall'altro, l'importanza soggettiva di una contemporanea riduzione di loudness e sharpness . In questo lavoro il codice di ottimizzazione multi-obiettivo è stato modificato per poter essere applicato anche a segnali di rumore variabili nel tempo, tipicamente presenti al posto guida di queste macchine in condizioni reali di lavoro. La modifica del processo di ottimizzazione ha richiesto non solo la ridefinizione delle variabili di input ma anche lo sviluppo di un nuovo codice numerico per il calcolo della loudness, in accordo a quanto specificato nella norma DIN-45631/A1.

Numerical simulation is widely used in product design for different purposes ranging from structural modelling, FEM analysis, vibroacoustics to multi-objective design optimisation. Unfortunately, its application to Sound Quality is still extremely limited. This paper describes the use of a multi-objective optimisation code aimed at identifying noise control solutions which can improve the sound quality at the operator station of earth moving machinery during real working conditions. In a previous study the case of stationary noise signals was analysed and a multi-objective genetic algorithm was used to find the modifications in the input spectrum which led to the minimization of the time-averaged values of loudness and sharpness. In this paper the optimisation algorithm was modified to be applied to time-variant noise signals, characteristic of real working conditions. New input variables were identified to describe the time variant characteristics of the input signals and a numerical code was developed according to the DIN-45631/A1 procedure in order to properly calculate the loudness parameter of time-variant sounds. The new multi-objective genetic algorithm was finally applied to different noise signals recorded at the operator position of loaders in working conditions, with the purpose to find the modifications in the input system which minimised the percentile values of loudness and sharpness parameters. The results confirm the significant link between sound quality condition and frequency content of the noise signals, making it possible to evaluate the spectral variations needed to obtain psychoacoustic improvements.

The aim of this study was to verify whether anti-thyroid antibodies are present in the follicular milieu of euthyroid infertile women with thyroid autoimmunity undergoing in vitro fertilization (IVF) and whether IVF outcome is different in affected women with respect to negative controls. A secondary endpoint was to check whether there are changes in thyroid hormone levels during the IVF cycle.Anti-thyroglobulin and anti-thyroperoxidase levels were measured in both follicular fluid and serum on the day of oocyte retrieval in women with thyroid autoimmunity. Serum TSH, FT3, and FT4 levels were measured in all patients before treatment initiation, on the day of oocyte retrieval and of pregnancy test. IVF outcome parameters were recorded in all women.Oocyte fertilization, grade A embryos, and pregnancy rates were lower in women with thyroid autoimmunity than in negative controls, while early miscarriage rate was higher. Anti-thyroid antibodies were measurable in follicular fluid in all affected women and were strongly correlated with serum levels. No significant changes in thyroid hormone levels were recorded in any women.The presence of anti-thyroid antibodies in ovarian follicles, as demonstrated for the first time in this study, may play a critical role in female infertility related to thyroid autoimmunity.

Understanding the role of banks in cross-border finance has become an urgent priority. Cross-border banks have played a central role in the dynamics of the global crisis of 2007-2009. First, European banks had a surprisingly large exposure to the US securitised asset markets, which arose to a significant extent through global banks acting either on the buying or selling side in these markets. Second, the breakdown in credit and asset markets was an international phenomenon, with cross-border linkages suffering disproportionately due to greater information problems vis-à-vis cross-border counterparties and the differences in regulatory regimes. Third, currency mismatches in funding became evident, with European banks suffering a dollar shortage that ultimately required resolution through a major currency swap initiative among the main central banks. Fourth, the provision of fiscal support for distressed banks was especially problematic in relation to cross-border activities. The rescue of multi-country banks, such as Dexia and Fortis, required the governments involved to devise ad hoc, ex-post burden-sharing agreements. In relation to emerging Europe, there were also fears that the policies of home-country governments might encourage parent banks to fail to support the operations of affiliates. This report analyses key aspects of cross-border banking, takes a European focus and derives policy recommendations based on them. Chapter 1 of the report first documents the evolution of cross-border banking in Europe in the two decades prior to the crisis. We then turn to the role cross-border banking played during the crisis of 2007-2009, with a key focus on whether crossborder activities have exacerbated the crisis or helped to mitigate it. We also analyse the regulatory response to cross-border problems in the crisis. This book is produced as part of the CEPR project ‘Politics, Economics and Global Governance: The European Dimensions’ (PEGGED) funded by the European Commission under its Seventh Framework Programme for Research (Collaborative Project) Contract no. 217559. Acknowledgements vii Acronyms and abbreviations viii Foreword ix Executive Summary 1 1. Cross-Border Banking in Europe: From Boom to Bust 17 1.1 The growth of cross-border banking – trends and determinants 18 1.2 Cross-border banking flows during the crisis 34 1.3 The challenges of supervisors in the light of cross-border failures 40 1.4 Conclusions 44 2. Cross-Border Banking and Financial Stability 47 2.1 Benefits of cross-border banking 47 2.2 Costs of cross-border banking 50 2.3 Implications for stability-enhancing cross-border banking 53 2.4 Measuring the balance of cross-border banking 57 2.5 Empirical results 63 2.6 Conclusions 71 3. Macroeconomic Aspects of Cross-Border Banking 73 3.1 Inflation targeting 74 3.2 Sources and transmission mechanisms of systemic risk 76 3.3 Conclusions 90 4. Policy Implications 91 4.1. The need for European solutions 91 4.2. Macro-prudential and macroeconomic policies 92 4.3. Resolution policies 100 4.4 Summary of recommendations 105 References 109

This paper describes the results of a study aimed at developing and validating a prediction model to assess the annoyance conditions at the operator station of compact loaders by using noise signal objective parameters only. For this purpose, binaural measurements were carried out on 41 compact loaders, both in stationary and real working conditions. The 62 binaural noise recordings were objectively analized in terms of acoustic and psychoacoustic parameters and then divided into 9 groups and used in specific jury tests to obtain the subjective annoyance scores. Finally, multiple regression technique was applied to the first 6 groups of noise stimuli to develop the model while the remaining groups were used to validate it.

This paper describes the use of a multi-objective optimisation code aimed at identifying solutions which improve the sound quality at the operator station of earth moving machinery during real working conditions. A previous study considered the case of stationary noise signals and a multi-objective genetic algorithm was used to find the modifications in the input spectrum which led to the minimisation of the time-Averaged values of loudness and sharpness. This paper presents a different optimisation approach aimed at adapting the previous one to the case of time-variant noise signals, typical of real working conditions. New input variables to describe the time variant characteristics of the system were identified and a numerical module for the correct calculation of loudness for time-variant sounds was developed according to the DIN-45631/A1 procedure. Finally the multi-objective genetic algorithm was used to find the modifications in the input system which lead to minimise the percentile values of loudness and sharpness parameters. This procedure was applied to different noise signals, all recorded at the operator position of loaders in working conditions. The results show a significant link between sound quality condition and spectral characteristics of the noise signals making it possible to evaluate spectral variations needed to obtain psychoacoustic improvements.

International audience; Igs offer a versatile template for combinatorial and rational design approaches to the de novo creation of catalytically active proteins. We have used a covalent capture selection strategy to identify biocatalysts from within a human semisynthetic antibody variable fragment library that uses a nucleophilic mechanism. Specific phosphonylation at a single tyrosine within the variable light-chain framework was confirmed in a recombinant IgG construct. High-resolution crystallographic structures of unmodified and phosphonylated Fabs display a 15-Å-deep two-chamber cavity at the interface of variable light (VL) and variable heavy (VH) fragments having a nucleophilic tyrosine at the base of the site. The depth and structure of the pocket are atypical of antibodies in general but can be compared qualitatively with the catalytic site of cholinesterases. A structurally disordered heavy chain complementary determining region 3 loop, constituting a wall of the cleft, is stabilized after covalent modification by hydrogen bonding to the phosphonate tropinol moiety. These features and presteady state kinetics analysis indicate that an induced fit mechanism operates in this reaction. Mutations of residues located in this stabilized loop do not interfere with direct contacts to the organophosphate ligand but can interrogate second shell interactions, because the H3 loop has a conformation adjusted for binding. Kinetic and thermodynamic parameters along with computational docking support the active site model, including plasticity and simple catalytic components. Although relatively uncomplicated, this catalytic machinery displays both stereo- and chemical selectivity. The organophosphate pesticide paraoxon is hydrolyzed by covalent catalysis with rate-limiting dephosphorylation. This reactibody is, therefore, a kinetically selected protein template that has enzyme-like catalytic attributes.

Understanding the role of banks in cross-border finance has become an urgent priority. Cross-border banks have played a central role in the dynamics of the global crisis of 2007-2009. First, European banks had a surprisingly large exposure to the US securitised asset markets, which arose to a significant extent through global banks acting either on the buying or selling side in these markets. Second, the breakdown in credit and asset markets was an international phenomenon, with cross-border linkages suffering disproportionately due to greater information problems vis-à-vis cross-border counterparties and the differences in regulatory regimes. Third, currency mismatches in funding became evident, with European banks suffering a dollar shortage that ultimately required resolution through a major currency swap initiative among the main central banks. Fourth, the provision of fiscal support for distressed banks was especially problematic in relation to cross-border activities. The rescue of multi-country banks, such as Dexia and Fortis, required the governments involved to devise ad hoc, ex-post burden-sharing agreements. In relation to emerging Europe, there were also fears that the policies of home-country governments might encourage parent banks to fail to support the operations of affiliates. This report analyses key aspects of cross-border banking, takes a European focus and derives policy recommendations based on them. Chapter 1 of the report first documents the evolution of cross-border banking in Europe in the two decades prior to the crisis. We then turn to the role cross-border banking played during the crisis of 2007-2009, with a key focus on whether crossborder activities have exacerbated the crisis or helped to mitigate it. We also analyse the regulatory response to cross-border problems in the crisis.

Numerical optimisation procedures offer effective methods to analytically forecast the modifications of the system being examined. This paper describes the use of a multiobjective optimisation code in order to identify solutions which lead to an improvement of the sound quality at the operator station of earth moving machinery in stationary conditions. For this purpose, it seems appropriate to focus on loudness and sharpness parameters as previous studies showed that they are the ones which correlate most closely to subjective annoyance judgments. The 1/3 octave band sound pressure levels recorded at the operator position were used to represent the system, numerical modules for the correct calculation of the psychoacoustic parameters were specifically developed and a multi-objective genetic algorithm was used to find the modifications of the input system which lead to the minimisation of the above psychoacoustic parameters. In order to verify whether the optimisation process leads to noise signals subjectively considered less annoying than the original one, listening tests were carried out using both the original and some optimised signals. The results confirmed the suitability of the optimisation procedure and also the subjective relevance of the simultaneous reduction of loudness and sharpness.

In the financial intermediation industry, competition issues interact with those concerned with stability, as the current crisis unfortunately reminded us. This paper discusses and summarizes recent inquiries into retail banking undertaken by the European Commission and various National Competition Authorities, commenting on the methodologies and perspectives that these institutions have used to analyse competition in a sector that was, for a long time, considered ‘special’. While the identified competitive problems and solutions closely match those highlighted by academic research, too little attention still appears to be given to risk considerations, which would allow competition authorities to counter the likely forthcoming attacks that will again be aimed at isolating the financial industry from appropriate competitive checks.

Relazione attività di ricerca dal 01/04/2005-28/02/2006

An active noise control device (ANC) following a single channel feed-forward scheme was used in order to verify the possibility to improve the noise climate at the operator station of a construction machine. The modifications induced by this ANC system were subjectively evaluated with regards to some noise features (tiredness, concentration loss, loudness and booming) important for qualifying comfort and the working safety conditions for the machine. The results showed that the implemented ANC system lowered the overall noise level up to 7 dB and the reductions induced by this controller in the low frequency range positively affected the subjective evaluations with respect to all the considered features.

La ricerca si inserisce in un progetto triennale, nell'ambito del laboratorio di ricerca e trasferimento tecnologico LAV (Laboratorio Acustica Vibrazioni), che riguarda la identificazione di parametri sensibili per la caratterizzazione psicoacustica degli abitacoli di mezzi mobili, ai fini del miglioramento della qualità sonora del campo acustico presente in essi. In questa fase verranno presentati i risultati di una serie di registrazioni binaurali effettuate, al posto guida di tre diverse pale caricatrici compatte, mentre ciascuna macchina ripeteva, per cinque volte, lo stesso ciclo di lavoro, prima a vuoto, poi con due diverse tipologie di materiale. In base ai risultati delle analisi condotte su tutti gli stimoli sonori, in termini sia di parametri acustici classici che di grandezze psicoacustiche, verrà evidenziato come e in quale entità i diversi materiali influenzino le caratteristiche del campo acustico generato da questo tipo di macchina. Inoltre, la conduzione di specifici test di ascolto sull'insieme di tutti gli stimoli acquisiti per ciascuna macchina fornirà indicazione riguardo la ripetibilità, dal punto di vista percettivo, del rumore emesso durante ciascun ciclo di lavoro. Tali risultati saranno sfruttati per definire il protocollo sperimentale per le successive prove di ascolto volte alla individuazione del descrittore meglio correlato alla sensazione soggettiva.