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The article "Green ECB Credit: One Step Too Far" by Christian Pfister discusses the proposal to refinance green credit by the European Central Bank at favorable conditions. The motives, implementation, and potential criticisms of the proposal are examined, with a conclusion that adopting the measure would be excessive. Various economists and policymakers have supported this proposal, including the head of state in France, but the article raises concerns about the implications of such a measure. The author presents a critical analysis of the proposal, highlighting potential economic, legal, and administrative challenges that may arise from its implementation. [Extracted from the article]

This study investigates the validity of wine must quality as an April-to-August temperature proxy between 1420 and 2019 based on expert ratings and quality measurements from Germany, Luxembourg, eastern France, and the Swiss Plateau. This is highly relevant as uncertainties remain on past climate variations during this period. The evidence was reviewed according to the best practice of historical climatology. Expert ratings tended to agree with Oechsle density measurements that gradually replaced them from the 1840s. A statistical model calibrated to predict wine must quality from climate data explains 75 % of the variance, underlining the potential value of wine must quality as a climate proxy. Premium crops were collected in years of early harvest involving high insolation during maturation, while poor crops resulted from very late harvests in cold and wet summers. An analysis of daily weather types for high- and low-quality years after 1763 shows marked differences. On a decadal timescale, the average quality was highest from 1470 to 1479, from 1536 to 1545, and from 1945 to 1954. Poor crops were collected in periods with prevailing cold and wet summers such as 1453 to 1466, 1485 to 1494, 1585 to 1614, 1685 to 1703, 1812 to 1821, and 1876 to 1936. In the period of enhanced warming after 1990, high quality became the rule. [ABSTRACT FROM AUTHOR]

The optimal perioperative chemotherapy for patients with muscle-invasive bladder cancer is not defined. The VESPER (French Genito-Urinary Tumor Group and French Association of Urology V05) trial reported improved 3-year progression-free survival with dose-dense methotrexate, vinblastine, doxorubicin and cisplatin (dd-MVAC) versus gemcitabine and cisplatin (GC) in patients who received neoadjuvant therapy, but not in the overall perioperative setting. In this Article, we report on the secondary endpoints of overall survival and time to death due to bladder cancer at 5-year follow-up. VESPER was an open-label, randomised, phase 3 trial done at 28 university hospitals or comprehensive cancer centres in France, in which adults (age ≤18 years and ≤80 years) with primary bladder cancer and histologically confirmed muscle-invasive urothelial carcinoma were randomly allocated (1:1; block size four) to treatment with dd-MVAC (every 2 weeks for a total of six cycles) or GC (every 3 weeks for a total of four cycles). Overall survival and time to death due to bladder cancer (presented as 5-year cumulative incidence of death due to bladder cancer) was analysed by intention to treat (ITT) in all randomly assigned patients. Overall survival was assessed by the Kaplan-Meier method with the treatment groups compared with log-rank test stratified for mode of administration of chemotherapy (neoadjuvant or adjuvant) and lymph node involvement. Time to death due to bladder cancer was analysed with an Aalen model for competing risks and a Fine and Gray regression model stratified for the same two covariates. Results were presented for the total perioperative population and for the neoadjuvant and adjuvant subgroups. The trial is registered with ClinicalTrials.gov , NCT01812369 , and is complete. From Feb 25, 2013, to March 1, 2018, 500 patients were randomly assigned, of whom 493 were included in the final ITT population (245 [50%] in the GC group and 248 [50%] in the dd-MVAC group; 408 [83%] male and 85 [17%] female). 437 (89%) patients received neoadjuvant chemotherapy. Median follow-up was 5·3 years (IQR 5·1–5·4); 190 deaths at the 5-year cutoff were reported. In the perioperative setting (total ITT population), we found no evidence of association of overall survival at 5 years with dd-MVAC treatment versus GC treatment (64% [95% CI 58–70] vs 56% [50–63], stratified hazard ratio [HR strat ] 0·79 [95% CI 0·59–1·05]). Time to death due to bladder cancer was increased in the dd-MVAC group compared with in the GC group (5-year cumulative incidence of death: 27% [95% CI 21–32] vs 40% [34–46], HR strat 0·61 [95% CI 0·45–0·84]). In the neoadjuvant subgroup, overall survival at 5 years was improved in the dd-MVAC group versus the GC group (66% [95% CI 60–73] vs 57% [50–64], HR 0·71 [95% CI 0·52–0·97]), as was time to death due to bladder cancer (5-year cumulative incidence: 24% [18–30] vs 38% [32–45], HR 0·55 [0·39–0·78]). In the adjuvant subgroup, the results were not conclusive due to the small sample size. Bladder cancer progression was the cause of death for 157 (83%) of the 190 deaths; other causes of death included cardiovascular events (eight [4%] deaths), deaths related to chemotherapy toxicity (four [2%]), and secondary cancers (four [2%]). Our results on overall survival at 5 years were in accordance with the primary endpoint analysis (3-year progression-free survival). We found no evidence of improved overall survival with dd-MVAC over GC in the perioperative setting, but the data support the use of six cycles of dd-MVAC over four cycles of GC in the neoadjuvant setting. These results should impact practice and future trials of immunotherapy in bladder cancer. French National Cancer Institute. [ABSTRACT FROM AUTHOR]

The article discusses the concept of a wholesale central bank digital currency (wCBDC) and its potential issuance. It explores arguments for and against wCBDC, with a focus on its advantages in providing a safe and liquid settlement instrument in a distributed ledger technology (DLT) environment. The article also delves into potential use cases, such as disintermediation in cross-border payments and the weaponization of money, and discusses central banks' projects.

The association between climate variability and grain harvest yields has been an important component of food security and economy in European history. Yet, inter-regional comparisons of climate–yield relationships have been hampered by locally varying data types and the use of different statistical methods. Using a coherent statistical framework, considering the effects of diverse serial correlations on statistical significance, we assess the temperature and hydroclimate (precipitation and drought) signatures in grain harvest yields across varying environmental settings of early modern (ca. 1500–1800) Europe. An unprecedentedly large network of yield records from northern (Sweden), central (Switzerland), and southern (Spain) Europe are compared with a diverse set of seasonally and annually resolved palaeoclimate reconstructions. Considering the effects of different crop types and time series frequencies, we find within regions consistent climate–harvest yield associations characterized by a significant summer soil moisture signal in Sweden, winter temperature and precipitation signals in Switzerland, and spring and annual mean temperature signals in Spain. The regional-scale climate–harvest associations are weaker than the recently revealed climate signals in early modern grain prices but similar in strength to modern climate–harvest relationships at comparable spatial scales. This is a noteworthy finding considering the uncertainties inherent in both historical harvest and palaeoclimate data. [ABSTRACT FROM AUTHOR]

This study investigates the validity of wine must quality as a summer (JJA) temperature proxy between 1420 and 2019 based on expert ratings and quality measurements from Germany, Luxembourg, Eastern France and the Swiss Plateau. The evidence was reviewed according to the best practice of historical climatology. Expert ratings tended to agree with Oechsle density measurements that gradually replaced them from the 1840s. A statistical model calibrated to predict wine must quality from climate data explains 75% of the variance, underlining the potential value of wine must quality as a climate proxy. Premium crops were collected in years of early harvest involving high insolation during maturation, while poor crops resulted from very late harvests in cold and wet summers. An analysis of daily weather types for high and low-quality years after 1763 shows marked differences. On a decadal timescale, average quality was highest from 1470 to 1479, from 1536 to 1545 and from 1945 to 1954. Poor crops were collected in periods prevailing cold and wet summers such as 1453 to 1466, 1485 to 1494, 1585 to 1614, 1685 to 1703, 1812 to 1821 and 1876 to 1936. In the period of enhanced warming after 1990, high qualities became the rule. [ABSTRACT FROM AUTHOR]