Search

One possible explanation for the European sovereign debt crises is that the European Economic and Monetary Union (EMU) gave rise to consolidation fatigue or even deliberate over-borrowing. This paper explores the validity of this explanation by studying how three decisive stages in the history of the EMU affected public borrowing in EU member states: the signing of the Maastricht Treaty, the introduction of the Euro, and the suspension of the Stability and Growth Pact (SGP). The methodology relies on difference-in-difference regressions for 26 OECD countries over the 1975-2009 period. The findings indicate that the Maastricht treaty reduced deficits especially in traditionally high-deficit countries. In contrast, the introduction of the Euro and the watering down of the original SGP led on average to higher borrowing. These results indicate that the introduction of the Euro and the suspension of the SGP led to soft budget constraints in the EMU. [ABSTRACT FROM AUTHOR]

In this paper, we examine the stock market integration process amongst 17 Economic and Monetary Union (EMU) countries from January 2002 to June 2013 over a normal period as well as for the Global Financial Crisis (GFC) and Eurozone Debt Crisis (EDC) periods. We classify the economies in three groups (A, B and C) based on their GDP to examine whether the economic size influences financial integration. Seven indicators are used for the purpose, namely, beta convergence, sigma convergence, variance ratio, asymmetric DCC, dynamic cointegration, market synchronisation measure and common components approach. The results suggest that large-sized EMU economies (termed as Group A) exhibit strong stock market integration. Moderate integration is observed for middle-sized EMU economies with old membership (termed as Group B). Small-sized economies (termed as Group C) economies seemed to be least integrated within the EMU stock market system. The findings further suggest presence of contagion effects as one moves from normal to crisis periods, which are specifically stronger for more integrated economies of Group A. We recommend institutional, regulatory and other policy reforms for Group B and especially Group C to achieve higher level of integration. [ABSTRACT FROM AUTHOR]

While banking supervision in the European Union (EU) had been subject to slow incremental changes in the 2000s, the establishment of the Single Supervisory Mechanism (SSM) in 2012/2013 amounted to a comparably swift and significant transfer of sovereignty. This article explores the institutional dynamics behind this sudden shift from incremental to punctuated change. We show that powerful ‘reproduction mechanisms’ of institutional stability were decisively weakened by the euro area crisis and the existential need to break the feedback loop between banks and sovereigns. The institutional breakthrough came about as a package deal, linking banking supervision to a short-term crisis management measure for direct bank recapitalization. In focusing on the twin dynamics of previous stability and sudden change and structural and institutional factors behind the decisive turning point at the June 2012 summit, this article adds a new perspective to previous accounts and their emphasis on individual actors, functionalist learning processes or ideational aspects. [ABSTRACT FROM AUTHOR]

In vitro production of germline chimeras and avian cloning may utilise the transfer of avian embryos from their original eggshell to a surrogate eggshell for culture during incubation. Such embryo transfer is valuable for avian cloning as the only alternative would be to transfer the cloned avian embryos into the infundibulum of recipient birds. Given the advances in paleogenomics, synthetic biology, and gene editing, a similar approach might be used to generate extinct species, i.e. de-extinction. One objective of the present research was to examine if ratite eggs could be manipulated via windowing and sham injection, similar to that which could allow for avian genome manipulation and subsequent development. The efficiency of interspecific avian embryo transfer using Chicken (Gallus gallus domesticus) donor eggs and Turkey (Meleagris gallopavo) recipient eggshells was also investigated. Egg windowing and embryo transfer techniques utilised in the present research were adapted from those found in the scientific literature. Presumed fertile eggs from Rhode Island Red (n = 40), Silkie (n = 2), and White Leghorn Chickens (n = 18), Turkey (n = 48), Emu (Dromaius novaehollandiae) (n = 79), and Ostrich (Struthio camelus) (n = 89) were used in this research. Of the 41 Chicken eggs used for transfers into recipient Turkey eggshells, only one (2.4%) produced a chick. Of 31 windowed Emu eggs, one embryo survived for 25 d but no chicks were produced. Of 36 windowed Ostrich eggs, one embryo survived and hatched. The efficiency of the windowing and embryo transfers to produce chicks was low and further refinements are needed. Importantly, the results herein establish that manipulating ratite embryos is possible. [ABSTRACT FROM AUTHOR]

This article reviews Johnston (2016) and supplements it with theoretically based empirical research. The European Economic and Monetary Union (EMU) set up circumstances that economically were good for its low-inflation northwest European countries. The euro crisis is an integrated issue that is reliant on how the pre-crisis economic performance of the EMU North, reinforced by its repressive wage-setting entities, influenced that in the EMU South. Upon joining the monetary union, EMU's member economies left behind their domestic exchange rates as adjustment mechanisms for current and capital account discrepancies, and such deficits increased relentlessly over time. [ABSTRACT FROM AUTHOR]

This article argues that the integration of financial assistance capacity in the eurozone, which was meant to remedy institutional shortcomings and mitigate the distributional implications of financial support in the European Monetary Union (EMU), has instead contributed to a deepening of the existing political cleavages and the creation of new ones. This dysfunctional effect reflects the empowerment of some national parliaments in decisions on financial assistance. These arguments are tested against the empirical examination of the negotiations of the three adjustment programmes for Greece. Specifically, the article shows that negotiations moved towards the radicalization of creditors’ positions and increased divisions between creditors in conjunction with the development of financial assistance capacity. While advancing its theses, the article strikes a note of caution regarding the argument that the empowerment of national parliaments in EU policymaking is one of the most powerful antidotes to its legitimacy deficit and thus a safeguard for the integration project. [ABSTRACT FROM PUBLISHER]

The creation of the EMU in 1999 gave its original eleven members additional advantages for intra-EMU trade, relative to other members of the EU and the rest of the world. Other things being equal, this should have resulted in greater export affinity within the Euro Zone. This paper constructs export affinity indices for the intra-regional exports of the EMU, for its exports to the then other members of the EU, and to the countries that joined the EU during this period, for 1997, a full year before the Euro, and for 2007. These are used to see whether the net effect on export affinity are as expected, or whether other forces affecting the growth and direction of world exports led to different results. It was found that though there was clear export affinity within the EMU in both years examined, and, of course, tremendous growth in total exports to all regions, export affinity fell rather than rose between the two years. As far as special affinity is concerned, other factors affecting the development of world exports cancelled the advantages both of EMU membership and of new membership in the EU. Similar net results were found for bi-lateral export affinity indices of the original EMU members. [ABSTRACT FROM AUTHOR]

The European sovereign debt crisis has revived the debate about appropriate fiscal rules in the European Economic and Monetary Union. Whereas the Stability and Growth Pact and the Fiscal Compact make no distinction between public consumption and investment expenditure, the aim of the current paper is to analyze the implications of the adoption of the Golden rule in a monetary union, distinguishing between the two types of public expenditure. With the help of a macroeconomic model, we show that introducing a Golden rule and smoothing public investment expenditure would be welfare-improving, and mostly for countries where taxation rates and the productivity of public investment are highest, and for the most closed countries. It would also be the most beneficial for countries where the monetary transmission parameter, the propensity to consume, and the price elasticity of supply are weakest, whereas supply-side distortions are the strongest. [ABSTRACT FROM AUTHOR]

Attitudes for a common currency differ from nation to nation, or from region to region. We analyse regionally differing voting results of a referendum held in Sweden in lieu of joining the European Monetary Union. We put a special focus on the role of the industrial mix - being a potential factor influencing heterogeneous transmission - and find a significant, but subordinated, impact on voting behaviour. [ABSTRACT FROM AUTHOR]

Influenza A viruses (IAVs) continue to threaten animal and human health with constant emergence of novel variants. While aquatic birds are a major reservoir of most IAVs, the role of other terrestrial birds in the evolution of IAVs is becoming increasingly evident. Since 2006, several reports of IAV isolations from emus have surfaced and avian influenza infection of emus can lead to the selection of mammalian like PB2-E627K and PB2-D701N mutants. However, the potential of emus to be co-infected with avian and mammalian IAVs is not yet understood. As a first step, we investigated sialic acid (SA) receptor distribution across major organs and body systems of emu and found a widespread co-expression of both SAα2,3Gal and SAα2,6Gal receptors in various tissues that are compatible with avian and human IAV binding. Our results suggest that emus could allow genetic recombination and hence play an important role in the evolution of IAVs. [ABSTRACT FROM AUTHOR]

This study examines the stationary properties of per capita energy use in the 19 Eurozone member countries by using annual data over 1960-2013 period. We utilize the Clemente et al. unit root test that determines structural breaks. Empirical results show that most of the country series does not reject the unit root null hypothesis at the 5% significance level, both in the case of additive outlier and of innovative outlier. Therefore, our empirical findings provide significant evidence that energy use is nonstationary in almost all Eurozone countries. For the policy makers, it is necessary to pay attention to energy use series. [ABSTRACT FROM AUTHOR]

1. Sex chromosomes of emus are largely homomorphic. Therefore, the standard methodology for molecular sexing based on screening intron length variations in sex-linked genes is not applicable. However, emu sexing requires costly and time-consuming PCR-RFLP or multiplex PCR methods.2. This experiment used a directed PCR amplification and capillary electrophoresis sexing protocol. Two distinct peaks were observed in females (ZW), while only one peak was observed in males (ZZ).3. This sexing technique proved to be rapid, non-invasive, and highly sensitive and may be useful for verifying the sex ratio and breeding management of emus.

relatively successful functioning of the European Economic and Monetary Union, which was formed on the 1st January 1999, has affected to the all EU member states, except Great Britain, Denmark and Sweden, to express a firm commitment to become members of the EMU for the shortest possible time. However, in 2008, the global financial crisis with its destructive earthquakes staggered the European Economic seismographs. That created Euro skepticism, opened a lot of issues about negatively EMU effects and pointed out to the short-sightedness and instability of the euro strategy. The global financial crisis has only highlighted a lot of forgotten weaknesses of the European monetary structures, which requires detailed analysis to get the answer on the question: What will be the future of the EMU and join or not to join to the EMU? In order to identify all potential effects of the functioning of EMU and all advantages and disadvantages for the Member States, it is necessary to analyze the twelve years of functioning of EMU. The time period from 2000 to 2008, is selected in order to eliminate impact of the financial crisis, and the time period from 2008 to 2012, is selected in order to include impact of the financial crisis, because of the making a reliable conclusion. It is necessary to examine whether the three EU members that did not join the EMU (Great Britain, Sweden and Denmark) have lost or gained by the decision not to participate in the third phase of the Maastricht Treaty. [ABSTRACT FROM AUTHOR]

This article investigates whether the varying prevalence of temporary employment contracts across Economic and Monetary Union (EMU) countries can explain their different unemployment dynamics. Using a database of labour market institutions, dynamic panel regressions are carried out for 11 eurozone countries for 1995-2013. Labour market duality - i.e. the co-existence of permanent and temporary contracts - is found to have a robust and significant effect on unemployment dynamics: a high duality rate increases the response of unemployment to output shocks while decreasing its persistence. The authors suggest that introducing a 'single contract' could improve stability at both eurozone and country level. [ABSTRACT FROM AUTHOR]

This article discusses the legal and political context regarding the origin of money in the Croatian political space. Namely, the paper presents a historical and legal review starting from the Ancient Times, e.g. the oldest Croatian money of king Andrew II to the present official Croatian currency. In addition to the legal and historical aspects of the official Croatian money, the paper also discusses fate of Croatian money after Croatia’s accession to the European Union and to the European Monetary Union, i.e. the Eurozone.

In spite of number of methods for sex determination in birds, it is very difficult to distinguish sex especially in ratite birds due to lack of sexual dimorphism. Chromodomain helicase DNA binding 1 gene (CHD 1) is the choice of gene for gender differentiation using PCR based molecular method. In present study, non ratite CHD gene specific primers viz. 1237L/1272H, 2550F/2718R, P2/P8, P2/P3 and ratite bird specific primers viz.W5/ W7 and W1/ K7 were used for gender differentiation in ratite birds. The ratite bird specific primer W5/W7 was the only primer, which determined the sex in emu as well as ostrich successfully, while 1237L/1272H, 2550F/2718R, P2/ P8, P2/P3 primers were unable to discriminate sex in emu and ostrich but ratite and non ratite primers can be used to discriminate the sex in non-ratite bird, primarily in chicken. In an alternative approach of PCR-RFLP, the high resolution melting curve (HRM) analysis showed conflicting pattern in both sexes of ratite birds but in chicken HRM analysis showed clear cut differential melting temperature in both sexes, hence HRM can be used for gender differentiation successfully.

This paper aims at pointing out the evolution in real and financial plans in order to adhere to the EMU, using a comparative approach, on the example of Romania, the Czech Republic, Poland and Hungary. The main results of the study are the following: the four countries have made notable progress in the years preceding the current crisis; however, considerable efforts are still needed in order to comply withthe euro zone, in terms of living standards, economic structure, degree of openness of the economy, etc.; refer the financial convergence, directions are needed to increase the financial intermediation and financial depth in Romania and Poland, the Czech Republic and Hungary recording slightly more favourable indicators. On the other hand, central banks, except the Polish one, should significantly improve the transmission mechanism of monetary policy upon the financial and real sphere.

Son dönemde Avrupa Birliği AB ve Ekonomik ve Parasal Birlik’ten EPB ayrılma, tek taraflı çekilme ve ihraç edilme gibi konular AB resmi çevrelerinde ve kamuoyunda daha ciddi bir şekilde ele alınmaya başlanmıştır. 1 Aralık 2009 tarihinde yürürlüğe giren Lizbon Antlaşması ile tek taraflı çekilmenin AB Müktesebatının bir parçası haline gelmiş olması ve 2007-09 küresel mali krizi sonrasında EPB’de bir borç krizinin yaşanması bu konulara ilginin artmasında etkili olmuştur. Lizbon Antlaşması sonrasında AB Antlaşmasının 50. maddesinde düzenlenen tek taraflı çekilme hakkı çerçevesinde AB’den ve EPB’den kopmaların yaşanması durumunda ilginç birtakım senaryoların ortaya çıkması mümkün görünmektedir. Birinci senaryoya göre, AB’den çekilmeye karar veren bir üye devlet Konsey ile anlaşma yoluna giderek en azından bir süreliğine EPB’de kalmak istediğini talep edebilir ve böylece, en azından teoride AB’den ayrılması, ancak Avro kullanmaya devam etmesi mümkün görünmektedir. İkinci bir senaryo da taraf devletlerle yapılan bir anlaşma çerçevesinde üye devletin EPB’den çıkması, ancak AB üyesi olarak kalmayı sürdürmesinin mevcut hukuksal düzenlemeler altında mümkün olmasıdır. Lizbon Antlaşması ile getirilen tek taraflı çekilme hakkı AB yetkililerinin konuya ilişkin görüşlerine bir parça açıklık getirmiştir; ancak, özellikle EPB açısından veya bir başka deyişle Yunanistan’ın mevcut durumda EPB’den çekilmesi hakkında halen yeterli bir netlik kazandıramamıştır. Bu çalışmada yapılan hukuksal analiz sonucunda, AB Antlaşmasının 50. maddesine göre bir üye devlet bir yandan AB’den ayrılırken, EPB’de kalmayı ve avro kullanmayı sürdürmeyi müzakere edebilmekte; diğer yandan da, EPB’den ve avro kullanmaktan vazgeçip, AB’de kalmayı anlaşma yoluna giderek tercih edebilmektedir. Ancak, Lizbon Antlaşması ile hukuksal yönden mümkün olan bu senaryoların siyasi yönden müzakere edilebilir gerçekçi senaryolar olmadığı düşünülmektedir

A regulation framework for the banking sector should be characterised by transparency,responsibility and performance in several important areas. These areas are the global and Europeanframework for corporate financial reporting (CFR), risk management (RM), stockholder value creation(SVC), corporate governance (CG), corporate social responsibility (CSR) and sustainable development (SD).The regulation framework for the banking sector must also consider the fiscal and monetary environment inwhich a banking institution operates. The global rating system and the rating agencies will also have animportant impact on any regulation framework for the banking sector. These two factors play a key role whena financial, credit or debt crisis occurs. In this article, a holistic regulation framework for the banking sector ispresented. The article is based on European banks that are part of the European Monetary Union (EMU).Initially, it focuses on the timelines and review the integration of the European Monetary Union, relevantlegislation and information on member countries’ banking sectors. This information creates the frameworkfor the proposed model. The article considers all of the above factors in creating a holistic regulationframework for the banking sector to present in the context of the recent financial, credit and debt crises thathave taken place in the EMU.

The conventional narrative for the European debt crisis stresses three factors, namely, bad policies and profligacy in the afflicted countries - mostly southern ones, flaws in the EMU design, and wise policies in the northern frugal countries. This paper argues that the root causes of the crisis lie in the failure of many “safety valves” of market economies, at many levels of the society, both in the crisis countries and in the more “prudent” EMU countries, in an economic environment where unfettered finance can overwhelm even the biggest and best managed economies. Hence, the policy responses based on the conventional narrative are akin to treating the “symptoms”, not the “disease”. As such, they may be setting the foundations for a bigger crisis in the future by strengthening the always-present perverse incentives of many economic players and by proposing complex and unworkable regulatory and supervisory structures. This, together with the unequal sharing of the burden of adjustment - both across and within countries, bodes ill for the long-term prospects of EMU, despite that the aforementioned failures are not intrinsically related to the euro.

The purpose of the paper is to firstly provide a conceptual perspective on the existing European economic environment and secondly, to delineate the disastrous economic policies responsible for derailing the entire Greek economic establishment. The study expounds upon the very framework that EU policy has been conducted by scrutinizing the way some main economic indicators have fluctuated over the years. The main focus of the economic policies adopted by the EU countries should be on the strengthening of the monetary union and the euro in terms of strengthening the productive, technological, qualitative and redistributive efficiency and not in terms of weakening unions, dislocating labor market institutions, degrading and transforming the social state to “state charity”. The distorted model of development that has been religiously adhered to for many years, has caused production as well as primary surpluses to shrink dramatically, which in conjunction with inappropriate policy alternatives contributed to a prolonged recession that we are currently witnessing. The fiscal restructuring that is currently underway in Greece is bound to burden further the already crippled economic activity in so far as the new tax reforms constrain dramatically the purchasing power of its citizens. The latter in conjunction with the deregulation of the labour markets will reduce real wages markedly, causing in affect further decline in private consumption. The resulting decrease in aggregate demand will set off a self-feeding mechanism of declining production and increasing unemployment.

The sovereign debt crisis is creating enormous anguish in the European Monetary Union (EMU). Not surprisingly, emergency measures continue to be used at a time when a sort of economic recovery seems to be underway. Against this background the European Council summit of last October considered a Task Force report with a telling name: "Strengthening economic governance in the EU". This document is to be examined in conjunction with the governance reform proposals issued by the European Commission at the end of September and related documents. For the depth of this financial crisis and the "Great Recession" have forced EU governments and EU institutions to take a hard look at the governance structure of the Union. But it would be wrong to say that this demarche is an attempt to explore a terra incognita. From the very beginning of the European Monetary Union (EMU) there was some discomfort with its institutional underpinnings and there were misgivings regarding its optimality as a currency area. This explains why a train of thought underlines a political rationale, too, for the creation of the EMU. Likewise, criticism regarding the way regulation and supervision have been established in the Union is not of recent vintage. And insufficiencies of the Stability and Growth Pact (SGP), with almost all member states flouting its rules at various points in time, have been repeatedly pointed out. This said, however, the flaws of financial intermediation have been less tackled by policy-makers and central bankers for reasons which, partially, are to be found in a paradigm which has dominated economic thinking in recent decades. This paper focuses on roots of the huge strain in the EU (EMU) and main policy issues ensuing from the current crisis. It also looks at the stake NMSs have in a reformed EU economic governance structure. The challenges for EU economic governance reform are to be seen from a broad perspective: the crisis of the financial intermediation system; the sub-optimal character of the EMU; institutional and policy underpinnings of the EU (EMU) including the regulation and supervision of financial markets; the capacity of the EU to deal with global imbalances, etc. Nota bene: there is a "political reality" which constrains decisions in the EU; the latter is not a federal state and what appears to be rational when defined strictly economically may clash with implications of the political configuration of the Union.

In the context of the financial crisis the imbalances in the euro area have been underlined. The issue had been previously debated during the years preceding the financial crisis, but the strong global economic expansion and the ongoing economic integration within the euro area partly masked the problems arising from these differential developments. This paper analyses the advantages and disavantages of the monetary union before and during the financial crisis and focuses on identifying solutions to correct the structural problems that are at the root of the economic divergencies within the euro area. Another issue that we discuss is how did price competitiveness diverged from one euro-area member state to another since the introduction of the euro, causing gains in price competitiveness for a small group of countries and significant losses for a larger group. The issue of competitiveness is essential for Romania as we are heading towards joining the euro zone.

The breakdown of command economies has significantly increased growth potentials all over Europe and opened up prospects for economic development. Encouraged by that, the EU embarked on the process of deeper economic integration. Its main aspects – economic liberalization and monetary integration – coincided with the worldwide globalization of trade and capital flows. As a laggard country in the process of economic integration, Croatia is in a particularly difficult position – besides soaring trade deficit, it is highly indebted and strongly dependant upon foreign capital. Appreciating theoretical inferences and empirical evidence on monetary integration, while taking reference to the realized level of international financial integration and external vulnerability, the aim of the paper is to find out if Croatia fulfils the criteria for successful monetary integration.

The EU budget is the financial tool supporting European integration. The way it has developed over decades, both as concerns revenues and expenditure, superposed to a complex decision-making process, where member states retain veto rights in crucial respects, means that it currently displays a significant inertia, while its size and structure are not the most appropriate for endowing the Union with the means allowing it to best react to the present-day challenges. Tensions are also rising between the national interests of individual members and the common interest, which previous attempts to reconcile by way of special treatments granted to some countries are clearly unsustainable, while inducing additional rigidities to the budgetary construction. This obviates the need for a comprehensive reform, which the 2008/2009 budget review that the Commission was mandated to undertake may set in motion. The following paper attempts at taking stock of the most significant problems in need of a solution and to explore the most appropriate ways available for tackling them.

This study aims to identify optimum currency areas (OCA) variables that distinguish certain Economic and Monetary Union (EMU) member countries from the other EMU members. In the previous studies, EMU members were identified in the light of criteria suggested by the OCA theory. In this study, in order to obtain additional insights, we analyzed OCA variables and the performance of European countries with respect to these variables. Our analysis shows that some of the EMU member countries are dissimilar to the rest of the EMU members with respect to certain OCA criteria.

The ability to monitor developing avian embryos and their associated vascular system via candling enables the application of important reproductive management techniques. Egg candling facilitates the confirmation of egg viability throughout the incubation process and identification of a precise position on a vein for the safe extraction of blood. Blood samples may then be analysed to retrieve vital health and genetic information to assist in conservation management. However, the thick or opaque egg shell characteristics of some avian species prevents the observation of egg contents using traditional candling methods, thus limiting management options. This paper tests a novel method of preparing thick-shelled or opaque eggs so that traditional egg candling and blood extraction methods may be applied. Eggs from captive emu (Dromaius novaehollandiae, Latham 1790) and southern cassowary (Casuarius casuarius johnsonii, Linnaeus 1758) were obtained, and partial fenestration was performed on two areas of shell either before incubation or at ⅓ of incubation. Hatchability and weight loss were examined as a measure of effect of the fenestration process on the developing embryo. Clear observation of vascular development was successful in 97% of viable fenestrated eggs, without affecting hatchability or weight loss. Blood samples were taken from developing embryos and DNA was successfully extracted for proof of concept of this new technique. The ability to observe vascular development and monitor the developing embryo in thick and opaque eggs will significantly improve both in situ and ex situ population management options such as in ovo sexing in species of concern., (© 2022 The Authors. Zoo Biology published by Wiley Periodicals LLC.)

To compare efficacy and safety of Intranasal and Intramuscular routes of midazolam administration in terminating seizures. This was an open label Randomized controlled trial (RCT). People with drug resistant epilepsy (DRE) undergoing Video Electroencephalogram (VEEG) monitoring, were randomized in a 1:1 ratio to receive either Intranasal (IN) or Intramuscular (IM) midazolam, for prolonged seizures: longer than 5 min for focal, and longer than 2 min for focal to bilateral tonic-clonic. Outcome assessor was blinded to the allocation arm. Primary outcome was time to electrographic seizure termination after administration of midazolam. All adverse events in both the groups were noted. A total of 1108 seizures were recorded in 130 subjects, of which 110 (65 seizures in 23 subjects in IN group; 45 seizures in 18 subjects in IM group) seizures required midazolam administration and were included in final analysis. Mean time to electrographic seizure termination after midazolam administration was 45.1 ± 23.8 s in the IM group and 90.4 ± 59.0 s in the IN group (p = 0.0014); mean time to clinical seizure termination was 53.9 ± 25.8 s in IM group and 104.3 ± 66.4 s in the IN group (p = 0.002). Local side effects were more in IN group; hypotension as serious adverse event was noted in the IM group. Though mean time to electrographic and clinical seizure termination was significantly lesser in Intramuscular group for both adults and pediatric population, it was still under 2 min in the Intranasal midazolam group.IN midazolam is a useful option for terminating seizures. • To compare efficacy and safety of IN and IM routes of midazolam administration in terminating seizures. • PWE were randomized equally in IN or IM group for seizures longer than 5 min for focal and 2 min for focal to bilateral. • Primary outcome was time to electrographic seizure termination after administration of midazolam. • 130 subjects, of which 110 seizures (65 in 23 subjects in IN group; 45 in 18 subjects in IM group) required midazolam. • Time to terminate seizure was significantly less in IM group for adults and chlidren, it was still under 2 min in IN group. [ABSTRACT FROM AUTHOR]

This paper aims at shedding some light on the mechanisms of pricing the EMU countries’ sovereign bonds in financial markets. Employing the Augmented Mean Group (AMG) estimator, we find that major changes have occurred in terms of variables underlying sovereign risk. Since 2009, macroeconomic and fiscal fundamentals has started to play a more important role, but only those that capture domestic demand evolution. In contrast, price competitiveness seems less important. The second conclusion lies in reversed attitude towards banking sector imbalances, as compared to the earlier period. One of the problems addressed concerns the horizon of projected macroeconomic and fiscal variables taken into account. The paper presents some evidence that financial markets have become more myopic and started to rely on short-term forecasts, whilst they had tended to encompass longer-term forecast horizon before the crisis