169,873 research outputs found
A Viable Alternative to Basel III Prudential Capital Rules. CEPS Policy Brief No. 291, May 2013
No full textStefano Micossi argues in this paper that the Basel framework for bank prudential requirements is deeply flawed and that the Basel III revision has failed to correct these flaws, making the system even more complicated, opaque and open to manipulation. In practice, he finds that the present system does not offer regulators and financial markets a reliable capital standard for banks and its divergent implementation in the main jurisdictions of the European Union and the United States has broken the market into special fiefdoms governed by national regulators in response to untoward special interests. The time is ripe to stop tinkering with minor adjustment and revisions in order to rescue the system, because the system cannot be rescued.
In response to the current situation, Micossi calls for abandoning reference to risk-weighted assets calculated by banks with their internal risk management models for the determination of banks’ prudential capital, together with the preoccupation with the asset side of banks in correcting for risk exposure. He suggests that the alternative may be provided by a combination of a straight capital ratio and a properly designed deposit insurance system. It is a logical, complete and much less distortive alternative; it would serve better the cause of financial stability as well as the interest of the banks in clear, transparent and level playing field
“Democracy in the European Union.” CEPS Working Document No. 286, February 2008
No full textIn this Working Document, Stefano Micossi, Director General of Assonime, argues that once the Union is recognised for what it is – an innovative polity, where power is shared by a large number of players with many participation and influence-wielding mechanisms, – it becomes apparent that on the whole it complies with democratic legitimisation standards no less than do member states, even if multiple, and potentially conflicting legitimisation channels and principles may confuse observers
Banking Union in the Eurozone and the European Union. CEPS Commentary, 12 June 2012
No full textIn this new CEPS Commentary, Jacopo Carmassi, Carmine Di Noia and Stefano Micossi present a rationale and detailed outline for the creation of a banking union in Europe. They argue that it is essential to clearly distinguish between what is needed to address a ‘systemic’ confidence crisis hitting the banking system – which is mainly or solely a eurozone problem – and ‘fair weather’ arrangements to prevent individual bank crises and, when they occur, to manage them in an orderly fashion so as to minimise systemic spillovers and the cost to taxpayers, which is of concern for the entire European Union
Models for measuring hepatic glucose production from labelled IVGTT
No full textIn the line of the minimal modelling strategy, we present various modelling attempts to measure hepatic glucose production during a labelled intravenous glucose tolerance test (labelled IVGTT). We propose a physiological model which allows to reconstruct by deconvolution a profile of hepatic glucose production which is more reliable than those obtained with simpler models. The model presented incorporates the most recent information on the influence of insulin on glucose kinetics and allows recovery of a more physiological prediction of hepatic response during the IVGTT
Massive intestinal infarction following retroperitoneoscopic right lumbar sympathectomy
No full textThe adverse physiological effects of pneumo and retro-peritoneum are relatively well known. However, the clinical implications of compromised mesenteric circulation through several mechanical and physiological mechanisms are not as well recognized. We describe a fatal case of intestinal infarction following an elective retroperitoneoscopic right sympathectomy. The patient was a 88-year-old man who died 30 hours after an uneventful anesthesia and right endoscopic lumbar sympathectomy. An emergency explorative laparotomy revealed a massive intestinal infarction due to thrombosis of the superior mesenteric artery. We reviewed the literature on laparoscopic procedures and mesenteric ischemia. To our knowledge, this is the first reported case of intestinal infarction following retro-pneumoperitoneum. We conclude that the presence of a severe multidistrectual? arteriopathy may represent a major risk factor in retroperitoneoscopic procedures
Minimal models of glucose disappearance: lessons from the labelled IVGTT.
No full textIn this paper the domain of validity of the unlabelled and labelled minimal models of glucose disappearance is studied. Labelled intravenous glucose tolerance tests were performed in six normal subjects using 3-3H-glucose as the tracer. Insulin and unlabelled glucose data were analysed with the minimal model of glucose disappearance. The model provides estimates of glucose effectiveness (SG) and insulin sensitivity (SI) which measure the effects of glucose per se and insulin on both glucose production and disposal. Insulin and labelled glucose data were analysed with the labelled minimal model of tracer disappearance. Estimates of glucose effectiveness (SG*) and insulin sensitivity (SI*) which reflect disposal processes only were calculated. The results of the two minimal models suggest two areas of model error. Firstly, the relationships between labelled and unlabelled parameters contradict the theoretical expectation. Secondly, the time-course of hepatic glucose production is unrealistic. Possible sources of these inconsistencies are an inadequate description of the glucose and/or insulin effect upon hepatic glucose production, and the assumption that glucose kinetics are monocompartmental. The monocompartmental description of glucose kinetics may affect both model parameters and hepatic glucose production and this leads to a critical reexamination of the previously published validation studies in which the minimal model metabolic indices have been compared with the analogous indices measured during glucose clamp studies
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