Browsing by Issue Date, starting with "2021-09-20"
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- Bank risk-taking and impaired monetary policy transmissionPublication . Koenig, Philipp; Schliephake, EvaWe consider a standard banking model with agency frictions to simultaneously study the weakening and reversal of monetary transmission and banks’ risk-taking in a low-interest environment. Both, weaker monetary transmission and higher risk-taking arise because lower policy rates impair banks’ net worth.The pass-through to deposit rates, the level of excess reserves and the extent of the agency problem between banks and depositors are crucial determinants of monetary transmission. If the deposit pass-through is sufficiently impaired, a reversal rate exists. For policy rates below the reversal rate further interest rate reductions lead to a disproportionate increase in risk-taking and a contraction in loan supply.
- A renovação catequética impulsionada por D. António Barbosa Leão : o Congresso de 1916Publication . Camacho, Samuel Filipe Estêvão; Ferreira, António Manuel Antunes de MatosAntónio Barbosa Leão (1860-1929), como bispo do Algarve, enfrentou no início do século XX uma realidade social em alteração por uma profunda renovação. Esta atingiu também a compreensão da pessoa católica, pelo entendimento do indivíduo já não de modo denominal mas vivencial, o que permitiu abrir horizontes de reforma nas estruturas eclesiais. Os congressos e a imprensa foram, naquele tempo, os meios importantes de chegar de forma abrangente a mais sectores da população em Portugal e permitiu reformular a rede de evangelização existente. Estes factores influenciaram o prelado algarvio que centrou a sua acção no reconfigurar a identidade e a formação sacerdotal, insistindo na sua actualização a fim de sustentar uma reorganização da dimensão profética: pregação e catequese. O Congresso das Obras Católicas de 1916 foi a central neste atuar pastoral deste prelado na diocese do Algarve, possibilitando uma maior mobilização das comunidades algarvias para um ressurgir eclesial.
- Cultivable microalgae diversity from a freshwater aquaculture filtering system and its potential for polishing aquaculture derived water streamsPublication . Couto, Ana T.; Cardador, Martim; Santorio, Sergio; Arregui, Luz; Sicuro, Benedetto; Mosquera‐Corral, Anuska; Castro, Paula M. L.; Amorim, Catarina L.Aims: Microalgae are ubiquitous in aquatic environments, including aquaculture farms, but few studies have delved into their phytoplankton diversity and bioremediation potential. In this study, the cultivable phytoplankton of a rainbow trout freshwater aquaculture farm was isolated, phylogenetically analysed and used to assemble a consortium to polish an aquaculture derived effluent, with low concentrations of ammonium, nitrite and nitrate. Methods and Results: Through standard plating in different selective media, a total of 15 microalgae strains were isolated from sludge from a rotary drum filtering system which removes suspended solids from the water exiting the facility. Based on 18S rRNA gene sequences, isolates were assigned to nine different genera of the Chlorophyta phylum: Asterarcys, Chlorella, Chloroccocum, Chlorosarcinopsis, Coelastrella, Desmodesmus, Micractinium, Parachlorella and Scenedesmus. Species from most of these genera are known to inhabit freshwater systems in Galicia and continental Spain, but the Coelastrella, Asterarcys or Parachlorella genera are not usually present in freshwater streams. In an onsite integrative approach, the capacity of a consortium of native microalgae isolates to grow on aquaculture derived effluents and its nutrient removal capacity were assessed using a raceway pond. After 7 days, removal efficiencies of approximately 99%, 92% and 49% for ammonium, nitrite and nitrate, respectively, were achieved concomitantly with a microalgae biomass increase of ca. 17%. Conclusions: Sludge from the aquaculture filtering system presents a high diversity of microalgae species from the Chlorophyta phylum, whose application in a consortial approach revealed to be efficient to polish aquaculture derived effluents with low nutrient content. Significance and Impact of the Study: The use of native microalgae consortia from aquaculture systems can contribute to the development of efficient treatment systems for low nutrient wastewater, avoiding nutrients release to the environment and promoting water recirculation. This may further strengthen the use of phycoremediation at the industrial scale, as an environment friendly strategy.
- Did organizational models and designs of end-of-life care in burn intensive care units change during the COVID-19 pandemic? Professionals’ views and experiencesPublication . Hernández-Marrero, P.; Ribeiro, A. F.; Pereira, S. Martins
- Opinion Statement ECJ-TF 2/2021 on the CJEU decision of 25 february 2021 in case C-403/19, société générale, on the calculation of the maximum amount of a foreign direct tax creditPublication . Prats, Francisco Alfredo Garcia; Haslehner, Werner C.; Heydt, Volker; Kemmeren, Eric; Kofler, Georg; Lang, Michael; Nogueira, João; Panayi, Christiana HJI; Blétière, Emmanuel Raingeard de la; Raventos-Calvo, Stella; Richelle, Isabelle; Rust, Alexander; Shiers, RupertThe Court’s judgment in Société Générale reinforces the established case law that EU law neither prohibits juridical double taxation as such nor does it put an obligation on the residence Member State to prevent the disadvantages which could arise from the exercise of competence thus attributed by the two Member States. The parallel existence of taxing jurisdiction, however, must be distinguished from the exercise of such jurisdiction by each Member State: While Member States are free to determine the connecting factors for the allocation of fiscal jurisdiction in tax treaties, “the exercise of the power of taxation, so allocated by bilateral conventions for the avoidance of double taxation, the Member States must comply with EU rules and, more particularly, observe the principle of equal treatment”. It is generally accepted in the Court’s case law that both the ordinary credit and exemption (also with progression) are permissible methods to avoid double taxation, and the Court in Société Générale has confirmed this position specifically with regard to the “maximum deduction” in the ordinary credit method in tax treaties, even though it can result in a disadvantage for cross-border income as compared with domestic income. As the disadvantage in Société Générale was due to the difference between gross-basis taxation of dividends in the source Member States (Italy, the Netherlands and the UK) and net-basis taxation of those foreign-source dividends in the residence State (France), it remains to be seen if future cases will bring clarity in light of the EFTA-Court’s Seabrokers judgment as to which expenses can be lawfully allocated to foreign income from the perspective of the residence Member State. The CFE Tax Advisers Europe stresses that in an Internal Market neither (unintended) double non-taxation nor double taxation is acceptable. It therefore calls on all EU institutions to analyze and address the remaining issues of juridical double taxation (including in the context of the upcoming actions amending current corporate tax directives).