text: European Economic Integration – 110451-0992 – 2014 VIII European Monetary Union(EMU) Euro area Member States Non-euro area Member States Prof. Dr. Günter S. Heiduk Member States with an opt-out 1 Debating Europe Some thoughts on the EURO "EMU will have a very pervasive impact on the working of the economy. Many different mechnisms will come into play and interact ." One Market, One Money (1990) "I believe the Euroland is going to run into big difficulties. That's because the different countries have different languages, limited mobility among them, and they're affected differently by external events." Milton Friedman (2003) "Policy-makers rushed to negotiate a detailed agreement, having no time for detailed economic analysis." Charles Wyplosz (2006) 3 Today's Anti-Euro and Pro-Euro Debate "The euro area will hang together, in other words, because the decision to enter is essentially irreversible. Getting out is impossible without precipitating the most serious imaginable financial crisis – something that no government is prepared to risk." Barry Eichengreen, 2007, http://www.voxeu.org/article/was-euro-mistake IFO Policy Issue: Euro Crisis "The euro rescue plan suspended fundamental principles of the Maastricht Treaty, especially the no-bail-out clause – a ban on mutual credit assistance. These changes had serious economic consequences. The interest rates on government bonds of the various countries that were drifting apart as a result of the new risk assessments were to be artificially kept together. This led to a weakening of the control function of the capital market, which induces cautious behaviour on the part of borrowers and creditors. For Germany the package bears considerable budgetary risks. Moreover, it retards economic growth since the guarantees for the euro partners divert additional capital to the indebted countries which is thus no longer available for investments in Germany. As a result of the crisis the question of structural reform for the currency union has come to the forefront." Source: http://www.cesifo-group.de/ifoHome/policy/Spezialthemen/Policy-Issues-Archive/Euro-Krise.html "Although the European Monetary Union has survived for 11 years, the current strains within the euro zone show why it may not last for another decade without at least some of its members leaving." Martin Feldstein, 2012, http://www.economist.com/debate/days/view/5 "I believe that there is still a fighting chance that the monetary union will emerge strengthened, not weakened. But policymakers will have to radically raise their game." Charles Wyplosz, 2012, http://www.economist.com/debate/days/view/522 Who is the Patient: Euro versus US$ Appreciation of the EURO Depreciation of the US$ 5 Source: Pacific Exchange Service Who are the Patients: PIGS versus G+F Quarterly GDP, Change over Previous Quarter, in %, Selected Countries, Q3-2007 – Q2-2012 6 Source: Own calculations on OECD National Accounts Statistics. What is wrong in the Eurozone? ECONOMICS ? POLITICS ? Mundell's Optimum Currency Approach Pareto's Policy Priority Approach Countries/regions that are highly integrated by cross-border flows of production factors can fix the exchange rate or introduce a common currency Political integration paves the way toward economic integration, means: common fiscal policy first, monetary union second SOCIETY ? Schmölder's Credibility Approach Money is what's being generally accepted "Geld ist, was gilt" 7 ECONOMICS ? POLITICS ? SOCIETY ? Reality Reality Reality Maastricht Treaty: Convergence Criteria EU budget has no fiscal impact Hidden scepticism, but globally still high acceptance of the Euro Increasing function as currency reserve Weakness: Control + sanctions mechanisms didn't function after countries joined the Eurozone National competence in all policies which are relevant for budget imbalances between Member States 8 The European way to solve the impossible "trinity" Source: Mongelli, F P (2008). European Economic and Monetray Integration and the Optimum Currency Area Theory. Economic Papers 302. European Commission. 9 Europe: Home of a Complex, Partly Overlapping System of Institutions Eurozone: Part of a complex system of institutional arrangements http://en.wikipedia.org/wiki/Eurozone 10 Arguments for a single European currency Arguments against a single European currency Cost of Introduction Consumers and businesses will have to convert their bills and coins into new ones, and convert all prices and wages into the new currency. This Transaction Costs Having to deal with only one currency will reduce the cost of converting will involve some costs as banks and businesses need to update one currency into another. This will benefit businesses as well as tourists. computer software for accounting purposes, update price lists, and so on. Non-Synchronicity of Business Cycles No Exchange Rate Uncertainty Eliminating exchange rates between European countries eliminates the Europe may not constitute an "optimum currency area" because the business cycles across the various countries do not move in risks of unforeseen exchange rate revaluations or devaluations. synchronicity. Transparency & Competition The direct comparability of prices and wages will increase competition Fiscal Policy Spillovers across Europe, leading to lower prices for consumers and improved Since there will only be a Europe-wide interest rate, individual countries that increase their debt will raise interest rates in all other countries. EU investment opportunities for businesses. countries may have to increase their intra-EU transfer payments to help Strength The new Euro will be the among the strongest currencies in the world, regions in need. along with the US Dollar and the Japanese Yen. It will soon become the No Competitive Devaluations In a recession, a country can no longer stimulate its economy by 2nd-most important reserve currency after the US Dollar. devaluing its currency and increasing exports. Capital Market The large Euro zone will integrate the national financial markets, leading Central Bank Independence Previously, the anchor of the European Monetary System has been the to higher efficiency in the allocation of capital in Europe. independence of the German Bundesbank and its strong focus on price No Competitive Devaluations One country can no longer devalue its currency against another member stability. Even though the new European Central Bank (ECB) will be nominally independent, it will have to prove its independence. This will at country in a bid to increase the competitiveness of its exporters. the very least incur temporary costs as it will have to be extra-tough on Fiscal Discipline With a single currency, other governments have an interest in bringing inflation. Excessive Fiscal Discipline countries with a lack of fiscal discipline into line. When other governments exert pressure on a government to reduce European Identity borrowing, or even pay fines if the budget deficit exceeds a reference A European currency will strengthen European identity. value, this may have the perverse effect of increasing an existing economic imbalance or deepening a recession. 11 How the Eurozone emerged 12 The Three Stages of Economic and Monetray Union 13 Source: Ibid. Index of Institutional Integration of EU-6 Source: Ibid 14 The Institutional System 15 Monetary System in the European Union The European System of Central Banks (ESCB) • the European Central Bank (ECB) and • the national central banks (NCBs) of all 27 EU Member States. The Eurosystem = The central banking system of the euro • the ECB and • the national central banks (NCBs) of the 17 EU Member States whose common currency is the euro. The Eurosystem is thus a sub-set of the ESCB. Since the ECB's policy decisions, such as on monetary policy, naturally apply only to the euro area countries, it is in reality the Eurosystem, which, as a team, carries out the central bank functions for the euro area. In doing so, the ECB and the NCBs jointly contribute to attaining the common goals of the Eurosystem. ECB.Eurosystem Basic Tasks of the Eurosystem "Monetary policy The Eurosystem is responsible for defining and implementing the monetary policy of the euro area. This is a public policy function that is implemented mainly by financial market operations. Important for this task is the full control of the Eurosystem over the monetary base. As part of that, the ECB and the national central banks (NCBs) are the only institutions that are entitled to actually issue legal tender banknotes in the euro area. Given the dependence of the banking system on base money, the Eurosystem is thus in a position to exert a dominant influence on money market conditions and money market interest rates. Foreign exchange operations Foreign exchange operations influence exchange rates and domestic liquidity conditions; both are important variables for monetary policy. Assigning this task to the Eurosystem is therefore logical, also because central banks have the necessary operational facilities. Secondly, if the central bank carries out this task, it ensures that the foreign exchange operations remain consistent with the aims of the central bank's monetary policy. Promote smooth operation of payment systems Payment systems are a means to transfer money between credit and other monetary institutions. This function places them at the heart of an economy's financial infrastructure. Assigning the task of promoting their smooth operation to the Eurosystem acknowledges the importance of having sound and efficient payment systems - not only for the conduct of monetary policy but also for the stability of the financial system and as such for the economy as a whole. Hold and manage foreign reserves One of the most important reasons for managing the foreign reserves portfolio is to ensure that the ECB has sufficient liquidity to conduct its foreign exchange operations. The ECB's foreign reserves are currently managed in a decentralised manner by the NCBs that opt to take part in operational ECB foreign reserve management activities. These NCBs act on behalf of the ECB in accordance with instructions received from the ECB. Although the NCBs manage their own foreign reserves independently, their operations on the foreign exchange market are, above a certain limit, subject to the approval of the ECB, in order to ensure consistency with the exchange rate and monetary policy of the Eurosystem." ECB. Eurosystem Decision-Making Bodies of the European Central Bank "The ECB's mission is to keep inflation low and stable. To achieve this goal, it closely follows economic developments in the euro area and seeks to influence the state of the economy through its decision-making. The ECB is the centre of decision-making in the Eurosystem. Thus, the Governing Council, the Executive Board and the General Council of the ECB each take all the decisions necessary to enable the Eurosystem and the ESCB to carry out their respective tasks. This includes the formulation of policies, such as the monetary policy for the euro area, but also how they should be implemented." ECB.Eurosystem Decision-Making Bodies of the European Central Bank "Main decision-making body of the Eurosystem. It comprises • all the members of the Executive Board of the ECB, and • the governors/presidents of all the national central banks (NCBs) of the euro area, i.e., those EU Member States that have adopted the euro. Main responsibility • formulating the monetary policy of the euro area by taking the necessary decisions and adopting the Guidelines needed for its implementation." ECB.Eurosystem Decision-Making Bodies of the European Central Bank "The Executive Board of the ECB is the operational decision-making body of the ECB and of the Eurosystem. It assumes the responsibility for all the decisions which need to be taken on a day-to-day basis. The ECB must be able to react and adapt to quickly changing conditions in the money and capital markets, to address specific cases and to deal with matters of urgency. This function can only be performed by a body whose members are permanently and exclusively involved in the implementation of the ECB's policies. The Executive Board usually meets once a week. Members •the President of the ECB, •the Vice-President of the ECB, and •four other members." ECB. Eurosystem Division of Labor in the Eurosystem "Except for the statutory tasks that have been exclusively assigned to the ECB, the ESCB Statute does not indicate to what extent ECB policies are to be implemented through activities of the ECB or the NCBs. For the bulk of the Eurosystem's activities, the actual intra-System division of labour has been guided by the principle of decentralisation, with the ECB having recourse to the NCBs, to the extent deemed possible and appropriate, to carry out operations which form part of the tasks of the Eurosystem (cf. Article 12.1 of the ESCB Statute). Thus, the ECB and the NCBs jointly contribute to attaining the Eurosystem's common goals. However, according to Article 9.2 of the Statute, the ECB has to ensure that all tasks are carried out properly and consistently. To ensure this across the euro area, the ECB has the power to issue guidelines and instructions to the NCBs." ECB.Eurosystem History of European Monetary Integration The 1970s: From Barre Plan to Werner Report In 1969, the European Commission submitted a plan (the "Barre Plan") to follow up on the idea of a single currency because the Bretton-Woods-System was showing signs of increasing strain. Werner Report: published in 1970, proposing to create EMU (European Monetary Union) in several stages by 1980. However, this process lost momentum in a context of considerable international currency unrest after the collapse of the Bretton-Woods- System in the early 1970s and under the pressure of divergent policy responses to the economic shocks of that period, in particular the first oil crisis. To counter this instability and the resulting exchange rate volatility among the currencies, the nine members of the then EEC relaunched the process of monetary cooperation in March 1979 with the creation of the European Monetary System (EMS). Its main feature was the exchange rate mechanism (ERM), which introduced fixed but adjustable exchange rates among the currencies of the EEC countries. Thus it required adjustments in monetary and economic policies as tools for exchange rate stability. Within the EMS framework, the participants succeeded in creating a zone of increasing monetary stability and gradually relaxing capital controls. The 1980s: The Exchange Rate Mechanism The Exchange Rate Mechanism (ERM), established in 1979 which forms the core of the EMS, provides a means for stabilizing exchange rates between member states of the ERM. All then member states of the EU except the UK joined the ERM. Later, Spain followed in 1989 and Portugal in 1992; the UK in 1990, but was forced to withdraw from the ERM, along with Italy, in autumn 1992. The fixed exchange rate system was build around the artificial European Currency Unit (ECU). The ECU served as a payment and accounting unit for payment transactions between central banks. The 1990s: Steps to EMU Stage One: The abolition of all internal barriers to the free movement of goods, persons, services and capital within EU MS. Stage Two started with the establishment of the European Monetary Institute (EMI), the predecessor of the European Central Bank (ECB), on 1 January 1994. Stage Three: On 1 January 1999, the final stage of EMU, started with the irrevocable fixing of the conversion rates of the currencies of the 11 Member States initially participating, and with the introduction of the euro as the single currency. 1st January 2002: Distribution of Euro banknotes and coins 25 Conversion rates Conversion rate to €1 Euro-area Member State Old national currency Belgium Belgian franc (BEF) 40.3399 Germany German mark (DEM) 1.95583 Ireland Irish pound (punt) (IEP) 0.787564 Greece Greek drachma (GRD) 340.750 Spain Spanish peseta (ESP) 166.386 France Italy Cyprus French franc (FRF) Italian lira (ITL) Cyprus pound Luxembourg Luxembourg franc (LUF) Malta The Netherlands Maltese lira (MTL) Dutch guilder (NLG) Austria Austrian schilling (ATS) 13.7603 Portugal Portugese escudo (PTE) 200.482 Slovenia Slovenian tolar (SIT) 239.640 Slovakia Slovak koruna (SKK) 30.1260 Finland Finnish markka (FIM) 5.94573 6.55957 1936.27 0.585274 40.3399 0.429300 2.20371 26 27 Entry Terms 28 Joining the EURO AREA: Conditions for Entry (1) "The process of building Europe is one of progressive integration. The single market for goods, services, capital and labour, launched in 1986, was a major step in this direction. Economic and Monetary Union and the euro take economic integration even further, and to join the euro area Member States must fulfil certain economic and legal conditions. Adopting the single currency is a crucial step in a Member State's economy. Its exchange rate is irrevocably fixed and monetary policy is transferred to the hands of the European Central Bank, which conducts it independently for the entire euro area. The economic entry conditions are designed to ensure that a Member State's economy is sufficiently prepared for adoption of the single currency and can integrate smoothly into the monetary regime of the euro area without risk of disruption for the Member State or the euro area as a whole. In short, the economic entry criteria are intended to ensure economic convergence – they are known as the 'convergence criteria' (or 'Maastricht criteria') and were agreed by the EU Member States in 1991 as part of the preparations for introduction of the euro. In addition to meeting the economic convergence criteria, a euro-area candidate country must make changes to national laws and rules, notably governing its national central bank and other monetary issues, in order to make them compatible with the Treaty. In particular, national central banks must be independent, such that the monetary policy decided by the European Central Bank is also independent. The Member States which were the first to adopt the euro in 1999 had to meet all these conditions. The same entry criteria apply to all countries which have since adopted the euro and all those that will in the future." 29 European Commission. Economic and Financial Affairs. The Euro. Who can join and when Joining the EURO AREA: Convergence Criteria (2) To ensure sustainable convergence, the EC Treaty sets criteria which must be met by each EU Member State before taking part in the third stage of EMU. • Budgetary deficit to GDP not exceeds a reference value as 3%. • The ratio of government debt to GDP not exceeds a reference value as 60%. • There must be a sustainable degree of price stability and an average inflation rate, observed over a period of one year before the examination; which does not exceed by more than 1.5 points that of the three best performing Member States in terms of price stability; • There must be a long-term nominal interest rate which does not exceed by more than 2% points that of the three best performing Member States in terms of price stability; • The normal fluctuation margins provided for by the exchange rate mechanism must be respected without severe tensions for at least the last two years before the examination. Monitoring the Maastricht Criteria • Monitoring of interest rates and inflation is not necessary (single policy of the ECB) • On fiscal policy, national governments present "stability programmes" showing their fiscal policy plans over the next 4 years (goal: Zero-Deficit at the end of the planning horizon) • Deficits above 3 % are allowed if country is in a deep recession (GDP –2%) or hit by severe disturbances not under the influence of fiscal policy • Early warning, when deficit comes close to 3%: Government must propose actions how to reduce deficits (also for non-Euro-states!) • Excessive deficit procedure: When deficit is above 3% of GDP, Ministerial council decides about procedure. If member country fails to meet the deficit criterion, European Council can decide on measures. 30 Joining the EURO AREA: Convergence Criteria (3) What is measured: How it is measured: Sustainable Sound public Price stability public finances finances Consumer Government Government price inflation deficit as % debt as % of rate of GDP GDP Not more than 1.5 percentage points above Convergence the rate of criteria: the three best performing Member States Reference value: not more than 3% Reference value: not more than 60% Durability of Exchange convergence rate stability Long-term interest rate Deviation from a central rate Not more than 2 percentage points above the rate of the three best performing Member States in terms of price stability Participation in ERM II for at least 2 years without severe tensions 31 Joining the EURO AREA: Convergence Criteria (4) "Who decides if the convergence criteria are met? According to the Treaty, at least once every two years, or at the request of a Member State with a derogation, the Commission and the European Central Bank assess the progress made by the euro-area candidate countries and publish their conclusions in respective convergence reports. On the basis of its assessment, the Commission submits a proposal to the Council which, having consulted the European Parliament, and after discussion in the Council, a meeting among the heads of state or government decides whether the country fulfils the necessary conditions and may adopt the euro. If the decision is favourable, the Council abrogates the derogation and, based on a Commission proposal, having consulted the ECB, adopts the conversion rate at which the national currency will be replaced by the euro, which thereby becomes irrevocably fixed." European Commission. Economic and Financial Affairs. The Euro. Who can join and when 32 Maastricht criteria as determined by the European Commission in May 1998 Inflation Country Government Budgetary Position HICP (a) Deficit [% of GDP] Jan. 1998 1997 Debt [% of GDP] Exchange Rates Long term interest rates ERM partici -pation (d) March 1998 Jan. 1998 Change from previous year 1997 1997 1996 1995 Reference Value 2.7 3 60 7.8 (f) Belgium Denmark Germany Greece Spain France Ireland Italy Luxembourg Netherlands Austria Portugal Finland Sweden 1.4 1.9 1.4 5.2 1.8 1.2 1.2 1.8 1.4 1.8 1.1 1.8 1.3 1.9 2.1 -0.7 2.7 4.0 2.6 3.0 -0.9 2.7 -1.7 1.4 2.5 2.5 0.9 0.8 122.2 65.1 61.3 108.7 68.8 58.0 66.3 121.6 6.7 72.1 66.1 62.0 55.8 76.6 -4.7 -5.5 0.8 -2.9 -1.3 2.4 -6.4 -2.4 0.1 -5.0 -3.4 -3.0 -1.8 -0.1 -4.3 -2.7 2.4 1.5 4.6 2.9 -9.6 -0.2 0.7 -1.9 0.3 -0.9 -0.4 -0.9 -2.2 -4.9 7.8 0.7 2.9 4.2 -6.8 -0.7 0.2 1.2 3.8 2.1 -1.5 -1.4 yes yes yes yes (h) yes yes yes yes (j) yes yes yes yes yes (k) no 5.7 6.2 5.6 9.8 (i) 6.3 5.5 6.2 6.7 5.6 5.5 5.6 6.2 5.9 6.5 United Kingdom 1.8 1.9 53.4 -1.3 0.8 3.5 no 7.0 Europe Average 1.6 2.4 72.1 -0.9 2.0 3.0 Notes: (a) Percentage change in arithmetic average of the latest 12 monthly harmonized indices of consumer prices (HICP) relative to the arithmetic average of the 12 HICP of the previou period. (b) Council decisions of 26-Sep-94, 10-Jul-95, 27-Jun-96, and 30-Jun-97. (c) A negative sign for the government deficit indicates a surplus. (d) Average maturity 10 years; average of the last twelve months. (e) Definition adopted: simple arithmetic average of the inflation rates of the three best-performing member countries in terms of price stability plus 1.5 percentage points. (f) Definition adopted: simple arithmetic average of the 12-month average of interest rates of the three best-performing member countries in terms of price stability plus 2 percentage points. (g) Commission is recommending abrogation. (h) since March 1998 (i) Average of available data during the past 12 months. (j) since November 1996. (k) since October 1996. Source: European Commission 6.1 33 Members of the EUROZONE 1) Austria 2) Belgium 3) Cyprus 4) Estonia 5) Finland 6) France 7) Germany 8) Greece 9) Ireland 10)Italy 11)Luxemburg 12)Malta 13)Netherlands 14)Portugal 15)Slovakia 16)Slovenia 17)Spain Countries, using the EURO (320 million Europeans) 1) Andorra 2) Austria 3) Belgium 4) Cyprus 5) Estonia 6) Finland 7) France 8) Germany 9) Greece 10) Ireland 11) Italy 12) Kosovo 13) Luxembourg 14) Malta 15) Monaco 16) Montenegro 17) Netherlands 18) Portugal 19) San Marino 20) Slovakia 21) Slovenia 22) Spain 23) Vatican City 34 EU Eurozone (17) EU states obliged to join the Eurozone once they fulfil the entrance criteria (8) EU state with an opt-out on Eurozone participation (UK) EU state with an opt-out which may be abolished by a future referendum (Denmark) States outside the EU with issuing rights (3) Other non-EU users (4) 35 http://en.wikipedia.org/wiki/G-20_major_economies New Member States: Moving toward Convergence? CPI inflation rates in the EMU accession countries, 2004 – 2007 (annual rate in %) Lipinska, A (2008). The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries. ECB Working Paper Series, No 896. New Member States: Moving toward Convergence? Nominal exchange rate fluctations versus euro of the accession countries, 2006 – 2008 (average monthly change since the EU accession date) Lipinska, 2008. New Member States: Moving toward Convergence? Correlation Coefficient of Visegrad countries' currencies and EURO against USD, 1994-2005 Value of 1 = currency area Source: CNB New Member States: Moving toward Convergence? Zloty against Euro and US Dollar, Q1-2000 – Q3-2013 Source: National Bank of Poland Exchange Rate Mechanism II (ERM II) "The Agreement of 16 March 2006 between the European Central Bank and the national central banks (NCBs) of the Member States outside the euro area layed down the operating procedures for an exchange rate mechanism in stage three of the Economic and Monetary Union (EMU). Participation in ERM II is optional for the non-euro area Member States, but those Member States with a derogation can be expected to join. ERM II ensures that participating Member States orient their policies to stability and convergence, helping them in their efforts to adopt the euro. A central rate is determined between the euro and each participating non-euro area currency, with a standard fluctuation band of 15% above and below that rate. All parties to the mutual agreement on the central rates, including the European Central Bank, have the right to initiate a confidential procedure to reconsider the rates. Decisions are taken by common accord by the ministers of the euro area Member States, the ECB and the ministers and central bank governors of the non-euro area Member States participating in the new mechanism, in accordance with a common procedure involving the Commission and following consultation of the Economic and Financial Committee. Under the Agreement, intervention is, in principle, effected in euro and the participating currencies. The ECB and the NCB or NCBs concerned inform each 40 other about all foreign exchange intervention." European Commission. Summaries of EU legislation.ERM Monetary Policy 41 Monetary Policy in the European Union: European Central Bank "The primary objective of the Eurosystem shall be to maintain price stability. The Governing Council aims to maintain inflation rates at levels below, but close to, 2% over the medium term." ECB. Facts 42 Evaluating ECB's Monetary Policy Two levels of evaluation: - Euro area as a whole - Individual member states of the euro area The evaluation has to take into account the external shocks, esp. the 2007 financial crisis. "....monetary policy was too accomodative throughout much of the history of the ECB, particularly during periods of economic expansion. ..To the extent that the New Keynesian framework provides a reasonable representation of the euro-area economy, the ECB monetary policy has been quite appropriate in responding to the changing economic conditions in the euro area, especially over the periods of an economic downturn. Even though monetary policy is found to be appropriate for the euro area as a whole, there is evidence of disparities from the standpoint of individual Member countries. In particular, the ECB appeared to have reacted more aggressively to changing economic conditions in the major "core" members, such as France and Germany. On the other hand, monetary policy was too loose for some "peripheral" countries, such as Ireland and Portugal, which experienced relatively high inflation at times. This contrast highlights one of the challenges in implementing monetary policyfor a region with heterogeneous national economic conditions." Lee, J and Crowley, P (2010). Evaluating the Monetary Policy of the European Central Bank. Federal Reserve Bank of Dallas. Euro Crisis vs. Global Crisis: Is the ECB Acting Differently to Other Central Banks? Main Characteristics of Central Bank Mandates Source: Pisani-Ferry, J. and Posen, A.S. (2010). From Convoy to Parting Ways? Euro Crisis vs. Global Crisis: Is the ECB Acting Differently to Other Central Banks? The Period 2007-2010 ECB, Fed, BoE; Similarity in interest rate policies after Lehmann shock 45 Source: Pisani-Ferry, J. and Posen, A.S. (2010). From Convoy to Parting Ways?, p. 12. Euro Crisis vs. Global Crisis: Is the ECB Acting Differently to Other Central Banks? "The ECB has consistently rejected the ideas that it either had to go beyond the provision of liquidity to banks, to overcome the zero bound through purchasing of government bonds, or to attempt to influence the shape of the yield curve. The asset purchase programmes it announced (a covered bonds purchase programme in 2009 and a sovereign bonds purchase programme in 2010) were intended to be of limited magnitude and to be sterilized so as to have no impact on aggregate money supply. Consistent with this approach, the ECB's balance sheet increased expanded by far less than those of the two other central banks. Also credit easing (i.e. specific asset purchase programmes undertaken with the aim of restoring liquidity in asset market segments) was undertaken by all three central banks, but to an uneven degree.The Fed undertook early on to unfreeze clogged market segments such as the commercial paper as well as student loan and other securitization markets. The BoE offered a commercial paper facility, but had few takers. Through the early stages of the crisis, the ECB was satisfied with its liquidity provision measures to the banking system, perhaps because of the greater importance of bank lending versus securities markets in the Euro Area. As indicated already, the ECB did undertake credit easing actions, however, at a late stage after the Greek crisis erupted in early 2010 and it did it with evident reluctance, without having stated its aims, and only for a rather short period." Source: Pisani-Ferry, J. and Posen, A.S. (2010). From Convoy to Parting Ways? p. 12 ECB's conservative asset purchasing program before the Greece crisis emerged Central Bank's balance sheet, 01/2007 – 03/2010 47 Source: Pisani-Ferry, J. and Posen, A.S. (2010). From Convoy to Parting Ways?, p. 13. ECB's Lack of Quantitative Easing? "For all three central banks, broad money growth went way down after the crisis (less so on this measure for the UK than for the US or Euro Area). In fact, the largest sustained decline in trend monetary growth versus pre-crisis average has taken place in the Euro Area, perhaps as a result of the lack of quantitative easing undertaken by the ECB. Remember, this is broad money so a measure of credit outcomes, not of an instrument like base money which the central bank controls. (Quantitative easing is a substitute for interest rate policy when traditional monetary stimulus has reached its limits and/or been frustrated by financial instability.)" Source: Pisani-Ferry, J. and Posen, A.S. (2010). From Convoy to Parting Ways?, p. 13-14. Summary for the Period 2007 - 2010 "In the end, central bank policy reactions to the crisis demonstrated both remarkable initial convergence in view of dissimilar traditions and institutional constraints across the Atlantic, and significant divergences in policy strategy, the instruments used, and ultimately on the outlook once the worst had passed. Even the sovereign debt crisis of spring 2010 did not prompt greater activism from the ECB beyond immediate and targeted liquidity provision. On the basis of the track record this far and the policy announcements made, we posit that divergences are likely to grow larger in the aftermath of the recovery." Source: Pisani-Ferry, J. and Posen, A.S. (2010). From Convoy to Parting Ways?, p. 16. "Throughout the first stages of the crisis, similar to other central banks in high income countries, the ECB addressed the unprecidented liquiditiy problems across a broad spectrum of financial institutions by extending the volume and average maturity of its liquidity provision." Source: Gabor, D. (2011), The ECB and the European Debt Crisis, p. 4. "The ECB's actions since the onset of the financial crisis have been bold, and yet firmly anchored within the medium-term framework of our monetary policy strategy." Former ECB President Trichet, 2009 . ECB: Its Emerging Active Role in Europ. Sovereign Debt Crisis Sept. 2008 Lehman Brothers US Fed, BofE, BofC, BofJ Credit easing (purchase of private assets) January 2010 Onset of European sovereign debt crisis (Greece) November 2010 March 2009 Oct. 2009 US Fed, BofE Quantitative easing US Fed QE completed Feb. 2010 Sept Nov Jan 2009 Mar May Jul Sept Nov IRELAND bailout BofE QE completed (purchase of sovereign assets) Jul 2008 US Fed Second QE round Jan 2010 Mar May April 2011 PORTUGAL bailout Jul Sept Nov Jan 2011 Mar May GREECE bailout ECB Covered bonds program ECB Enhanced credit support ECB Securities Market program (Credit easing) July 2009 (Bank refinancing vs. market interventions) May 2010 ECB October 2008 ECB Announcement CBPP 1year LTRO May 2009 Initiation phasing out LTRO Dec. 2009 ECB 'Addicted to liquidity' Sept. 2010 ECB Phasing out 6m and 1y LTRO European Financial Stability Facility June 2010 Source: Gabor, D. (2011), The ECB and the European Debt Crisis, p. 6. ECB Interest rate rise (Separation Principle) SMP Suspended European Stability Mechanism March 2011 ECB and the Crisis: 3 Turning Points Source: Gabor, D. (2012), The ECB and the European Crisis. Point 1, May 2009: strategic appropriation (CBP) Point 2, May 2010: sound money or too little, too late? Implicit analytical recognition that sovereign debt instruments are special Point 3, March 2011: putting politics in its place ESM as crisis resolution mechanism Commitment to LTROs Source: Gabor, D. (2012), The ECB and the European Crisis. ECB and the Crisis: The 4th Turning Point – Outright Monetary Transactions ("OMT") "On 2 August 2012, the Governing Council of the ECB announced that it would undertake outright transactions in secondary, sovereign bond markets, aimed "at safeguarding an appropriate monetary policy transmission and the singleness of the monetary policy." The technical framework of these operations was formulated on 6 September 2012. OMT denotes the European Central Bank's purchases in secondary, sovereign bond markets, under certain conditions, of bonds issued by Eurozone member-states. OMT is considered by the European Central Bank once a Eurozone government asks for financial assistance. From ESM and ESFS and through OMT, the Eurozone's central bank can, henceforth, buy government-issued bonds that mature in 1 to 3 years, provided the bond issuing countries agree to certain domestic economic measures - the latter being the so-called term of 'conditionality'. The aim is to bring bond yields, at the long end of the curve (i.e. 10 years), down to levels that lower borrowing costs for countries that face problems selling debt, and, thus, provide investors with confidence in the euro for them to buy up bonds in a normal market. OTM are not the same as Quantitative Easing operations, since, in the latter, the central banks buy bonds and, by doing so, inject liquidity into the banking system, with the aim of stimulating economic activity. The ECB has made clear1 that the principle of "full sterilisation"3 will apply, whereby the bank will be absorbing back the money pumped into the system 'by any means necessary'." Source: http://en.wikipedia.org/wiki/Outright_Monetary_Transactions 54 Source: http://en.wikipedia.org/wiki/File:Long-term_interest_rates_(eurozone).png Summing up:Bank-based and Market based Crisis Measures, ECB, 2008-2011 Gabor, D. (2012), The Power of Collateral: the ECB and Bank Funding Strategies in Crisis, p. 24. ……and the future? ECB: Secret Bailout Strategy Under the EU Rescue Umbrella? 56 Greece Lightening 57 Economist, Nov. 05, 2011.


text:
Popular property highlights
Located in Old City, Hagia Sophia Hotel Istanbul Old City is next to popular attractions like Basilica Cistern and Hagia Sophia. This 63-room hotel has 2 restaurants along with conveniences like free in-room WiFi and free self parking. Cagaloglu Hamami and Hippodrome are a short walk from the hotel, which is in the historical district.
This hotel is home to 2 onsite restaurants, perfect for a quick bite to eat. Satisfy your hunger without leaving your room with 24-hour room service, or quench your thirst with a beverage at the bar/lounge or coffee shop/café. Buffet breakfast is offered for a fee each morning from 7 AM to 10:30 AM.
All of Hagia Sophia Hotel Istanbul Old City's 63 rooms are air-conditioned and have an array of amenities, including minibars, coffee makers, and free bottled water. Guests can expect to find satellite TV and stay connected with free WiFi. Bathrooms have hair dryers, bathrobes, and bidets. Safes and desks are also standard.
Hagia Sophia Hotel Istanbul Old City features free WiFi in public areas, a meeting room, and a business center. There's free parking if you drive. Staff members are on hand to provide dry cleaning/laundry services and concierge services. Additional amenities include a terrace, a garden, and a porter/bellhop.
Property features
- Steps from Basilica Cistern and Hagia Sophia
- Free WiFi in rooms and public areas
- Free parking
- Onsite dining
HighlightsInformation missing or incorrect? Tell us!Opens in a new window
Hagia Sophia Hotel Istanbul Old City
Hotel Amenities
Hotel Amenities
Dining is available at one of the hotel's 2 restaurants and guests can grab coffee at the coffee shop/café. A bar/lounge is on site where guests can unwind with a drink. This hotel offers access to a business center and a meeting room.
Public areas are equipped with complimentary wireless Internet access. This business-friendly hotel also offers a terrace, a garden, and concierge services. Complimentary self parking is available on site.
- Total number of rooms - 63
- Number of floors - 3
- Bar/lounge
- Breakfast available (surcharge)
- Business center
- Coffee shop or café
- Concierge services
- Dry cleaning/laundry service
- Free WiFi
- One meeting room
- Garden
- Terrace
- Porter/bellhop
- Number of restaurants - 2
- Free self parking
Available in all rooms: Free WiFi
Available in some public areas: Free WiFi
Free self parking
Room Amenities
- Premium TV channels
- Air conditioning
- Free bottled water
- Minibar
- Coffee/tea maker
- Turndown service
- Private bathroom
- Bathrobes
- Hair dryer
- Bidet
- Shower only
- In-room safe
- Desk
- Satellite TV service
- Free WiFi
- Room service (24 hours)
- Free cribs/infant beds
- Rollaway/extra beds (surcharge)
Where to Eat
The North Shield - Onsite pub.
Buffet breakfasts are available for a surcharge and are served each morning between 7 AM and 10:30 AM.
24-hour room service is available.
Hotel Policies
Check-in time starts at 2 PM
Check-in time ends at 5:30 AM
Check-out time is noon
Payment types
Children and extra beds
- Children are welcome.
- Rollaway/extra beds are available for EUR 50.00 per day.
- Free cribs (infant beds)!
- Pets not allowed
You need to know
Extra-person charges may apply and vary depending on property policy.
Government-issued photo identification and a credit card or cash deposit are required at check-in for incidental charges.
Special requests are subject to availability upon check-in and may incur additional charges. Special requests cannot be guaranteed.
Optional extras
- Fee for buffet breakfast: EUR 20 per person (approximately)
- Rollaway bed fee: EUR 50.00 per day
Hotel Name
- Hagia Sophia Hotel Istanbul Old City Special Class
- Hagia Sophia Hotel Old City Special Class
- Hagia Sophia Istanbul Old City Special Class
- Hagia Sophia Old City Special Class
- Hagia Sophia Hotel Istanbul Old City
- Hagia Sophia Hotel Old City
- Hagia Sophia Istanbul Old City
- Hagia Sophia Old City
National Rating
The Turkish Ministry of Tourism assigns an official classification for accommodations in Turkey. This Hotel property is awarded the following classification: Special Class.

subset: commoncrawl


text:
Supv, Coding
Vidant Medical Group
Full Time
About Vidant Medical Group
Vidant Medical Group is a reputable and established multi-specialty physician group that provides superior care for the health and wellness needs of eastern North Carolina's patients. With more than 350 primary and specialty care providers in more than 70 locations, quality health care is never far from home.
It is the goal of Vidant Health and its entities to employ the most qualified individual who best matches the requirements for the vacant position.
Offers of employment are subject to successful completion of all pre-employment screenings, which may include an occupational health screening, criminal record check, education, reference, and licensure verification.
We value diversity and are proud to be an equal opportunity employer. Decisions of employment are made based on business needs, job requirements and applicant's qualifications without regard to race, color, religion, gender, national origin, disability status, protected veteran status, genetic information and testing, family and medical leave, sexual orientation, gender identity or expression or any other status protected by law. We prohibit retaliation against individuals who bring forth any complaint, orally or in writing, to the employer, or against any individuals who assist or participate in the investigation of any complaint.
Copyright © 2017 Vidant Health. All rights reserved.
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Vidant Duplin Hospital is an 81-bed, not-for-profit hospital, located in Kenansville, North Carolina. The newly renovated, 15-bed ER serves approximately 22,000 patients per year from the local community and surrounding...


text:
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Alessandro Marquez's curator insight, October 12, 2013 2:43 PM
The matter of the fact is, online music streaming services, such as Spotify and many others, doesn't pay artist as fairly. Though, it may be a harsh reality, on the bright side, their music is being heard, and on the other side of things, artist are gaining new fans and new opportunities because of these new online music streaming services, because their music is simply but a click away, and anyone with internet access has the ability to listen to it. There's still a grey area in all of this, but most importantly, their music is being heard, and there's plenty of other sources for artist to make profit off of. But, artist should appreciate the fact that there music is being heard, because your fans are priceless.
Bianca Brown's curator insight, October 13, 2013 5:46 PM
Spotify is good for letting the music industry for selling and listening numbers , instead of looking for social media webistes like facebook and/or twitter. Some artists do not have any knowledge about selling their music and knowing if it is good are not the billboard. Spotify can make you or break you for sells but sometimes this website maybe for availablity.
Herman Vernon's curator insight, September 14, 2016 7:45 PM
Is every big label in the game going to start launching and investing in already existing online streaming companies? Or have the big names in online music streaming already made to big of an impact for there to be space for the big record labels to get in.
Maliq Gregory Smith's curator insight, October 11, 2013 4:34 PM
Blu-Ray players are popular now and are being used more than standard DVD players. To include VEVO on them will increase interaction when using home theater systems and will boost music video views, therefore encouraging artists to make more music videos. Soon, VEVO and other sites that host video will be available on everything that plugs into the wall, probably.
Jonathan Smith's curator insight, October 11, 2013 7:46 PM
I personally think that as we age farther and farther in technowledgy, older ones are going to be pushed away. With YouTube hosting music awards, this could be a start of big changes on actually television with a decrease of people wating to watch music awards on tv and now online, in which now cable and satillite tv could have a bigger competitor than each other than
Bianca Brown's curator insight, October 13, 2013 9:15 PM
Youtube Music Awards sounds very interesting. This is different from any type of award show and the celebrities are still participating in the web event. The article gave great ideas for artists not actually know on tv but , network wise to set up their music to be feature during the award. Reading this article, I know that this will not replace the original award show but, continunig on the tradition. Youtube is basically trying to the user that there is a chance for you and your talent can become known.
eric Medina's curator insight, October 13, 2013 4:56 PM
This article explains some of the benefits of an artist's crazy actions. Although most people look at Miley as some type of slut trying to prove herself as a grown woman, the way she acts has had a positive impact on her income from music.
Bianca Brown's curator insight, October 13, 2013 4:57 PM
Taking on a new persona is hard to pull off but, can be worth it. The article used Miley Cyrus as a great example and also the aurthor realizes that she is not the only artist turning a new leaf. Britteny Spears and Madonna were moving to a different light for their sells.It is the well organized and I understood his message since the beginning of the paragraph. I enjoyed the many other examples of the many artists.
Kyron McGruder's curator insight, November 10, 2013 2:53 AM
this article outlines the importance of "reinvention" of yourself to the world; After you are doing well in the industry.
pros of this is that you have a chance to reach out to new audiences gaining more exposure and ultimately more more sales.
cons of this are that your fans may not like the new you, and turn their backs on you and favor another artist


text:
Robin; Control? I'll give you control...
This lesson has to be the most stupid lesson in the entire world.
I am sitting here, with a fairy tale book. I mean, seriously!
They call it 'control'. They say our powers must be made useful. Yeah right. How can an illusion be useful? It's useful to me. However, their life expectancy seems to make it pretty much powerless.
I tilt my chair back and stare at the ceiling. Everyone else seems pretty much bored out of their skull. Everyone I can see anyway. I try to do something productive. I skip through the fairy tale book. Ah ha. This could be interesting. Nothing like a good old wolf in the middle of the class to brighten things up.


text:
A chemical, betaine (trimethylglycine or TMG), can be consumed in the diet or derived from dietary choline. Betaine levels are high in shellfish, spinach and sugar beets (Beta vulgaris). It functions in the liver and kidneys by maintaining electrolyte balance across membranes and the microscopic structures of those tissues. It prevents accumulation of lipids in […]View Post
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text: Hi. Has anyone had this issue, I have a 2000 320 auto 67k on the clock regularly serviced and suddenly it cut out. But I noticed a few days before it sounded rough like the exhaust was noisy and had something wrong with it. I had that looked at and it was fine and passed an MOT. It cut out again right across a busy road with my 5 yr old in the car so I was quite scared after that. I never let the fuel run down and use same petrol station and pump, very OCD I know so didn't think it was fuel. It will suddenly, when warm, feel like its in 4th gear when trying to accelerate. No lights on dash or anything. Only light I get it the oil level sensor that pops on when I first start, I have a very tiny oil leak but was told its a big job by sytner and just keep eye on it. Can't remember what seal it was. Apparently common. Anyway, I have had camshaft and crankshaft sensors. A new wiring harness" plugs and coils. It went to a rolling road and they came up with fuel rail pressure code throttle position sensor code and airflow. My sons dad has a garage and said it was bs and took the car back, fitten the items ive just listed, drove it two days and when I got it back it started again a day later. I daren't go back and say its the same. He didn't charge me for any of the parts etc. my friend had an old daewoo that did it and she was told it was a speedo drive that caused it, I thought your gearbox was knackered if things like that went with it being sealed.? If I stop and re start engine it goes for a bit. If I cont to drive it feeling like there is a blockage will I damage engine? It feels like something is stuck then dissapeared. It's weird. It's like I'm driving a 1.1 when I pull off and with it sounding ropey it's worrying me about driving. I'm a little bit skins this month and next to take to the main dealer but the EM light hasn't come on so didn't think the would be any codes in ECU to read? Also weirdly, since having new items my Car took a sec or two extra to start, almost like it didn't. No noise on starter moron though so hoping its not a knock on affect. Headache or what. Any comments would be greatly appreciated. I did ad fuel filter fitted about 3 years ago at main dealer. It's long life. Maybe that, thanks for reading.


text:
Mobile App
Jayamukhi College of Pharmacy,Narsampet
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Jayamukhi College of Pharmacy is situated at Narsampet, Telangana 506132 in Warangal.
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Jayamukhi College of Pharmacy - Jayamukhi College of Pharmacy,Narsampet - JCP
Jayamukhi College of Pharmacy was established by Jayamukhi Educational Society in the year 2005 with approval from AICTE, New Delhi . It is recognized by Government of Andhra Pradesh and affiliated to K.U., Warangal. It gained reputation as a quality institute for excellence in both academics and extra curricular activities of technical importance. The campus is located in 40 acres of green fields. The college is virtual heaven of rural quite and idyllic beauty. The institution is situated in picturesque surroundings which is around 30KM from historic town of Warangal.The diligent faculty team of the college possesses hands-on experience and up to date knowledge of their subject and area of expertise. The infrastructure and facilities of Jayamukhi College of Pharmacy consists of spread-out campus alongside various amenities in the form of library, computer center, classrooms with proper teaching and learning aids, medical facilities etc. The institute seeks to place each of its students in an organization/company of great repute.the college imparts practical training to its students that helps them to understand better, improve their demonstrative skills, eliminate hesitation and in this process strives to mould them into industry ready professionals.
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At Jayamukhi College of Pharmacy the students are endowed with modern infra and convenient amenities that make their life 'go easy' in college hours, alongside make learning more interesting. Some of the facilities include well ventilated classrooms, recreational areas, hostel facility for boys and girls, indoor and outdoor games, stocked library, seamless internet connectivity, medical facilities etc.
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Summary Edit
Heterodyning is not just for Heterodyne's
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text:
admit that I do not even want to post here, because I feel that we have been so
sick, that you will get tired of this very soon, but since we are here to
support each other, then I am going to say it. We did not get better, the
opposite, I had the "summer flu" according to my doctor.
But I am not
going that to get me down. Yes, I was not able to start my walking routine. I
was short of breath and really tired. I needed to rest and drink plenty of
fluids. But of course being sick and not eating a lot caused me to drop 2
pounds. I am going to call them water pounds, but at least I did not get any
My son and hubby will be leaving soon for their summer trip to
Ohio. It would be my me time, to rest, clean and take care of myself. I am
expecting to be able to get into a routine without the distractions of having to
do so many activities with my son.
Then when they come back it is my time to
travel with my son. And I am going to take him to Hawaii, so I do need to start
walking. Not that I am going to be in a two piece, but I do not want to be how I
am right now. I guess I have real motivation there.
My goal is to get
better, and I will commit to do the elliptical for as long as I can (not too
long now, counting that I am short of breath due to my asthma). But I will do it
every night.
I am also going to try the food journal thing this week. I
do not know how many times I have started one, and by the end of day 2 I have
forgotten to write on it. But I am trying it again.
I hope all of you
have a great week and once again thanks for reading.


text:
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ED Magedson – Founder
Ripoff Report
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Senior officials at the Academy of Motion Picture Arts are increasingly concerned the world's most prestigious acting awards are being undermined by attempts to denigrate stars such as Russell Crowe and Halle Berry at the expense of rival nominations.
They are particularly alarmed at the whispering campaign launched against Crowe's A Beautiful Mind, which won best picture. Reports inside Hollywood only weeks before the Oscars claimed the film-makers had ignored evidence that Nobel Prize winner John Nash, the brilliant but mentally unstable subject of the film, was virulently anti-semitic.
The new plan would push the Oscars back to February from their traditional end of March date. The organisers fears the authority of the awards is being damaged and hope that cutting the time between announcing the nominations and handing out the Oscars will make it more difficult to mount smear campaigns.
- More about:
- Biopics
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text:
Parenting Resource
School Readiness: Foundations in Language, Literacy, Thinking, and Social-Emotional Skills
Learn how your young child builds strong foundations in language, literacy, thinking, and social-emotional skills starting at birth. From Magic of Everyday Moments — Series 3.
School readiness begins at birth. To be ready for school, children need to develop a strong foundation in language, literacy, thinking and social-emotional skills. This video provides parents and caregivers with helpful strategies for supporting young children's early development and identifies how these skills are connected to school readiness.
More Available In Our Bookstore!
The Special Edition of the Magic of Everyday Moments now includes STEM videos. Purchase the full-set on DVD or as a digital download in our bookstore.
Would you like to use this video in your work? Learn more about our video permissions and to make a request.
Read more about:


text:
Jenni Murray, the host of Woman's Hour on Radio 4, has joined the growing number of people opting to have a gastric band fitted, prompted, she says, by despair at her inability to shed weight by conventional dieting and to keep the pounds off.
Writing in Thursday's Daily Mail, the broadcaster said the realisation that something radical needed to be done came as she shopped for a new swimming costume, part of a fresh attempt to lose some weight. "At 64, I'm far too old to pass myself off as chubby or plump. Even fat doesn't cover it these days. Obese is the only word for it."
Over the years she had tried diets including the cabbage soup, Atkins, Dukan and 5:2, sometimes losing stones but always putting it back on again. She felt she had run out of options. "'Eat less and get some exercise, you lazy lump,' the more cruel detractors will cry, to which I reply: 'Oh, I have done, believe me.'"
According to the NHS, the number of people in England having a stomach bypass – by stapling and inserting a tube to divert food directly from the upper stomach to the small intestine – to combat obesity has soared by almost 2,000% over a decade, from 242 in 2003-04 to 4,074 in 2012-13.
There has been a similar growth for "restrictive stomach procedures for obesity", including gastric bands, which have shot up from 267 to 4,857.
Add in the 405 patients who had a gastric balloon fitted in 2012-13 – a procedure only available from 2011 – and that means 9,336 patients in one year underwent major invasive surgery to tackle their extreme weight. These operations cost the NHS an estimated £85m a year.
Those figures seem likely to grow substantially. Recent draft guidance from the National Institute for Health and Care Excellence (Nice) proposes reducing the eligibility for surgery from a body mass index of 35 to 30, the point at which excess weight starts to be classed as obesity. The sheer scale of the obesity epidemic means that an extra 800,000 people could qualify, with huge consequences for the NHS's already squeezed budget.
The NHS classifies the types of gastric surgery available as "partitioning of the stomach using band" – the Woman's Hour presenter's reluctant choice; "partitioning of stomach using staples"; and "gastroplasty" – the partial removal of the stomach to help manage morbid obesity.
Murray said: "A gastric band is an operation in which a band is stretched around the upper part of your stomach, creating a small pouch to hold food. Because your new 'mini' stomach is so much smaller, it limits the amount of food you can eat by making you feel fuller more quickly."
Patients cannot simply have any of these operations on request. They must be so dangerously overweight that doctors deem it necessary to improve their health. Those prepared to undergo it are first assessed and then counselled by psychologists about what the surgery involves and, crucially, how it will affect their lives – notably, permanent restrictions on the sorts of foods they can eat and quantities they can consume.
Murray said her motivation was medical, not aesthetic. "Most worrying was what my bulging stomach told me about the risk to my health. My shape screamed 'heart attack', 'type 2 diabetes' and possibly even 'cancer'."
Does such surgery actually reduce these risks? The health watchdog Nice believes so.
"More than half of people who undergo surgery have more control over their diabetes following surgery and are less likely to have diabetes-related illness. In some cases, surgery can even reverse the diagnosis [of type 2 diabetes]", Prof Mark Baker, the director of Nice's centre for clinical practice, said last month.
Research in March by the universities of East Anglia, Manchester and Aberdeen found that obese people who have bariatric surgery halve their risk of a heart attack and reduce their risk of death by 40%. Diabetes UK says such procedures can aid weight loss and reduce blood glucose levels, though it wants these operations to remain a last resort for people who have tried but failed to reshape their bodies by other means.
Dr Aseem Malhotra, a prominent cardiologist, understands Murray's decision, but warns that the idea of treating ever-larger numbers of obese people in this way is ludicrous and that prevention, not treatment, should be the priority.
"I have total sympathy with Jenni. But we need to concentrate on sustainable lifestyle changes through the correct advice that actually improves weight and health, which has cutting out refined carbohydrates at its core, such as sugar, white bread and chips," says Malhotra, who is also consultant clinical associate to the Academy of Medical Royal Colleges.
"Nice's recent guidance to expand bariatric surgery is ludicrous and will benefit the weight loss surgery industry more than the population's health," he adds. "When you add up the complications of infection that affect one in 20, food intolerance associated with nausea and vomiting that affect one in 35, and the cost of NHS appointments, this will increase costs to the NHS, not reduce them."
These are not operations for the faint-hearted, risk-averse or those who mistakenly believe they are a one-off, quick fix. The solicitors Penningtons Manches are taking legal action on behalf of clients who have experienced unexpected problems after gastric band surgery.


text:
The following information may help to address your question:
What is the prognosis for Cockayne syndrome?
The prognosis for Cockayne syndrome varies by the disease type.[2] There are three types of Cockayne syndrome:
Cockayne Syndrome Type 1 (type A) is marked by normal development until a child is 1 or 2 years old, at which point growth slows and developmental delays are noticed.[2] Life expectancy for type 1 is approximately 10 to 20 years.[1]Cockayne syndrome type 2 (type B), also known as cerebro-oculo-facio-skeletal (COFS) and Pena-Shokeir syndrome type II, has severe symptoms present at birth and normal brain development stops after birth.[2] Average lifespan for children with type 2 is up to 7 years of age.[1]
We hope this information is helpful. We strongly recommend you discuss this information with your doctor. If you still have questions, please contact us.
Warm regards,
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text: RICHMOND, Va., Jan. 28, 2011 /PRNewswire/ -- Union First Market Bankshares Corporation (Nasdaq: UBSH) has declared a quarterly dividend of $0.07 per share. This dividend is the same as third quarter dividend and represents a 16.67% increase from the $0.06 quarterly dividend paid on February 28, 2010. Fourth quarter net income available to common shareholders, which deducts dividends and discount accretion on preferred stock from net income, was $3.9 million or $0.15 per fully diluted share, compared to $7.5 million or $0.29 per share, in the third quarter and ($52,000) or ($0.00) per share, for the fourth quarter last year. Based on the stock's closing price of $13.73 on January 26, 2011, the dividend yield is 2.04%. The dividend is payable on February 28, 2011 to shareholders of record as of February 16, 2011. ABOUT UNION FIRST MARKET BANKSHARES CORPORATION Union First Market Bankshares Corporation is the largest community banking organization based in Virginia, providing full service banking to the Northern, Central, Rappahannock, Tidewater and Northern Neck regions of Virginia through its bank subsidiary Union First Market Bank (90 locations in the counties of Albemarle, Caroline, Chesterfield, Essex, Fairfax, Fluvanna, Hanover, Henrico, James City, King George, King William, Nelson, Richmond, Spotsylvania, Stafford, Westmoreland, York, and the cities of Richmond, Fredericksburg, Williamsburg, Newport News, Grafton, Charlottesville, Colonial Heights, Roanoke, Washington, Front Royal, Middleburg, Warrenton, and Winchester). Union Investment Services, Inc. provides full brokerage services; Union Mortgage Group, Inc. provides a full line of mortgage products; and Union Insurance Group, LLC offers various lines of insurance products. Union First Market Bank also owns a non-controlling interest in Johnson Mortgage Company, LLC. Additional information is available on the Company's website at http://investors.bankatunion.com. The shares of the Company are traded on the NASDAQ Global Select Market under the symbol "UBSH." SOURCE Union First Market Bankshares Corporation


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Government Whip, Vice Chamberlain of HM Household
Julian Smith
Julian Smith was appointed Vice Chamberlain of HM Household (Government Whip) on 17 July 2016. He was elected Conservative MP for Skipton and Ripon in 2010.
Julian was educated at Millfield School. He read English and history at the University of Birmingham.
In Parliament, Julian had a brief stint in the Scottish Affairs Committee in 2010. Julian served as an a Assistant Government Whip from May 2015 until July 2016.
Career before politics
Julian was an entrepreneur before entering Parliament, setting up and leading Arq International.
Government Whip, Vice Chamberlain of HM Household
Whips are MPs or Lords appointed by each party to help organise their party's contribution to parliamentary business. They are responsible for making sure the maximum number of their party members vote, and vote the way their party wants.
Previous roles in government
Assistant Government Whip
- 2015 to 2016


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While it may not be difficult to locate replacement parts for Ford vehicles, these days the necessity for nothing but the absolute best are required to repair your automobile. It's not all the time that you discover you need a replacement Strut to repair your automobile. Your Ford dealership isn't the only place to locate the best repair parts to fix your Mustang. Ford vehicle enthusiasts have become used to a certain level of reliability when driving their Mustang around town.
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Instrument Pre-Amps & DI
SansAmp PARA DRIVER DI - Instrument Pre-Amp with Parametric EQThe SansAmp Para Driver DI is a floor version of the RPM rackmount unit and provides the same detailed tone shaping possibilities for any signal source. It is particularly useful with acoustic, electric and bass guitars, and upright bass, either direct to a mixing console or with an instrument ampli Learn More£213.20 £177.67 (ex. vat)
Radial Engineering ToneBone PZ-Deluxe - Acoustic Instrument PreAmpThe Radial Engineering ToneBone PZ-Deluxe is a studio quality instrument preamp that jam-packs a full array of features into a compact pedal for live stage use. Learn More£210.00 £175.00 (ex. vat)
Countryman DT85 (Type 85) active DI box; auto-switching phantom/battery powerThe Countryman DT85 (Type 85) connects any high-impedance instrument pickup, even piezo pickups, to a balanced microphone (XLR type) input. It provides a strong, clean signal to the mix board without adding noise or distortion. Learn More£174.00 £145.00 (ex. vat)
SansAmp RBI: 1URackmount Bass Driver Pre-Amp & Active DIThe 1U rackmount SansAmp RBI is a pumped-up, expanded version of the popular SansAmp Bass Driver DI pedal. In addition to Drive, Presence and active Bass and Treble controls... Learn More£334.80 £279.00 (ex. vat)
Zoom B3 - Effects and Amp Simulator pedal for BassThe Zoom B3 is a multi-effects and amp simulator pedal for bass guitar, with the added bonus of a built-in USB audio interface. The B3 includes 3 foot switches, each with their own LCD display and 3 rotary knobs so you can see exactly which effect is loaded and edited their settings quickly. Learn More£165.00 £137.50 (ex. vat)
SansAmp BASS DRIVER DI - Pre-Amp and DI Tailored for Bass - DiscontinuedMuch more than just a direct box, the SansAmp Bass Driver DI is capable of dialling up big vintage tube tones, bright modern slap sounds, gnarly distortions, and all in between. Three different outputs to drive power amps, recording desks, PA mixers, or simply enhance your current rig. Learn More£203.47 £169.56 (ex. vat)
Radial Engineering ToneBone PZ-Pre - Acoustic Instrument PreAmpThe Radial Tonebone PZ-Pre is the most powerful acoustic preamplifier ever to be put inside a pedal. And when we say acoustic, we do not just mean acoustic guitar; we mean ANY acoustic instrument including banjo, violin, cello, mandolin, contrabass, bouzouki or lute. Learn More£319.00 £265.83 (ex. vat)
Countryman DT10 active DI box; low distortion, low noise, high accuracyThe Countryman DT10 is a virtually indestructible active DI box which delivers the lowest distortion, lowest noise, and highest accuracy of any direct box. The result is a clean, precise signal that is completely faithful to the original sound. Learn More£246.00 £205.00 (ex. vat)
Zoom A3 Acoustic Guitar Pre Amp and Effects.The Zoom A3 is a pre-amp and multi-effects pedal for acoustic guitar. The A3 has presets for 16 body types and 28 models of acoustic guitar, simply match these to the guitar you are using and the A3 will remodel its authentic tone and make your sound stand out on stage. Learn More£159.00 £132.50 (ex. vat)
Radial Engineering StageDirect - Active DI with Mute FootswitchThe Radial StageDirect is a state-of-the-art active direct box designed for musicians who require extra control when they are on stage. As with most DIs, the StageDirect is equipped with a hi-Z input for the instrument, a thru-put for the stage amplifier and a balanced low-Z output for the PA system Learn More£229.00 £190.83 (ex. vat)


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Nelya (ID: 86128)
Date of birth:June 10, 1992
Height:5' 10" (180 cm)
Weight:143 lb (65 kg)
Hair color:light brown
Eyes color:aqua
Marital status:single
Profession:Technology of underground mining
English language:beginners' level
Others foreign languages:No
Seeks partner:29 - 49 years old
Total photos:5
Bikini photos:0
Hobbies and interests:
I love spending time with my friends in a fun company. Also I like picnics in the park or forest, and love nature a lot. I always go in for sports to keep my body in shape. Especially I love fitness. In the morning I always jogging - it helps me to prepare for the new day. I always adhere to a healthy diet, and also I like cooking. My favorite hobby - is singing, when we gather with my friend I always sing for them. Also I like shopping - like every women!
About me:
I consider myself as an honest and kind person who is also friendly and sympathetic. I have a very tender nature. I accept people in a way they are without trying to change them. I am a very romantic lady who appreciates calm moments with a beloved person. I am open and communicative and believe that sincerity in friendship and relations is vital.
Looking For Men Type:
In future I would like to build a strong and united family with a man, who will appreciate and respect me, and share my interests. I'm looking for someone who is responsible and reliable, who is really knows how to love and ready to give his love to me, because I believe that love is the most important part in the life of each person . My man must have a good sense of humor and always be honest with me. I'm looking for a man whom I can trust. I hate liars. I just want to be happy and share my happiness with a worthy man.
Copyright 2003-2017 © beauty-brides.com.
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Category:Lawn mowers
From Wikipedia, the free encyclopedia
|Wikimedia Commons has media related to Lawn mowers.
This category has only the following subcategory.
- ► Lawn mower manufacturers (15 P)
Pages in category "Lawn mowers"
The following 11 pages are in this category, out of 11 total. This list may not reflect recent changes (learn more).


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Online Event Location map
CAPA Training and Causes of Warning Letters due to Lack of Comprehension- By AtoZ Compliance
Key Take Away:
Implementing an effective corrective actions or preventive action capable of meeting QS Regulations and satisfying quality assurance and GMP/GDP documentation requirements is critical and all too often not followed in the specified sequence which has a negative effect when CAPA systems are inspected.
CAPA (Corrective and Preventative Actions) did not originate in the Pharmaceutical and Medical Device industry or the Automobile Industry as most folks post on the Internet. The program to make effective corrections and ensure that preventative applications were incorporated was in use way back in the 60s by NASA and the FAA to enhance safety but was not labeled CAPA even though the intent was the same.
A timely, well documented, Corrective / Preventive Action program validates a quality system that is not only capable of identifying potential problems but also effectively correcting problems when incidents do occur and as part of the Continuous Quality Improvement program, correcting potential problems prior to occurrence. Adequate incident tracking is the primary foundational element for an effective CAPA FDA.
Why Should You Attend:
A vast majority of the current industry deficiencies which have led to isolated 483s, Warning Letters and Consent Decrees are the result of deficient technical documentation and effective means of assessing various elements of CAPA expectations for products produced and distributed under the FDA approval process.
How do you know that your FDA CAPA training procedure(s) that address the requirements of the quality system regulation have been technically defined, documented and implemented to determine if appropriate sources of product and quality assurance are being identified and that the data from these sources are being analyzed and documented in an easy to understand technical report to identify existing product and quality problems that may require corrective action and/or preventative action?
Areas Covered In This Webinar:
Too often regulatory documents are written using subjective terminology and grammar (first person, pronouns and adverbs) instead of objective, technical descriptions of the element being addressed (stick to the facts). Lack of technical writing skills has contributed to the majority of the current submission rejections, 483s, warning letters and consent decrees - see FDA examples at end of presentation. GMP controlled documents must be written in a way that will be clear to the jury when presented in a court case, as opposed to writing like "we are having a conversation". Who in this case is "we", the head of quality or a janitor?
Learning Objectives
- Identification of the incident - Criticality of the Incident Tracking System separate from deviation tracking.
- Evaluation of the impact or magnitude of the incident
- Initiation and Risk Assessment to demonstrate compliance with Quality Systems Regulations
- Investigation procedure to assess various strategies in accordance with current regulatory expectations
- Root Cause Analysis training by avoiding subjective thinking to generate objective documentation
- Action Plan generation listing the tasks, metric applications and acceptance criteria for each activity
- Implementation Plan example needed to accomplish the Corrective or Preventive Action Plan
- Verification using stand-alone documentation practices of for objective evidence to meet cGMP regulations
- Effectiveness monitoring plan to demonstrate the corrective action and/or preventive action is performing as anticipated preventing reoccurrence or initial occurrence of the identified issue.
Who Will Benefit:
- Auditors
- Inspectors
- Regulatory Personnel
- Quality and Documentation Personnel
- Operations and Development Personnel
Speakers Profile:
Jerry Dalfors
Jerry Dalfors has extensive (40+ years) of business administration, consultative, technical and managerial experience in the development and manufacture of highly regulated biopharmaceutical products including injectables, biologics, medical devices and oral dosages. He has held permanent employee, temporary employee and company representative management positions with a multitude of the major pharmaceutical and biotechnology companies in the US.
For more detail please click on this below link:
Email: firstname.lastname@example.com
Toll Free: +1- 844-414-1400
Tel: +1-516-900-5509
Fax: +1-516-300-1584
Don't wait to register for the CAPA Training and Causes of Warning Letters due to Lack of Comprehension- By AtoZ Compliance. You'll meet influential people and maximize your opportunities for success. Start now by accessing the information below.
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February is Black History Month, and there are events and activities throughout the DC area to celebrate it. Museum programs (including an entire museum), special tours and exhibits, story time sessions, and more will be enlightening and fun for all ages. Here's where they're happening over the next few weeks.
Tour the NMAAHC
Where: National Museum of African American History & Culture
When: Ongoing
Admission: Free
If you can get in, this is the best place to learn about black history and culture in America. (This was #1 in my Top 16 of 2016… and now that I've taken the kids, will be doing a write-up about it very soon!) It's a tough ticket to get right now — museum admission is still by timed entry passes — but it is possible to get same-day tickets. They are available online everyday starting at 6:30am until they run out.
African American Pioneers in Aviation and Space
Where: National Air & Space Museum
When: February 11
Admission: Free
Each February, the museum celebrates the significant contributions African Americans have made to flight and space exploration despite the overwhelming obstacles they had to overcome. Enjoy presentations, hands-on activities, and stories. Learn about African American astronauts, pilots, and scientists of the past and present and their accomplishments.
Slave Life Tour
Where: Mount Vernon
When: Daily through February, 11:30am
Admission: $20/adult, $10/ages 6-11, free for 5 and under (+ $4/exhibit)
Tack this on to a visit to George Washington's estate. The 60-minute guided walking tour highlights the lives and contributions of the enslaved community who built and operated Mount Vernon. In 1799, more than 300 slaves lived and worked on the five farms that made up Washington's 8,000-acre plantation. Listen to their stories and learn more about their daily life at Mount Vernon. Visit the refurbished slave quarters and view reproduction clothing, tools, furniture, cookware, ceramics, toys, and personal accessories that represent their experiences.
Celebrate Frederick Douglass' Birthday
Where: Frederick Douglass Historic Site
When: February 18-19; Ongoing
Admission: Free ($1.50/house tour)
Celebrate the 199th anniversary of Frederick Douglass' birth with the National Park Service and its community partners. The estate in Anacostia where Douglass lived for nearly the last 20 years of his life is now a historic site that welcomes the public to tour, and every year they host a birthday event in his honor. This year's programs and activities explore the significance of the visual, performing, and culinary arts in Frederick Douglass's life. You can also go other times — the grounds are always open to visitors, though you need to make reservations to tour the house.
African-Americans at Walney Walking Tour
Where: Ellanor C. Lawrence Park
When: February 11, 11am & February 19, 2pm
Admission: $6
In this interactive walking tour, learn the names and stories of the many African-American families who lived here in slavery and in freedom. The one-hour program is recommended for ages 6 and up. Children must be accompanied by a registered adult. Sign up for Feb. 11 here and Feb. 19 here.
Portrait Story Days
Where: National Portrait Gallery
When: Most Saturdays, 1-4pm & Sundays, 2-5pm
Admission: Free
Drop in to the Portrait Gallery to listen to a story from friends at the DC Public Library about a notable person featured in the collection and complete a hands-on art project. All through February, the program highlights black Americans in honor of Black History Month. Read more about the program and museum here.
Civil Rights at 50
Where: Newseum
When: Through January 2, 2018
Admission: $24.95/adult, $14.95/ages 7-18, free for 6 and under (look for a discount)
This new exhibit explores the civil rights events of 1967, when black Americans used their First Amendment freedoms to challenge police brutality, economic inequality and the Vietnam War amid deadly riots and the rise of the Black Panther Party. This exhibit is probably better for older kids.
Jim Crow on Streetcars
Where: National Trolley Museum
When: Through February, Saturdays & Sundays, 10am – 5pm
Admission: $7/adult, $5/child
In recognition of Black History Month, the Museum presents this temporary exhibit. Learn about the nature of segregation aboard the cars in 19th century New York, the efforts to black the practice as it developed across the South, and the eventual success in opening employment opportunities.
Celebration: Black History Month 2017
Where: PG County Parks
When: Throughout February
Admission: Varies by activity
Celebrate and honor African American heritage during Black History Month with PG County Parks and Recreation. From performances to history lessons to tours, there are plenty of exciting events and activities planned throughout the area. For a complete listing of Black History Month events, go here.
Montgomery Parks Celebrates Black History Month
Where: Josiah Henson Park
When: February 25 & 26
Admission: Free
Montgomery Parks will celebrate Black History Month during the last weekend in February with free, educational events that highlight the stories, struggles, and successes of African Americans. Events include free guided tours of the park, the screening of a PBS documentary about the park, and the annual spoken word poetry event, "Lyrical Rhythms: The Sounds of Freedom."
Hidden Figures
Where: Local movie theaters
When: Ongoing
Admission: Varies by theater
Playing in theaters now, this film that tells the story of a team of African-American women mathematicians who served a vital role in NASA during the early years of the US space program is inspiring and a perfect movie pick during Black History Month. Common Sense Media says it's appropriate for ages 10 and up, but I'd say kids a little younger could watch it, too.


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This weeks' image comes from the Air Force Space & Missile Museum, at the Cape Canaveral Air Station in Florida. It's a replica of the MR-7 spacecraft and launch vehicle that made Alan Shepard the U.S.' first man in space back in 1961:
I've been told that some years back, the original launch support gear (gantry, etc.) was also on display here — but it had to be torn down since it was coming apart due to corrosion from the salt sea air (and occasional hurricane). That low-slung building on the right is the blockhouse used to control the launch (you can see how it got its name). It's still amazing just how close the blockhouse is to the launch pad, but of course, this was long before the day of closed-circuit TV gear.


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Layout Please Brandie Army Wife +1 1 child; Leavenworth, Kansas 370 postsOct 30th '12
Can someone please make me a cute layout.
I love pink, green colors and I love hello kitty and I am also an army wife. Be creative as you like I am not picky.
I would like the header to say
Here is my story...
The footer to say
Thanks for reading!
Proud Army Wife, Proud Step-Mommy, and Expecting!!


text:
Nothing At All.
First off, I'm not suicidal, I'm sure you've all written something that's not true, it's the same as that. Next off, yes it's about depression and suicide, but it's much more than that, I want you to find out what else is in this poem.
I didn't feel angry, depressed
I felt nearly nothing at all
You live your life
I live mine
You say you're leaving town
I say nothing at all
I blame my friends
this town
truth is
it's myself
my fault
you've left
leaving me here
I sit and ponder
noose in hand
"it's my fault."
I say.
Typing last words on the computer
"It's my fault."
I type.
I type nothing at all
Noose around neck
"It's all okay."
I say
I see the blank page on the computer
I see your face
I see death
I see nothing at all.


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Oh the joy, you have no idea how trying to find an RF freeview box or RF anything these days is... my Ferguson 3847 black and white portable TV has been longing to bring itself into the 21st century since its first input being a ZX81 in 1980 it has steadfastly provided 28 years of news and drama in its little black and white screen - welcome to the 21st century Fergie!
I bought several of these boxes and none of them work properly with the standby function. Look at their website under "technical issues" as it is a known issue. Their suggested solution doesn't work other than to turn the box off and then on at the plug. Therefore not really very practical.
More information -
Trusted Reviews is part of the Time Inc. (UK) Ltd Technology Network
Get TrustedReviews' award-winning reviews and advice delivered to your inbox for free!


text:
Mr Olmert told the Israeli parliament, ahead of a confidence vote in the coalition administration led by his Kadima party, which won the election in March, that the future frontier would be "significantly different than the territories under Israel's control today".
That would mean abandoning isolated settlements that put the country's security "in danger", he said. But the government plans to move the affected settlers into the expanding larger colonies that will be formally annexed by the imposition by 2010 of a new Israeli border east of the 1967 frontier and running through the occupied territories.
"The achievements of the settlement movement in its major centres will for ever be an inseparable part of the sovereign state of Israel, with Jerusalem as our united capital. Let us come together around this consensus and turn it into a uniting political and moral fact," the prime minister said.
However, Mr Olmert may have to rejig the new government if he is to carry through his strategy. The administration has the support of 67 MPs in the 120-seat parliament with Kadima and the Labour party at its core, for the first time producing a prime minister and a defence minister who have not risen to power out of the military.
Mr Olmert has also brought in two smaller parties - the Pensioners' party, which has a strong social agenda, and the ultra-orthodox Shas party. But Shas has withheld its support for giving up settlements and Israeli officials say the prime minister is looking to draw other parties into the coalition to ensure he does not face the same punishing battles in his cabinet that confronted Ariel Sharon before the pullout from the Gaza strip.
Mr Olmert told parliament that last year's withdrawal of settlers and the military from Gaza and a small part of the northern West Bank was a prelude to a large plan to remove tens of thousands of settlers from the smaller colonies scattered through the occupied territories.
Under the plan, Mr Olmert intends to remove about 60,000 settlers currently living in Israel's more isolated colonies beyond the concrete and steel West Bank barrier. They would be moved, if they wished, into the larger West Bank settlement blocks of Maale Adumim, Ariel and Gush Etzion, and parts of Jerusalem, where about 340,000 other settlers live.
"I, like many others, also dreamed and yearned that we would be able to keep the entire land of Israel, and that the day would never come when we would have to relinquish parts of our land," said Mr Olmert, referring to a belief among many Israelis that they have a legitimate claim to territory up to, and even beyond, the Jordan river. "I believe with all my heart in the people of Israel's eternal historic right to the entire land of Israel."
But he said retaining control of isolated settlements beyond the barrier "creates an inseparable mixture of populations which will endanger the existence of the state of Israel as a Jewish state".
Political sources told the Israeli press yesterday that the plan to remove some settlements and annex others would begin in about 18 months to two years.
Mr Olmert said he would prefer to reach a deal with the Palestinians first through negotiation but if that failed - or, as the Palestinians see it, if they do not agree to surrender large parts of their territory - then he would unilaterally impose borders.
The Palestinian president, Mahmoud Abbas, appealed to Mr Olmert to resume talks, dismissing Israeli claims that "there is no partner for peace". "You have a serious partner. We are a partner for negotiations," Mr Abbas told the Israeli newspaper Maariv. "I have a mandate to reach an agreement with Ehud Olmert. We have the capability and we have the desire. We must not miss the opportunity."
The coalition
Kadima 29 seats
Committed to a limited withdrawal from the West Bank and a new border to annex major Jewish settlements
Labour 19 seats
Broadly supports Ehud Olmert's policy although more serious about negotiations with the Palestinians
Shas 12 seats
Ultra-orthodox party, not committed to closure of settlements and might later leave the administration
Pensioners' party 7 seats
Backing Mr Olmert's plan in return for ministry dedicated to pensioners