New Bundesbank chief likely to be less hawkish

Significance Weidmann decided to quit early as his efforts to oppose ultra-loose monetary policies were continuously resisted in the ECB. Unlike his predecessors, Nagel does not appear to possess strongly held convictions regarding monetary policy, suggesting he will be more pragmatic in relations with the ECB. Impacts Nagel will make digital modernisation a key objective during his time as Bundesbank president. Nagel’s support for stronger German connections with Chinese financial markets may weaken amid political tension. A strong economic recovery in 2022 would embolden those in the ECB governing council supporting the phasing out of asset-buying programmes.

Developing a quality assurance identity in a university: a grounded theory approach

Purpose The purpose of this study is to demonstrate in the context of quality assurance (QA), how stakeholders define quality education and its connections to maximize value for the stakeholder using a grounded theory approach. Design/methodology/approach A four-stage research design using grounded theory methodology was used to develop and elicit a theory, after which a single-case study design with embedded coding and analysis was used to examine the QA – Maximize Value for stakeholder’s relationships. The sample consisted of 16 participants who had visibility over the entire QA – Maximize Value relationship, were knowledgeable, willing to participate and had between 4 and 12 years’ higher education experience. The data was collected through focus, elite groups and in-depth interviews based on the participants’ perspectives of their experiences. The collected data was subjected to content analysis. The following research questions focused on: definition of QA, the definition of quality education and stakeholders’ expectations for the education setting. Findings The study identified 10 categories that drive the QA – Maximize Value for stakeholder relationships in higher education settings. The categories are, namely, the definition of QA; definition of quality management; value for governing council; value for lecturers and staff; value for students; value for employers; value for government; definition of quality education; continuous improvement; and QA in universities. The main findings of the research related to “how” and “why” QA create value for stakeholders. The results of the study indicate that the governing council representatives’ (key stakeholders) expected value creation through improved management and proper education policy. The expected value creation for lecturers and university staff included career advancement, good working conditions of service, remuneration and the excellent performance of students. The paper finds that QA in higher education is contingent on senior management commitment to the strategic decision on overall objectives, management of the facility, financial and human resources, which are geared toward ensuring effective teaching, student learning and value maximization for all stakeholders. Research limitations/implications The limitation of the study is that the major stakeholders considered were all from universities. Other stakeholders such as employers from the industry and other sectors should be included in a future study. Practical implications Based on the study findings, two major implications for training of senior management, deans and heads of departments in the concepts of QA to maximize value for all stakeholders; and the QA system selected for the university must be “fit for purpose” were drawn, leading to recommendations for future practice. These findings can help universities to develop strategies that improve educational quality and maximize value for all stakeholders. The authors suggested some propositions that can be examined in-depth in future research endeavors so as to enhance the understanding of the predictors of QA in education and the expectations of different stakeholders. Originality/value The originality of the study lies in the perspective of experienced participants who had visibility over the entire QA –Maximize Value relationship and were knowledgeable. Based on the use of the grounded theory approach and the view of major stakeholders used in this research, the findings emphasize the stakeholders’ – driven definition of quality education that focuses on value maximization for all stakeholders. This is different from the majority of the existing definitions in the quality literature that are primarily standard-driven, focusing on meeting a pre-defined set of standards, specifications, requirements and are set internally or externally. The approach provides an opportunity to increase the credibility and rigor of grounded theory research.

The ECB Strategy and Its Critics

While the EU Treaty established the European Central Bank’s (ECB) primary objective as price stability, defining price stability was left to the ECB’s Governing Council (GC). This chapter shows how the GC chose to formulate an objective that subtly but consciously differed from the standard inflation targeting framework of the time. Rather than expressing a preference for a particular rate of inflation, a ‘target’ that could be changed if circumstances changed, it opted to qualify price stability unconditionally as an inflation rate below 2%. We explain some of the factors behind this decision and describe the process whereby, already in 2003, the ECB’s monetary policy strategy came to be reviewed. The internal debates that informed the ECB’s characteristic ‘below but close to 2%’ objective and ‘two pillar’ strategy are discussed. The chapter also focuses on the ECB’s early critics.

The Akrotiri Uprising

The chapter describes the progressive break down of order and increase in intercommunal violence in 1895-7, leading to a form of autonomy. As the situation deteriorated the Powers (Britain, France, Russia, Italy) were sucked in, sending warships to help keep the peace, and taking on responsibility for governance and security in the large towns. Venizelos played a large part, largely diplomatic and political rather than military, once he concluded that he could no longer stand aside. He and a band of insurgents occupied the Akrotiri peninsula from which they were able to deal with the Powers' ships, the consuls, the Greek ships, and the local Christian population. The chief operators in this complex situation of insurgency were the consuls of the Powers, the Admirals who formed a governing Council for Crete, local Cretan leaders, and a Greek force under Colonel Vassos. The Greek and Cretan aim was union with Greece, but this was reduced to autonomy in deference to the Powers. The solution reached was evacuation of the Greek forces, and agreement on a form of autonomy for Crete, but not before Greece had invaded Thessaly and suffered a humiliating defeat by a Turkish army.

Die Rechtsstellung der Mitglieder des EZB-Rates

This work traces the contours of the legal status of the members of the Governing Council of the ECB using the example of the President of the Bundesbank. The study focuses on the prerequisites and the structure of the office of the President of the Bundesbank at the national and European Union level. In addition, the legal provisions governing the appointment, dismissal, and structure of the office are analyzed, detached from the substantive activities. In addition to these technical legal issues, the impact of the independence requirement on the legal status is also focused on. As a result, the unique legal status of the President of the Bundesbank is confirmed by the fact that it is anchored in two legal systems.

Editorial Note of Farewell and Gratitude to ESTS Reviewers

In response to the desire of the governing council of the Society for Social Studies of Science to have an online open access Society journal, we were asked to build Engaging Science, Technology, and Society. We did so and launched the journal in 2015. Today, in December 2020, we write to say farewell, and to thank the many reviewers who selflessly gave their time, energy, and expertise to support the journal and the efforts of other authors. On the eve of our departure, we delight in the strength of ESTS and the quality of papers that have been published over the six annual volumes realized since 2015. And in this moment in history, when so many incentives exist for scholars to confine their energy to self-serving activities and show indifference to the quality of literature produced, the good will and actions of the reviewers who have enabled the development and growth of ESTS are what we deeply appreciate. To those ESTS reviewers who are shown below, Thank You. And to those of you who read this, when you see those listed you should know, “There is someone who demonstrated a commitment to quality STS scholarship and to the field.”

The ECB will be slow to expand unconventional policy

Significance While the Governing Council is divided over the issue, President Christine Lagarde appears to favour more active fiscal policy by member states to stabilise the European economy. Impacts Mixed communication from the ECB Governing Council could undermine market confidence in Lagarde’s presidency. Using monetary policy to tackle climate change will be a key goal for the ECB under Lagarde’s presidency. A disjointed economic recovery across the euro-area will likely increase division within the ECB over its response options. Countries whose economies have been disproportionately affected by COVID-19 will resist calls for fiscal consolidation from 2022 onwards.