During the course, students learn about the costs and benefits of joining a monetary union; starting from the theory of optimal currency areas, the latter will be extended to understand the specific case of the Eurozone (EZ). Students learn how the current European Monetary Union was formed, the monetary and fiscal institutions that govern it, their functioning, and the related economic policy instruments. They study how the European economic governance has been modified in response to the 2008 crisis, the sovereign debt crisis, and the 2020 pandemic. The course also introduces the European Green Deal and how European policies are addressing the issue of climate change. By the end of the course, students will also have learned the economic dimensions of the EZ, where to consult European economic statistics, and how to interpret major trends.
Students must have knowledge of the basics of Economics, equivalent to those covered in an introductory course in Economics or in a bachelor's degree-level course in Macroeconomics and Microeconomics
Lectures will be the main teaching method:.
Slides and other teaching material (papers and articles) will be available in the course moodle page.
Written exam with open-ended questions
Economic costs and benefits of joining a monetary union and the case of EZ.
The path that led to the establishment of EMU.
The difference between complete and incomplete monetary unions.
The sovereign debt crisis in EZ.
European economic governance and modifications in response to crises.
a. Monetary policy and ECB
b. Fiscal policy and the Growth and Stability Pact (GSP)
c. The European Green Deal.
No further information
