Learning outcomes of the course unit
The course aims at providing the tools for a critical interpretation of the process of European integration; more particularly, at gaining a profound insight into:
- the EU trade policies within the world context;
- the deepening of economic integration through the Single Market;
- the ECB’s monetary policy;
- the fiscal policies within the Monetary Union and their contradictions,
- the debt crisis and its possible solutions.
On the basis of this knowledge, the students will acquire the capability to:
- assess the risks and find the most adequate solutions for the European firms exposed to international competition, through the appropriate channels in order to maximize access to foreign markets;
- analyze and identify the critical issues of the process of European integration, offering alternative hypotheses and solutions;
- offer meaningful contributions to the debate on the causes of sovereign debt and of the European economic crisis, as well as possible ways out of the recession.
Course contents summary
1. Europe in the world economy. Comparative statistical analysis of data relating to GDP, employment, trade flows, FDI, multinationals.
2. The theory of economic integration and the main stages of EU integration.
3. The EU Customs Union.
4. The external tariff and the EU trade policy.
5. The EU multilateral trade policy and the Doha Round.
6. The EU bilateral trade policy and the so-called New Trade Policy.
7. The Single Market.
8. The history of the Economic and Monetary Union.
9. The theory of Optimum Currency Areas.
10. The costs and benefits of a common currency.
11. The introduction of the euro and its impact.
12. The European Central Bank.
13. The ECB monetary policy.
14. The Maastricht convergence criteria.
15. Fiscal policies and the Stability and Growth Pact.
16. The debt problem in Europe and the exit strategies from the crisis.
Economics of European Integration - 4th edition
by Richard Baldwin and Charles Wyplosz
McGraw Hill, May 2012
Economics of Monetary Union - 9th Edition, paperback
by Paul De Grauwe
Oxford University Press, 280 pages, May 2012
The European Union: Economics, Policy and History, 3/e by Susan Senior Nello, McGraw Hill, paperback, November 2011
The course includes both frontal lectures by the instructor and presentations by the students, either individually or in very small groups, on agreed-upon subjects related to the course. All the slides presented in class by the instructor will be posted on the net beforehand. Each of them will then be discussed with the students’ participation. Occasionally, some case studies and videos on the most relevant issues will be presented in class. Students are responsible for consulting the net on a regular basis in order to know in advance the general lines of the subjects and to be able to contribute actively to class discussions. All the most important and cutting-edge contemporary issues will be subject for discussion.
Assessment methods and criteria
Although no intermediate formal test will be offered, students will be evaluated in a continuous way on the basis of their participation to the class discussions and of their presentations. The final exam is written and based on four questions without choice. Grade is based on the final written exam (70%) and on class participation, including students’ presentations (30%).