| CODE | ECL3008 | ||||||
| TITLE | EU Economic Governance | ||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||
| MQF LEVEL | 6 | ||||||
| ECTS CREDITS | 4 | ||||||
| DEPARTMENT | European and Comparative Law | ||||||
| DESCRIPTION | The study-unit will introduce the student to the legal foundations of the Economic and Monetary Union: Article 3 of the Treaty on European Union (TEU); Articles 2-5, 119-144 and 282-284 of the Treaty on the Functioning of the European Union (TFEU); and the Protocols annexed to the TFEU: Protocol No 12 on the excessive deficit procedure, Protocol No 13 on the convergence criteria and Protocol No 14 on the Eurogroup. The institutions involved in economic governance will be looked into. The study-unit will further examine the Six-Pack legislative measures (2011) and Two-pack legislative measures (2013) which have been enacted in order to enhance fiscal discipline and to remedy deficiencies in the 1997 Stability and Growth Pact, followed by an examination of the Monetary Union and the European Central Bank: Protocol No. 4 on the Statute of the European System of Central Banks and of the European Central Bank. The Central Bank of Malta and its role in financial stability will be analysed by way of a case study. The study-unit will also deal with intergovernmentalism, namely the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, followed by aspects of Malta's Public Finance Law, namely the assimilation of the EU’s economic, fiscal and monetary governance acquis in the Maltese legal framework and the remedies: available, including the review and supervisory authorities (the Auditor General, the Public Accounts Committee, the Internal Audit and Financial Investigations Board and Article 469A Code of Organisation and Civil Procedure). The study will conclude with a review and discussion on EU Financial assistance to the EU MS [European Financial Stability Facility (EFSF), European Financial Stabilisation Mechanism (EFSM) and European Stability Mechanism (ESM)] and International Financial Institutions, namely the International Monetary Fund. Study-Unit Aims: The study-unit aims: - to prepare the student with the legal knowledge on the EU's economic governance, and the institutions involved; - to teach the various stages in the budgetary process; - to provide knowledge on the workings of the European System of Central Banks and the European Central Bank; - to discern the effects of EU economic governance on Malta's public finance law, including the remedies and scrutiny at the domestic level; - to teach the EU's financial mechanism for the MS; - to assist students with understanding the workings of the International Monetary Fund; - to provide knowledge and skills to advise on national public finance law and EU economic and financial governance and to identify the remedies available, as necessary. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Demonstrate and develop a comprehensive understanding and knowledge of the legal framework governing EU economic governance, including the main Treaty articles, legislative acts and international treaties dealing with economic and financial governance; - Demonstrate an ability to analyse economic governance situations and advise accordingly; - Have gained the knowledge and ability to file judicial proceedings involving economic governance issues; - Be capable of advancing further their knowledge on EU economic and financial governance; - Learn the roles of the main actors in EU economic and financial governance; and - Achieve the desired understanding and practical knowledge on the linkages and effects of domestic public finance law with EU legislation. 2. Skills: By the end of the study-unit the student will be able to: - Acquire skills and knowledge on EU economic and financial governance, including Malta's public finance law; - Advise governmental authorities on EU economic and monetary policy, including Malta's public finance law; - Identify the legal provisions dealing with Public Finance Law at the domestic level and at an EU level; - Identify the main actors/institutions of EU economic and financial governance, including Malta's institutions pertaining to public finance law. Main Text/s and any supplementary readings: Main Texts: EU legislation i) Primary Legislation - Treaty on the European Union - Treaty on the Functioning of the European Union ii) Secondary Legislation Six Pack - Regulation 1175/2011 amending Council Regulation (EC) 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies Regulation 1175/2011 amending Council Regulation (EC) 1467/97 on speeding up and clarifying the implementation of the Excessive Deficit Procedure - Regulation (EU) No 1173/2011 on the effective enforcement of budgetary surveillance in the euro area – sanctions regulation - Directive 2011/85/EU on requirements for budgetary frameworks of the Member States - Regulation (EU) No 1176/2011 of 16 November 2011 on the prevention and correction of macroeconomic imbalances - Regulation (EU) No 1174/2011 of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area Two Pack - Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area - Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability. Textbook: - Craig Paul & Grainne De Burca, EU Law: Text, Cases and materials, Seventh Edition, Oxford University Press, 2020 Supplementary Readings: - Fiscal Responsibility Act, Chapter 534, Laws of Malta - Maria Joao Rodrigues and Eleni Xiarchogiannopoulou (Eds.), The Eurozone Crisis and the Transformation of EU Governance - Internal and External Implications, United Kingdom, Ashgate Publishing Limited, 2014 - Stefan Griller/Elisabeth Lentsch (eds.), EMU Integration and Member States’ Constitutions (Hart Publishers, Oxford, 2021 (to be published in March 2021) |
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| STUDY-UNIT TYPE | Lecture | ||||||
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| LECTURER/S | Joseph Bugeja |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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