| CODE | EST5344 | ||||||||||||||||
| TITLE | Economic and Financial Issues in the Euro Zone | ||||||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||||||
| MQF LEVEL | 7 | ||||||||||||||||
| ECTS CREDITS | 5 | ||||||||||||||||
| DEPARTMENT | European Studies | ||||||||||||||||
| DESCRIPTION | This study-unit focuses on the effects of the single currency on economic policy making in the EU. The theoretical framework for economic and monetary integration, including costs and benefits of monetary integration and the theory of optimum currency areas will be reviewed, together with an overview of the history of economic and monetary integration in Europe. The framework for monetary policy and economic and fiscal governance in the Euro Zone will be analysed. The financial aspect of the monetary union will also be examined, including implications for financial markets, financial infrastructure and financial institutions. Throughout the study unit, various current economic and financial issues facing the Eurozone will be discussed together with the debate on the future of the single currency. Study-Unit Aims: This study-unit aims to provide students with the theory of economic and monetary integration and to describe the manner in which this integration has been implemented in order to achieve a single currency area in the EU. The goal is to enable students to assess the policy implications of fiscal and monetary integration in the EU from a theoretical perspective. Furthermore, students will be able to understand the policy debates on fiscal and monetary policy in the EU. The study-unit also aims at providing students with a basic understanding of European financial markets, including the market players, infrastructure, and regulation. It will also review historical developments, notably those taken as a result of the 2008/09 financial crisis and the subsequent sovereign debt crisis. This study unit will also analyse how financial markets are being regulated in Europe and provide an analysis of the European financial system. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - define and explain the theories of single currency areas and apply them to the European context; - identify and describe the main elements of monetary integration and fiscal policy coordination in the Euro Area; - assess proposals for reforms to economic governance in the Euro Area; - identify and explain the causes of the 2008/09 financial crisis and explain the importance of financial stability; - describe how financial markets and institutions are regulated and supervised in the EU; - define the main elements of the EU banking union and explain the role of the ECB. 2. Skills: By the end of the study-unit the student will be able to: - have an improved understanding of fiscal and monetary integration within the EU context; - explain the implications of participation in the Euro Area on national economic policy making; - analyse the debate on economic governance in the Euro Area, with improved economic tools; - be able to understand and interpret a number of metrics related to financial stability, financial integration; - be able to interpret the behaviour of financial markets and financial players in response to a number of policy decisions and market conditions. Main Text/s and any supplementary readings: Main Texts: - Economics of Monetary Union, Paul De Grauwe, Oxford University Press. - European Financial Markets and Institutions, Jakob de Haan, Sander Osterloo, Dirk Schoenmaker, 2nd edition, Cambridge University Press, 2012. Supplementary Readings: - A number of additional academic articles related to each topic will be provided to students to reflect the latest advances on the topic as published in the literature. |
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| STUDY-UNIT TYPE | Seminar | ||||||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Moira Catania |
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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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