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MARZINOTTO Benedicta - EU Macro-economic Policies (20h)

This course examines the macroeconomic governance of the European Union. The recent crisis is used as a starting point to analyze the peculiarity of the monetary union from an economic and institutional point of view. The first part provides an overview of the main theories and concepts in open-economy macroeconomics with focus on monetary policies and on the operation of exchange rate regimes from the end of WWII up to the single currency. The second part looks specifically at the economics of monetary unions, at the extent to which the euro area builds on existing theories, and the empirical record thus far. Extensive reference is made to the Euro debt crisis and to its origins, with focus on the drivers of macroeconomic imbalances. The third part is dedicated to a description of reforms to the EU’s macroeconomic governance framework since the crisis. It builds on the advanced theoretical macroeconomic foundations provided in the first and second part to give account of the rationale and expected effectiveness of tools such as the Six Pack, the Two Pack, the European Semester, the European Stability Mechanism (ESM), the Banking Union (BU), the Capital Markets Union (CMU) as well as to offer a description and an assessment of the various measures undertaken by the European Central Bank (ECB) during the crisis. It concludes with a reflection on lessons learnt and steps ahead. // ECTS

Professor: Benedicta MARZINOTTO