ID:
M372
Tipo Insegnamento:
Obbligatorio
Durata (ore):
48
CFU:
6
SSD:
ECONOMIA POLITICA
Url:
POLICIES AND GOVERNANCE IN EUROPE/BASE Anno: 1
Anno:
2023
Dati Generali
Periodo di attività
Primo Semestre (11/09/2023 - 02/12/2023)
Syllabus
Obiettivi Formativi
The course aims at providing basic analytical tools for the understanding of the process of European integration, European institutions and European policy-making.
Its main objective is to enable students to develop a critical comprehension of the inner functioning of the European Union’s economics and politics.
Students will examine how the European institutions have addressed the three different crisis that the Union has faced in the last fifteen years: the sovereign debt crisis, the pandemic crisis and the energy crisis. Furthermore, students will examine the different European institutions and their changes over time, as well as their relationship with national institutions.
Special emphasis will be placed on the interaction between one monetary policy conducted by the European Central bank (Ecb) and twenty different fiscal policies established by the member States of the Euro. What are the major implications of a Monetary Union which is not a Fiscal Union nor a political Union like the United States?
The course concludes with a description of the expansionary monetary policy and the expansionary national fiscal policies put in place during the pandemic crisis. New instruments - such as the Quantitative Easing, the European Banking Union and the Next Generation EU - will be analyzed.
Special attention will be given to the digital and green transition carried out by the European Union: instruments (for example the repower EU), resources and achievements of each Member States will be evaluated. Progress made in terms of gender equality, which is one the key pillar of the ESG strategy for Europe, will also be assessed.
Another goal of the class is to study and understand the role of European democracy and its interaction with national political environments. The rise of populism in Europe in recent years will be taken as an example to assess how economic developments and policy decisions taken at the European level impact local politics, including election campaigns and the formation of coalition governments.
Throughout the class, students will learn how to collect and scrutinize economic data so as to be able to identify possible correlations between time-series and assess different hypotheses explaining key economic and social developments.
Its main objective is to enable students to develop a critical comprehension of the inner functioning of the European Union’s economics and politics.
Students will examine how the European institutions have addressed the three different crisis that the Union has faced in the last fifteen years: the sovereign debt crisis, the pandemic crisis and the energy crisis. Furthermore, students will examine the different European institutions and their changes over time, as well as their relationship with national institutions.
Special emphasis will be placed on the interaction between one monetary policy conducted by the European Central bank (Ecb) and twenty different fiscal policies established by the member States of the Euro. What are the major implications of a Monetary Union which is not a Fiscal Union nor a political Union like the United States?
The course concludes with a description of the expansionary monetary policy and the expansionary national fiscal policies put in place during the pandemic crisis. New instruments - such as the Quantitative Easing, the European Banking Union and the Next Generation EU - will be analyzed.
Special attention will be given to the digital and green transition carried out by the European Union: instruments (for example the repower EU), resources and achievements of each Member States will be evaluated. Progress made in terms of gender equality, which is one the key pillar of the ESG strategy for Europe, will also be assessed.
Another goal of the class is to study and understand the role of European democracy and its interaction with national political environments. The rise of populism in Europe in recent years will be taken as an example to assess how economic developments and policy decisions taken at the European level impact local politics, including election campaigns and the formation of coalition governments.
Throughout the class, students will learn how to collect and scrutinize economic data so as to be able to identify possible correlations between time-series and assess different hypotheses explaining key economic and social developments.
Prerequisiti
Students can easily follow the analytical content of this course if they have a basic knowledge in:
Microeconomics
Macroeconomics
Economic Policy
International Economics.
Microeconomics
Macroeconomics
Economic Policy
International Economics.
Metodi didattici
Slides will be available one week before the lesson covering each of the specific topics addressed in the course. Hence the traditional presentation of the analytical problems can be concise and leave room to Q&A and discussions.
Guests will give a lecture on European Monetary Policy (name to be announced)
Guests will give a lecture on European Monetary Policy (name to be announced)
Verifica Apprendimento
The assessment of students learning will be centered on a written exam, an oral exam, a class presentation and class participation.
Oral examination = 40%
Class participation = 10%
Class presentation = 20%
Commentary piece = 30%
Oral examination
The oral exam will cover all topics discussed in class, and will ascertain that students have built a critical knowledge of the material
Class participation
Students are asked to actively participate in each class, asking discussion or clarificatory questions to the teacher, and engaging in discussion with peers during presentations.
Please note that a strong background in economics is not required for participation, there are no stupid questions, only stupid answers.
Group presentation
Groups are created by the teacher, and they will receive a general topic with the assignment of detailing a specific research question to present to the class. Students are asked to work in groups to tackle a policy problem concerning the European debate (e.g. European monetary policy, public debt, fiscal rules...), prepare original research supported by relevant bibliography and data analysis, and debate in class different perspectives to address the issue.
Commentary piece
Individual elaboration of an editorial, in newspapers style (6.000 characters), as a response to an article on the topics discussed in class published in the school term
The article would be a detailed analysis or editorial concerning some recent economic development or policy proposal. You can spot mistakes in the economic reasoning by the author, or you can comment using concepts studied in class. Please be aware that as an economic post, data analysis, i.e. the ability of supporting opinions with data, time-series comparisons, and statistical or basic econometrical analysis, is highly valued. Maximum lenght: 6000 characters
Non-attending students
The status of non-attending must be justidied and discussed with the student office, and notified to the teacher as soon as possible.
Since class participation is not possible, the exam will be different:
Oral examination = 40%
Written assignment 1: short economic paper= 50%
Written assignment 2: commentary piece= 30%
Oral examination
In addition to the topics for the attending students, non-attending students will be assessed on the knowledge of one of the two textbook recommended at their choice: (Baldwin & Wyplosz or De Grauwe).
Economic article
Write a short scientific paper (about 4000 words) on one of the issues raised in
Demertzis & Wolff, 2019, BRAVER, GREENER, FAIRER - Memos to the EU leadership
https://www.bruegel.org/book/braver-greener-fairer-memos-eu-leadership-2019-2024
or
ANDRITZKY & ROCHOLL, 2018, TOWARDS A MORE RESILIENT EURO AREA.
https://www.ceps.eu/ceps-publications/towards-more-resilient-euro-area/
Students have to select one or more chapters, in line with topics covered in the course, and write a follow-up scientific article
Commentary piece
same instructions as for attending students
PLEASE NOTE
Grades for class participation and presentation are only valid for winter session, immediately following classes. If students fail to pass the exam, in the subsequent sessions (summer and fall) they will have to pass the exam with the same requirements as not-attending students.
Oral examination = 40%
Class participation = 10%
Class presentation = 20%
Commentary piece = 30%
Oral examination
The oral exam will cover all topics discussed in class, and will ascertain that students have built a critical knowledge of the material
Class participation
Students are asked to actively participate in each class, asking discussion or clarificatory questions to the teacher, and engaging in discussion with peers during presentations.
Please note that a strong background in economics is not required for participation, there are no stupid questions, only stupid answers.
Group presentation
Groups are created by the teacher, and they will receive a general topic with the assignment of detailing a specific research question to present to the class. Students are asked to work in groups to tackle a policy problem concerning the European debate (e.g. European monetary policy, public debt, fiscal rules...), prepare original research supported by relevant bibliography and data analysis, and debate in class different perspectives to address the issue.
Commentary piece
Individual elaboration of an editorial, in newspapers style (6.000 characters), as a response to an article on the topics discussed in class published in the school term
The article would be a detailed analysis or editorial concerning some recent economic development or policy proposal. You can spot mistakes in the economic reasoning by the author, or you can comment using concepts studied in class. Please be aware that as an economic post, data analysis, i.e. the ability of supporting opinions with data, time-series comparisons, and statistical or basic econometrical analysis, is highly valued. Maximum lenght: 6000 characters
Non-attending students
The status of non-attending must be justidied and discussed with the student office, and notified to the teacher as soon as possible.
Since class participation is not possible, the exam will be different:
Oral examination = 40%
Written assignment 1: short economic paper= 50%
Written assignment 2: commentary piece= 30%
Oral examination
In addition to the topics for the attending students, non-attending students will be assessed on the knowledge of one of the two textbook recommended at their choice: (Baldwin & Wyplosz or De Grauwe).
Economic article
Write a short scientific paper (about 4000 words) on one of the issues raised in
Demertzis & Wolff, 2019, BRAVER, GREENER, FAIRER - Memos to the EU leadership
https://www.bruegel.org/book/braver-greener-fairer-memos-eu-leadership-2019-2024
or
ANDRITZKY & ROCHOLL, 2018, TOWARDS A MORE RESILIENT EURO AREA.
https://www.ceps.eu/ceps-publications/towards-more-resilient-euro-area/
Students have to select one or more chapters, in line with topics covered in the course, and write a follow-up scientific article
Commentary piece
same instructions as for attending students
PLEASE NOTE
Grades for class participation and presentation are only valid for winter session, immediately following classes. If students fail to pass the exam, in the subsequent sessions (summer and fall) they will have to pass the exam with the same requirements as not-attending students.
Testi
We will provide slides for each class in advance. Further readings, related to ongoing economic and political developments, will be assigned in class or provided to students through the Luiss Learn platform
A list of suggested readings is provided for each class in the syllabus.
In order to have a general and analytical view on the economic workings of the Euro area, we recommend one of the following textbooks:
De Grauwe, Paul Economics of Monetary Union, Oxford University Press, Thirteen Edition 2020
Baldwin, Richard, and Charles Wyplosz. The Economics of European Integration 5e. McGraw Hill, Seventh Edition, 2022.
Further readings on
A stimulating analysis of the evolution of EU governance since the creation of the Euro area is offered in: Bastasin, Carlo. Saving Europe: How National Politics Nearly Destroyed the Euro. Brookings Institution Press, 2015 (second edition).
For an overview of the evolution of the international crisis (2007-’09), you can refer to: M. Messori, The Financial Crisis: Understanding it to Overcome it, www.assogestioni.it, 2009. Free access, link
Fabbrini, S.. Which European Union: Europe after the Euro Crisis. Cambridge University Press, 2015. Link
Students are expected to read the papers/articles assigned each week, and to independently read from institutional websites and main newspapers.
Please consult:
• European Commission, European Economic Forecasts, Statistical Annex
• IMF fiscal monitor
• World Economic Forum statistical appendix
A list of suggested readings is provided for each class in the syllabus.
In order to have a general and analytical view on the economic workings of the Euro area, we recommend one of the following textbooks:
De Grauwe, Paul Economics of Monetary Union, Oxford University Press, Thirteen Edition 2020
Baldwin, Richard, and Charles Wyplosz. The Economics of European Integration 5e. McGraw Hill, Seventh Edition, 2022.
Further readings on
A stimulating analysis of the evolution of EU governance since the creation of the Euro area is offered in: Bastasin, Carlo. Saving Europe: How National Politics Nearly Destroyed the Euro. Brookings Institution Press, 2015 (second edition).
For an overview of the evolution of the international crisis (2007-’09), you can refer to: M. Messori, The Financial Crisis: Understanding it to Overcome it, www.assogestioni.it, 2009. Free access, link
Fabbrini, S.. Which European Union: Europe after the Euro Crisis. Cambridge University Press, 2015. Link
Students are expected to read the papers/articles assigned each week, and to independently read from institutional websites and main newspapers.
Please consult:
• European Commission, European Economic Forecasts, Statistical Annex
• IMF fiscal monitor
• World Economic Forum statistical appendix
Contenuti
The course is divided into four main parts. The first part explores the criteria for joining the European Union and the European Monetary Union. The second part provides a critical evaluation of European fiscal and monetary policy. We will start by analyzing the evolution of European fiscal rules, from the Maastricht Treaty to the Fiscal Compact, discussing arguments in favor and against budget policy, and will examine the ways in which Europe has addressed the former financial crisis through fiscal policies, and how they have consequently evolved. A comparative analysis with the United States shows the complexity entailed in combining one monetary policy and twenty distinct national budgets. Moreover, we will discuss the economic implications and the political constraints of amending Treaties and the possible window of opportunity for an institutional reform of the European Union. The monetary policy, structure, nature, and objectives of the European Central Bank, as well as the creation of the Banking Union, will be analyzed in detail. We will pay particular attention to new, non-conventional monetary instruments such as the Outright Monetary Transaction (OMT), the Security Market Program (SMP), and Quantitative Easing (QE). The third part of the class comes to grips with the bail-out programs implemented in five European countries (Greece, Ireland, Portugal, Spain, and Cyprus). We will consider successful examples, such as Spain and Ireland, as well as Greece and Portugal, the more problematic ones. The goal is to analyze specific cases of national crisis which have rapidly become European crisis through the inevitable contagion effect.
The rise of populist parties in many European countries, one of the key challenges in Europe right now, will also be addressed. The last part provides an evaluation of the new instruments introduced during the pandemic crisis (Sure for the labor market, Pandemic Emergency Purchase Programme, Next Generation EU, European Stability Mechanism for the health sector) and the current energy crisis (Repower Eu). Green and Digital transition: (challenges, instruments, and obstacles at national levels) will also be examined. Special attention will be given to the ESG strategy for Europe: action plan, resources and future challenges.
The course concludes by looking at the next steps in the process of European integration: how far away (and how difficult) is the creation of a true Political Union in Europe, like that of the United States? Are the 27 Member States ready to give up more sovereignty? And, if so, in which areas? If further steps are not accomplished, what are the risks of moving backwards? What are the risks of a potential disruption of the Euro? Should the U.S. be more engaged with the current European situation in light of the broader geopolitical risks?
The rise of populist parties in many European countries, one of the key challenges in Europe right now, will also be addressed. The last part provides an evaluation of the new instruments introduced during the pandemic crisis (Sure for the labor market, Pandemic Emergency Purchase Programme, Next Generation EU, European Stability Mechanism for the health sector) and the current energy crisis (Repower Eu). Green and Digital transition: (challenges, instruments, and obstacles at national levels) will also be examined. Special attention will be given to the ESG strategy for Europe: action plan, resources and future challenges.
The course concludes by looking at the next steps in the process of European integration: how far away (and how difficult) is the creation of a true Political Union in Europe, like that of the United States? Are the 27 Member States ready to give up more sovereignty? And, if so, in which areas? If further steps are not accomplished, what are the risks of moving backwards? What are the risks of a potential disruption of the Euro? Should the U.S. be more engaged with the current European situation in light of the broader geopolitical risks?
Risultati di Apprendimento Attesi
Knowledge and understanding:
By the end of the course, students should be able to:
• develop a critical comprehension of the inner functioning of the European Union’s economics and politics and how they influence and impact social interactions and human behavior
• understand different European institutions and their changes and challenges over time, as well as their future prospects
• comprehend the role of European democracy and its articulate interactions with national political environments
Throughout the class, students will learn how to collect and scrutinize economic data so as to be able to identify possible correlations between economic time-series.
Applying knowledge and understanding:
Upon completing the study program, students will be able to:
• evaluate the impact of future changes in the European institutional architecture
• assess and interpret different hypotheses explaining key economic, political, and social developments.
• effectively communicate and work, as an expert in European issues
Making judgements:
Upon completing the study program, students will be able to:
• present an informed scientific opinion in the public debate concerning institutional arrangements and policy decisions in the European Union.
• apply reasoning in the main European subjects, thanks to the understanding of the economic and political aspects of European fiscal and monetary policies issues
• gather and interpret information and data from different sources, in order to make judgements in an independent way
• prepare original research supported by relevant bibliography and data analysis, and debate different perspectives to address the issue.
Communications Skills:
Upon completing the study program students will be able to:
• develop the ability to communicate in written form through completing the assignment and oral form through the final exam and the class debate.
• use the notions and the communication of European institutions
• foster the development relational skills in international and multicultural settings
• participate in a public policy debate, by researching and expressing expert opinions
Learning skills:
Upon completing the study program, students will be able to:
• build an analytic toolbox from both economic and policy analysis
• solve problems in dynamics settings and develop critical positions
This ability will be acquired through class participation, class debate, and research carried out for the drafting of the written assignment
By the end of the course, students should be able to:
• develop a critical comprehension of the inner functioning of the European Union’s economics and politics and how they influence and impact social interactions and human behavior
• understand different European institutions and their changes and challenges over time, as well as their future prospects
• comprehend the role of European democracy and its articulate interactions with national political environments
Throughout the class, students will learn how to collect and scrutinize economic data so as to be able to identify possible correlations between economic time-series.
Applying knowledge and understanding:
Upon completing the study program, students will be able to:
• evaluate the impact of future changes in the European institutional architecture
• assess and interpret different hypotheses explaining key economic, political, and social developments.
• effectively communicate and work, as an expert in European issues
Making judgements:
Upon completing the study program, students will be able to:
• present an informed scientific opinion in the public debate concerning institutional arrangements and policy decisions in the European Union.
• apply reasoning in the main European subjects, thanks to the understanding of the economic and political aspects of European fiscal and monetary policies issues
• gather and interpret information and data from different sources, in order to make judgements in an independent way
• prepare original research supported by relevant bibliography and data analysis, and debate different perspectives to address the issue.
Communications Skills:
Upon completing the study program students will be able to:
• develop the ability to communicate in written form through completing the assignment and oral form through the final exam and the class debate.
• use the notions and the communication of European institutions
• foster the development relational skills in international and multicultural settings
• participate in a public policy debate, by researching and expressing expert opinions
Learning skills:
Upon completing the study program, students will be able to:
• build an analytic toolbox from both economic and policy analysis
• solve problems in dynamics settings and develop critical positions
This ability will be acquired through class participation, class debate, and research carried out for the drafting of the written assignment
Criteri Necessari per l'Assegnazione del Lavoro Finale
Students, who successfully completed the exam, can become candidate for a Master thesis relating to European economic problems.
In order to start the process, the potential candidate has to send an e-mail suggesting possible specific topics in this field.
The receiver of this mail will propose a meeting to the potential candidate. At the end of the meeting the teacher will either agree to become the supervisor of this thesis or motivate the reasons of his refusal.
In order to start the process, the potential candidate has to send an e-mail suggesting possible specific topics in this field.
The receiver of this mail will propose a meeting to the potential candidate. At the end of the meeting the teacher will either agree to become the supervisor of this thesis or motivate the reasons of his refusal.
Corsi
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POLICIES AND GOVERNANCE IN EUROPE
Laurea Magistrale
2 anni
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