European monetary and economic law

A.Y. 2020/2021
Overall hours
Learning objectives
The course seeks to provide participants with in-depth knowledge and critical understanding of the institutions, rules and principles of the international financial system, as well as of key legal and policy issues arising from the phenomenon of economic and financial globalization of the World, above all, in light of the current economic and financial crisis.
The objectives of the International Financial Law course are:
1- to study some of the major trends in the legal regime governing interstate relationships in the monetary, economic and financial sectors.
2- to offer a theoretical and practical introduction to the main legal issues arising from the globalisation of the world economy and its current crisis.
3- to develop critical skills for objective analysis of international economic legal and policy issues, and of its interactions with other areas of international law;
4- to provide students with the academic skills required to analyze the activities of international governmental and non-governmental organizations and private economic and trade actors in the field of international financial law
Expected learning outcomes
At the end of the course the student, thanks to the analysis of the topics studied during the lectures, will acquire a profitable and general and comprehensive understanding of the subject and its fundamental principles, as well as a method of reasoning suitable to develop, in an autonomous way, more articulated and complex legal questions in the field of the European economic and monetary law.
Course syllabus and organization

Single session

Lesson period
First semester
The teaching activity will be live-streamed on Microsoft Teams, following the lessons timetable.
Live-streamed class will be recorded and will be available on the online platform.
Students are invited to control ARIEL website for any information about the course.
The course will alternate and combine lectures and seminar teaching. Classes may require prior readings and include pre-recorded components.
Course syllabus
1.Introductory remarks
a. Reasons of the Project.
b. Origins and effects of the Economic and Financial Crisis in the World and particularly in the EU.
2.Economic and Monetary State Sovereignty.
a. The State sovereignty: notion, content and evolution.
b. The international economic and monetary cooperation, in the light of the current crisis.
c. The EU Single Market as an example of a developed economic and business regional integration. Analysis of its relevant limits connected to the to the split between monetary and economic policy.
3.The Euro and the Treaty of Maastricht: an analysis of the European monetary and economic cooperation.
a. The forms of monetary cooperation at a European level: from the 1957 Treaty of Rome to the 1992 Treaty of Maastricht.
b. The European Monetary Union as an enhanced form of cooperation: a chance for the European economic integration.
c. The Treaty of Maastricht and the economic and monetary: the convergence standards.
d. The Stability and Growth Pact: contents and supervened amendments.
4.The European Central Bank (ECB) and the European Investment Bank Group (EIB)
a. The ECB's structure and functions.
b. The ECB's role in front of the financial crisis: the new hub of EU economic governance?
c. The interrelationship between the ECB and the other members of the so called Troika (International Monetary Fund and EU Commission).
d. The EIB Group's structure and functions and its role in front of the crisis.
5. The limits of the European monetary union in the light of the Treaty of Lisbon.
a. The inspiring principles of the European action in the economic and monetary field.
b. The European economic policy after the Treaty of Lisbon.
c. The European monetary policy after the Treaty of Lisbon.
d. The PIIG's sovereign debt crisis.
e. The Euroexit dilemma.
6. The New Mechanism created by the European Union to save the Euro and the Economic and Monetary Union.
a. The European semester and the Euro Plus Pact.
b. The intervention mechanism for the serious economic/financial crisis situation of a Member State.
c. The European Stability Mechanism and the simplified revision of the Treaty of Lisbon.
d. The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union.
e. The prudential supervision mechanism and the banking system: towards a Banking Union.
f. The euro bonds solution as an instrument to set the markets.
g. The European Social Market Economy: a new and different form of capitalism in the framework of international economic relations.
Prerequisites for admission
To benefit fully from this course students should have a good knowledge of EU law and International public law.
Teaching methods
Lectures (42 hours), in classroom. Attendance is not mandatory but strongly encouraged. In classroom reflections and/ or practical exercises on case-studies will be organized.
Teaching Resources
Lectures will be mainly based on specific reading materials indicated prior to each lesson. The will be uploaded on the Website of the Project and also on the Ariel e learning platform of the University of Milan and it will be discussed among students.
Assessment methods and Criteria
The final exam is oral. The students will be asked to answer to three open questions, which are organized as follows: the first one is a wide question, the second is a more specific one, the third one is a reflection on a case-study.
Evalutation criteria: knowledge of the subject, mastery of language and ability to critically analyse the topic proposed in the reflection
IUS/13 - INTERNATIONAL LAW - University credits: 6
Lessons: 42 hours
Professor: Peroni Giulio