The economic and social governance of the european union in times of crisis
A.A. 2021/2022
Obiettivi formativi
The course examines the EU integration process and the evolution of economic governance in Europe after the outbreak of the financial and economic crisis, up to the recent Covid-19 pandemic. The course provides a broad understanding of the political, economic and social dimensions of European economic governance and equip students with all the fundamentals to critically assess the ongoing transforming process that is affecting European economic integration. A strong policy orientation will be combined with a political economy perspective in order to show students that the economic governance in the Union is not a politically neutral process. Special emphasis will be given to the current pandemic crisis and how the EU responded to it. We will explore the impact of the crisis on the European economy and society, look at the policy responses at national level and examine the response at the EU level.
The course is particularly suited for students with an interest in the European Union and in having a working experience in the EU institutions or in Brussels-based think tanks.
The course is particularly suited for students with an interest in the European Union and in having a working experience in the EU institutions or in Brussels-based think tanks.
Risultati apprendimento attesi
By the end of this course, having completed the essential reading list and attended classes, students should be able to:
· Knowledge and understanding: Students acquire a basic knowledge and understanding of the integration process and of the economic and political rationale for the establishment of the Economic and Monetary Union. The course will focus mainly on the EU's key policies, instruments and underlying economic models, which emerged in the aftermath of the financial crisis. A particular attention will also be devoted to the interplay between economic integration and the national welfare state.
· Applying knowledge and understanding: Students are expected to acquire a critical understanding of the evolution of the EU economic governance, and especially the interplay between economic and social policies. Through the critical analysis of EU official documents and the review of the most relevant policy papers, students are expected to learn how to apply their knowledge to recognize, contextualize, explain, and interpret political, societal and economic phenomena in European integration. They can critically assess the latest policy developments.
· Making judgements: By reading official EU documents and relevant academic literature, students will get familiar to EU sources (notably the EurLex database) and will be able to understand the different phases of the EU decision making, identify the relevant actors involved and understand their role. This will help them in making judgements that are consistent with the empirical evidence.
· Communication skills: Students will learn to present and discuss EU official documents and relevant policy papers included in the syllabus. Students will also engage in small group assignments, thus developing skills of planning, organization, prioritization and time management.
· Learning skills: Students are expected to learn to evaluate and asses autonomously EU policies in the field of economic and social governance. Students should also improve their analytical skills and capabilities, so that they could be apply them in a range of situations and environments.
· Knowledge and understanding: Students acquire a basic knowledge and understanding of the integration process and of the economic and political rationale for the establishment of the Economic and Monetary Union. The course will focus mainly on the EU's key policies, instruments and underlying economic models, which emerged in the aftermath of the financial crisis. A particular attention will also be devoted to the interplay between economic integration and the national welfare state.
· Applying knowledge and understanding: Students are expected to acquire a critical understanding of the evolution of the EU economic governance, and especially the interplay between economic and social policies. Through the critical analysis of EU official documents and the review of the most relevant policy papers, students are expected to learn how to apply their knowledge to recognize, contextualize, explain, and interpret political, societal and economic phenomena in European integration. They can critically assess the latest policy developments.
· Making judgements: By reading official EU documents and relevant academic literature, students will get familiar to EU sources (notably the EurLex database) and will be able to understand the different phases of the EU decision making, identify the relevant actors involved and understand their role. This will help them in making judgements that are consistent with the empirical evidence.
· Communication skills: Students will learn to present and discuss EU official documents and relevant policy papers included in the syllabus. Students will also engage in small group assignments, thus developing skills of planning, organization, prioritization and time management.
· Learning skills: Students are expected to learn to evaluate and asses autonomously EU policies in the field of economic and social governance. Students should also improve their analytical skills and capabilities, so that they could be apply them in a range of situations and environments.
Periodo: Terzo trimestre
Modalità di valutazione: Esame
Giudizio di valutazione: voto verbalizzato in trentesimi
Corso singolo
Questo insegnamento non può essere seguito come corso singolo. Puoi trovare gli insegnamenti disponibili consultando il catalogo corsi singoli.
Programma e organizzazione didattica
Edizione unica
Periodo
Terzo trimestre
Programma
1. The economic impact of the Covid-19 and national fiscal response
Readings:
Gros, D. (2020) Europe and the Covid-19 crisis, CEPS.
2. Costs and benefits of monetary union
Introduction to the economics of a monetary union: costs of a common currency, theory of optimum currency area, benefits of a common currency, costs and benefits compared
Readings:
De Grauwe. (2018) The economics of Monetary Union, chapter 1, 2, 3, 4
3. From Bretton-Woods to the European Monetary System: the fragility of incomplete monetary union
The Bretton-Wood system, fixed exchange rate regimes, the European Monetary System, fragility of incomplete monetary union
Readings:
Nicoli, F. (2020) Crises, Path Dependency, and the Five Trilemmas of European Integration: Seventy Years of 'Failing Forward' From the Common Market to the European Fiscal Union
De Grauwe. (2018) The economics of Monetary Union, chapter 5
4. The transition to a monetary union
Failure of Keynesianism, Euro-sclerosis, Single European Act, Maastricht Treaty, convergence criteria, Stability and Growth Pact
De Grauwe. (2018) The economics of Monetary Union, chapter 6, 7
5. The Eurozone Crises: causes
The interpretations of the Eurozone crisis, building up of macroeconomic imbalances and lack of monitoring system
Readings:
Carmassi, J., Gros, D. and Micossi, S. (2009) The Global Financial Crisis: Causes and Cures, Journal of Common Market Studies, 47(5), pp. 977-996
Baldwin, R. & Giavazzi, F. (2015) The Eurozone Crisis A Consensus View of the Causes and a Few Possible Solutions, VoxEU Book, selected chapters.
6. The outbreak of the Great Recession and the financial assistance programmes
Greece as a trigger, doom lop (bank debt vortex), EU institutional monetary response, the Economic Adjustment Programmes (Greek Loan Facility, European Financial Stability Facility, European Stability Mechanism)
Reading: Almunia, J. (2020) Lessons from financial assistance to Greece, Independent evaluation report, selected chapters.
De Grauwe. (2018) The economics of Monetary Union, chapter 8
7. Post-crisis EMU Governance and the impact on national welfare states
Reforms of the European economic governance (Euro Plus Pact, Six-Pack, Two Pack, Fiscal Compact)
The Social dimension of the EMU
Readings:
S Theodoropoulou, A Watt (2011) Withdrawal symptoms: an assessment of the austerity packages in Europe, ETUI Working paper
Dawson, M. (2018) New governance and the displacement of Social Europe: the case of the European Semester, European Constitutional Law Review, 14(1), pp. 191-209.
8. Path towards a reform of the European economic governance after 2012
From the first to the second Presidents' Report, Fiscal Capacity, Automatic transfers and the European Unemployment Benefit Scheme, flexibility and the interpretations of the fiscal rules, the European Pillar of Social Rights
Readings:
Juncker J.-C., Tusk D., Dijsselbloem J., Dragi M. and Schultz M. (2015), Completing Europe's Economic and Monetary Union, Five Presidents Report, European Commission
9. The EU response to Covid-19
Coronavirus Response Investment Initiative, SURE, NGEU, Recovery and Resilience Facility, activation General Escape Clause and Temporary Framework for State Aid
Alcidi, C. & Corti, F. (2022) The EU response to Covid-19: breaking old taboos? in B. Vanhercke, S. Spasova Social policy in the EU: state play 2021, Brussels: OSE-ETUI
10. Completing the Economic and Monetary Union (Prof. Daniel Gros)
The EMU after the Covid-19 crisis and the Ukrainian war
Gros, D. (2017) One Market, One Money - A Mistaken Argument (post factum)? CEPS Policy Study
Alcidi, C., Gros, D. and Shamsfakhr, F. (2022) Inflation expectations. Models and measures. CEPS
Readings:
Gros, D. (2020) Europe and the Covid-19 crisis, CEPS.
2. Costs and benefits of monetary union
Introduction to the economics of a monetary union: costs of a common currency, theory of optimum currency area, benefits of a common currency, costs and benefits compared
Readings:
De Grauwe. (2018) The economics of Monetary Union, chapter 1, 2, 3, 4
3. From Bretton-Woods to the European Monetary System: the fragility of incomplete monetary union
The Bretton-Wood system, fixed exchange rate regimes, the European Monetary System, fragility of incomplete monetary union
Readings:
Nicoli, F. (2020) Crises, Path Dependency, and the Five Trilemmas of European Integration: Seventy Years of 'Failing Forward' From the Common Market to the European Fiscal Union
De Grauwe. (2018) The economics of Monetary Union, chapter 5
4. The transition to a monetary union
Failure of Keynesianism, Euro-sclerosis, Single European Act, Maastricht Treaty, convergence criteria, Stability and Growth Pact
De Grauwe. (2018) The economics of Monetary Union, chapter 6, 7
5. The Eurozone Crises: causes
The interpretations of the Eurozone crisis, building up of macroeconomic imbalances and lack of monitoring system
Readings:
Carmassi, J., Gros, D. and Micossi, S. (2009) The Global Financial Crisis: Causes and Cures, Journal of Common Market Studies, 47(5), pp. 977-996
Baldwin, R. & Giavazzi, F. (2015) The Eurozone Crisis A Consensus View of the Causes and a Few Possible Solutions, VoxEU Book, selected chapters.
6. The outbreak of the Great Recession and the financial assistance programmes
Greece as a trigger, doom lop (bank debt vortex), EU institutional monetary response, the Economic Adjustment Programmes (Greek Loan Facility, European Financial Stability Facility, European Stability Mechanism)
Reading: Almunia, J. (2020) Lessons from financial assistance to Greece, Independent evaluation report, selected chapters.
De Grauwe. (2018) The economics of Monetary Union, chapter 8
7. Post-crisis EMU Governance and the impact on national welfare states
Reforms of the European economic governance (Euro Plus Pact, Six-Pack, Two Pack, Fiscal Compact)
The Social dimension of the EMU
Readings:
S Theodoropoulou, A Watt (2011) Withdrawal symptoms: an assessment of the austerity packages in Europe, ETUI Working paper
Dawson, M. (2018) New governance and the displacement of Social Europe: the case of the European Semester, European Constitutional Law Review, 14(1), pp. 191-209.
8. Path towards a reform of the European economic governance after 2012
From the first to the second Presidents' Report, Fiscal Capacity, Automatic transfers and the European Unemployment Benefit Scheme, flexibility and the interpretations of the fiscal rules, the European Pillar of Social Rights
Readings:
Juncker J.-C., Tusk D., Dijsselbloem J., Dragi M. and Schultz M. (2015), Completing Europe's Economic and Monetary Union, Five Presidents Report, European Commission
9. The EU response to Covid-19
Coronavirus Response Investment Initiative, SURE, NGEU, Recovery and Resilience Facility, activation General Escape Clause and Temporary Framework for State Aid
Alcidi, C. & Corti, F. (2022) The EU response to Covid-19: breaking old taboos? in B. Vanhercke, S. Spasova Social policy in the EU: state play 2021, Brussels: OSE-ETUI
10. Completing the Economic and Monetary Union (Prof. Daniel Gros)
The EMU after the Covid-19 crisis and the Ukrainian war
Gros, D. (2017) One Market, One Money - A Mistaken Argument (post factum)? CEPS Policy Study
Alcidi, C., Gros, D. and Shamsfakhr, F. (2022) Inflation expectations. Models and measures. CEPS
Prerequisiti
It is important to have a basic understanding and familiarity with the European Union institutions and a basic knowledge of macroeconomics.
Metodi didattici
Classes will be organized online on Microsoft Teams. The course for attending students is a varying mix of frontal lectures and group works. Each class will be divided in two parts. In the first part, students will read and comments articles distributed to them in due advance. In the second part, slides-based teaching will be provided. A guest lecture will be held by Prof. Daniel Gros (CEPS) on Tuesday 17 June 2022
Materiale di riferimento
Textbook
De Grauwe, P. (2018) Economics of Monetary Union. 12th Edition. Oxford: OUP, chapters 1-8 Articles
Alcidi, C. & Corti, F. (2022) The EU response to Covid-19: breaking old taboos? in B. Vanhercke, S. Spasova Social policy in the EU: state play 2021, Brussels: OSE-ETUI
Almunia, J. (2020) Lessons from financial assistance to Greece, Independent evaluation report, selected chapters
Baldwin, R. & Giavazzi, F. (2015) The Eurozone Crisis A Consensus View of the Causes and a Few Possible Solutions, VoxEU Book, selected chapters
Carmassi, J., Gros, D. and Micossi, S. (2009) The Global Financial Crisis: Causes and Cures, Journal of Common Market Studies, 47(5), pp. 977-996
Dawson, M. (2018) New governance and the displacement of Social Europe: the case of the European Semester, European Constitutional Law Review, 14(1), pp. 191-209
Gros, D. (2020) Europe and the Covid-19 crisis, CEPS
Juncker J.-C., Tusk D., Dijsselbloem J., Dragi M. and Schultz M. (2015), Completing Europe's Economic and Monetary Union, Five Presidents Report, European Commission
Nicoli, F. (2020) Crises, Path Dependency, and the Five Trilemmas of European Integration: Seventy Years of 'Failing Forward' From the Common Market to the European Fiscal Union
Theodoropoulou, S. & Watt A. (2011) Withdrawal symptoms: an assessment of the austerity packages in Europe, ETUI Working paper
De Grauwe, P. (2018) Economics of Monetary Union. 12th Edition. Oxford: OUP, chapters 1-8 Articles
Alcidi, C. & Corti, F. (2022) The EU response to Covid-19: breaking old taboos? in B. Vanhercke, S. Spasova Social policy in the EU: state play 2021, Brussels: OSE-ETUI
Almunia, J. (2020) Lessons from financial assistance to Greece, Independent evaluation report, selected chapters
Baldwin, R. & Giavazzi, F. (2015) The Eurozone Crisis A Consensus View of the Causes and a Few Possible Solutions, VoxEU Book, selected chapters
Carmassi, J., Gros, D. and Micossi, S. (2009) The Global Financial Crisis: Causes and Cures, Journal of Common Market Studies, 47(5), pp. 977-996
Dawson, M. (2018) New governance and the displacement of Social Europe: the case of the European Semester, European Constitutional Law Review, 14(1), pp. 191-209
Gros, D. (2020) Europe and the Covid-19 crisis, CEPS
Juncker J.-C., Tusk D., Dijsselbloem J., Dragi M. and Schultz M. (2015), Completing Europe's Economic and Monetary Union, Five Presidents Report, European Commission
Nicoli, F. (2020) Crises, Path Dependency, and the Five Trilemmas of European Integration: Seventy Years of 'Failing Forward' From the Common Market to the European Fiscal Union
Theodoropoulou, S. & Watt A. (2011) Withdrawal symptoms: an assessment of the austerity packages in Europe, ETUI Working paper
Modalità di verifica dell’apprendimento e criteri di valutazione
Attending students are assessed according to the following criteria:
· Final essay (5-10 pages): 70%
· Participation in class (presentation of one paper): 30%
Non-attending students' knowledge and understanding is assessed through an oral exam (this option is not possible for SIE students).
· Final essay (5-10 pages): 70%
· Participation in class (presentation of one paper): 30%
Non-attending students' knowledge and understanding is assessed through an oral exam (this option is not possible for SIE students).
SPS/04 - SCIENZA POLITICA - CFU: 3
Lezioni: 20 ore
Docente:
Corti Francesco