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.
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.
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.
Informazioni sul programma
"Can European Union survive Eurocrisis"? The JM Module, bearing the title European Monetary and Economic Law (EMEL): Towards a New Shape of European Union, is inspired by this clairvoyant question. It aims at focusing its didactic and research action with reference to the financial crisis that has massively afflicted the Eurozone countries since 2008 and the stability of the European monetary union (EMU) scattered by a series of sovereign debt crises. The financial turmoil have had a strong impact on the economic and social structure of European Union (EU) and its Member States. It has also deeply transformed the legal and institutional structure of EU with particular reference to the functioning of the mentioned EMU. The Module will consist of 42 hours (equal to 6 ECTS) and will be articulated in this way: 32 hours for lectures, 2 hours for seminars, 2 hours for case study 6 hours for workshops and will be taught totally in English, in the framework of the Faculty of Law of the University of Milan (UNIMI) and will provide Italian and foreign students with legal and professional skills on economic, monetary and financial law. The Project will study, also under the perspective of the international public and private law, the legal mechanisms concerning the functioning of the European monetary and economic policy, in the light of the recent introduction of some new legal mechanism, like the European Stability Mechanism, the Fiscal Compact and the Banking Union. The course, part of the didactic programme of the Law Faculty is open also to PhD students, experts, professionals, civil society and corporate representatives, policy makers, public administrators, civil servants.
according to didatic regulation of the Course of Law
Prerequisiti e modalità di esame
For the students who attend the course: there will be an oral exam or paper presentation about a topic analyzed and discussed during the course
Materiale didattico e bibliografia
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.
STUDENTI NON FREQUENTANTI
Prerequisiti e modalità di esame
For the students who do not attend the course: there will be an oral exam on the whole program.