The Process of European Economic Integration (Since 1945)
The Process of European Economic Integration (Since 1945) Course Overview
OVERVIEW
CEA CAPA Partner Institution: Universidad Carlos III de Madrid
Location: Madrid, Spain
Primary Subject Area: Economics
Instruction in: English
Course Code: 13669
Transcript Source: Partner Institution
Course Details: Level 300
Recommended Semester Credits: 3
Contact Hours: 42
Prerequisites: International trade, Macroeconomics (intermediate level)
DESCRIPTION
1) The process of institutional integration - Defining integration: negative vs positive - Theory of Regional Economic Associations; enlargements and domino effects - Stages and turning points: from the EEC to the UE - Constitutional treaties and principles: Rome 1957, Maastricht 1992, Lisbon 2007 - Creeping competences and the subsidiarity principle: does the EU do what it should? - Historical evolution of common policies and the budget: how the EU spends its resources - Historical evolution of decision rules: measuring power and forming coalitions; is EU decision making efficient?
2) The process of economic integration - Liberalization, customs union and single market - Making the single market: the removal of frictional barriers - Factor market integration: labor and capital - Single market and scale economies: the defragmentation of the European market in the 1980s-90s - Growth effects of European economic integration: theory and facts - Consequence of integration for European specialization and economic geography
3) The process of monetary integration - Exchange rate regimes and economic policy: the "trilemma" or "impossible trinity" - Costs and benefits of a single currency: the theory of Optimum Currency Areas - Creating a European area of macroeconomic and exchange rate stability: from the Bretton Woods system (1946-73) to the Monetary Snake (1973-79) and the European Monetary System (1979-1998) - Rules and interpretations of the EMS: the German anchor; cooperation vs discipline - Currency crises: first, second and third generation models - The EMS crisis 1992-93 - The Stability Pact and the transition to the single currency - Is Europe an optimum currency area? - Eurozone's architecture and the European crisis 2008-15