Winter semester 2019-20
I. Main elements of the EU Single Market
- Main steps in European integration, institutions, legislative procedure.
- Static welfare effects of free trade and customs union; Cross-border value chains.
- Static welfare effects of labour mobility.
- Migration in the European union – qualification, job allocation and job match.
- Capital mobility, technological progress, growth and convergence.
- EU competition policy – rationale and instruments.
- Potential output and output gaps – concept, production function approach, structural unemployment rate, growth Accounting.
II. Monetary union and financial markets
- Pros and cons of a common currency.
- The 2008 financial crisis - characteristics, forces and costs.
- EU Banking Union – rationale, institutions, key issues.
- The European Monetary System (EMS) – basic features.
- The Euro System – entry conditions and structure.
- Monetary policy in the euro area - main transmission channels, instruments and policies.
III. Fiscal Policy and governance
- Government balances and debt - key definitions, debt dynamics and cyclical adjustment.
- Fiscal policy - consolidation challenge and policy impact.
- Fiscal governance - rationale, surveillance and its limitations, no-bail-out clause and credibility.
IV. Macroeconomic Imbalances Procedure, structural reform surveillance, Europe 2020 targets
The course material can be found on ILIAS (for registered students).
Lecture & Tutorial Dates
Lecture dates and rooms as written below:
|First Block, November 2019:||Date||Time||Room|
|Second Block, January 2020:|
Registration to the exam requires preparation of written answers on two papers.