Le Grand Syllabus 2016/2017
and David Green, Princeton University Press, 2010.
THE POLITICAL ECONOMY OF EUROPEAN MONETARY UNIFICATION
Semester : Spring Number of hours : 24 Language of tuition : English
Teachers : Frédéric COSTE (Doctorant en Science Politique), Fabrizio SACCOMANNI (Directeur général). Pedagogical format : Seminar Course validation : One mid-term paper (2,000 words) and one the ﬁnal paper (3,000 words). Course Description : The creation of the Economic and Monetary Union by some members of the European Union is a process of great
complexity, involving political, institutional and technical aspects. The course will review the evolution of the process and explore the reasons for its inception and its incomplete development. The course will examine the implications of the global ﬁnancial crisis for the operation of the European Central Bank in a context of inadequate EU mechanisms for crisis management and for ﬁscal policy coordination. In conclusion, the argument for a broad reform of the European Economic Governance will be made : it should take into account the limits of monetary policy in dealing with systemic crises and develop new instruments to ensure ﬁnancial stability in the EU (completion of Banking Union, establishment of Capital Markets Union) ; it should endow the Eurozone with a comprehensive framework for conducting counter-cyclical macroeconomic policies to cope with risks of economic stagnation and deﬂation. Required reading : to be deﬁned.