Knowledge and understanding The course aims at pointing out the role that the supranational policies and, particularly, the policies carried on by the European institutions play in the present process of international financial and economic integration. The widespread euro skepticism requires that students have to be introduced to the main historical, institutional and economic policy facts that are at the origin of the european economic integration. From the economic point of view, the main micro- economic and macro-economic theoretical models that explain the reasons of the european economic reason are introduced. In the microeconomic part, the models of open economy with discriminatory trade liberalization, the scale and market size effects, the growth and factor market integration, that justify economic integration, are presented. A focus is carried on labour markets and migration. From the theoretical analysis, the student goes to the analysis of the european microeconomic policy in agricolture, regional development, competition and trade. In the macroeconomic part, the student studies the monetary policy of the European Central Bank and the fiscal policy of the European Union. Following the Optimum Currency Areas’ theories, costs and benefits of a monetary union are studied. The causes of the Eurozone crisis and the consolidation fiscal policies that the Euro-countries have to adopt are treated. The solutions (Banking Union, Quantitative Easing), that have been introduced, and other policies, still under discussion, are critically analysed; they push the choice between a strenghtening or a slackening of the european integration process. These are the fundamental issues that represent the basis of the “knowledge” that the student has to achieve. Considering the teaching profile, the ways of delivery the contents of the course are front lectures, with the support of slides. Official documents and scientific articles on the evolution of the european economic policy are valid references to discuss in class to link the the theoretical argument with recent economic policy events.
Applying knowledge and under standing The student has to be able, both partecipating at the discussion in class, and in the individual or group works, based on the comprehension, review and presentation of scientific articles, and during the final written evaluation, to adopt the theoretical models studied and to verify their applicability and their weakness to interpret the present debate on the main european economic policies. The student’s capacity of “knowing how to do” is checked during the course involving the student in the reading and critical analysis of the official documents presented in class to deepen specific arguments of european economic policy.
Making judgments The economic policy is a social science and therefore the choices of the objectives, of the instruments and the role itself of the economic policy at the European layer can be different according to the theoretical approach adopted. It is important that the student develops a critical approach and autonomy of judgment both in the critical analysis of the issues presented in class, and in the individual or team study of scientific articles that is a part of the final evaluation.
Communication skills During the course the student has the opportunity to improve and develop the technical and economic language, achieved at the first level degree course, and particularly to improve the technical and economic English language. The textbook is an English textbook but the teaching of the course is in Italian and the teaching materials, based on the textbook, is also in Italian; it is available on the platform “Studium”, to allow all the students to attend successfully the course. Students are stimulated to work in team to develop the interaction capacity that can be appreciated in the future in the labour relationships. The capacity of oral communication is checked in the case of the student that attends the course at the end of the course, with an oral presentation in class of the research work carried on, that is taken in account in the final evaluation; the presentation in class of the research works is important to develop the debate among the students and to make them used to present in public. The capacity of written communication is checked through the final evaluation test. For those students that cannot attend the course, the oral and written capacity is checked during the exam that consists in a written essay and an oral discussion mainly based on a research work previously arranged with the teacher.
Learning skills The learning skills of the student is checked not only at the end of course but also during the classes, stimulating the participation and giving information on the method of studying European economic policy. The study of the European economic policy, compared to other economic disciplines, requires to combine the study of the theoretical models with the study of specific historical and institutional frameworks. The main teaching instruments adopted are the following: front lectures with teaching materials mostly available on the on-line platform (”Studium”), seminars, exercises. The learning skills are tested for what concerns both the theoretical and the applied aspects (i.e. “to know how to do”) by discussions in class and the organization of work teams to deepen the study of the issues presented in class by the teacher. In this way, the teacher can ascertain the average degree of the learning of the class during the classes and can promptly intervene to adopt the appropriate changes, considering the real basic knowledge of the attendants. This can reduce the probability to fail the final evaluation that consists in a compulsory written essay and an oral discussion based on a research work.
Essential historical facts of the European integration process. Institutions and decision making: voting systems.
The European integration: a microeconomic approach. The economic theory of the preferential liberalization agreements. Market size and scale effects (the BE-COMP model). Growth effects and factor market integration. Economic integration, labour markets and migration.
Eu Micro Policies. The common agricultural policy. Location effects, economic geography and regional policy. Eu competition and state aid policy. Eu trade policy (the Trans-Atlantic Trade and Investment Partnership,TTIP).
The European integration: a macroeconomic approach. Essential facts of monetary integration. Optimum currency areas. The monetary policy of the European Monetary Union. Fiscal policies and the Stability Pact. The financial markets and the Banking Union.
The Eurozone in crisis.
1. Baldwin R. & C. Wyplosz, 2015, The Economics of European Integration, fifth edition, McGraw-Hill Education, Maidenhead, UK.
2. De Grauwe P. 2013, Economia dell’Unione Monetaria, ninth edition, il Mulino, Bo.
3. Teaching material based on the slides of the textbook Baldwin R. & C. Wyplosz, 2015, The Economics of European Integration, fifth edition, McGraw-Hill Education, Maidenhead, UK, available on the platform STUDIUM.