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The Economics
of the Euro:
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| Exam
ECTS |
7,5 |
| Examination form |
Written sit-in exam on CBS'
computers |
| Individual or group exam |
Individual exam |
| Assignment type |
Written assignment |
| Duration |
4 hours |
| Grading scale |
7-point grading scale |
| Examiner(s) |
One internal examiner |
| Exam period |
Winter |
| Aids |
Closed book: no aids
However, at all
written sit-in exams the student has access to the basic IT
application package (Microsoft Office (minus Excel), digital pen
and paper, 7-zip file manager, Adobe Acrobat, Texlive, VLC player,
Windows Media Player), and the student is allowed to bring simple
writing and drawing utensils (non-digital). PLEASE NOTE: Students
are not allowed to communicate with others during the
exam. |
| Make-up exam/re-exam |
Same examination form as the ordinary exam
If the number of registered candidates for the make-up
examination/re-take examination warrants that it may most
appropriately be held as an oral examination, the programme office
will inform the students that the make-up examination/re-take
examination will be held as an oral examination
instead.
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This course offers a detailed account of the process towards
economic and monetary union in Europe. After a short introduction
into the history and an overview of the major institutions of the
European Union, we will discuss the theoretical foundations of an
economic and monetary union. Then we study the key monetary and
fiscal policy arrangements in the euro area, including the European
Central Bank and the Stability and Growth Pact. In the final part,
we will evaluate the performance of the euro area in light of
accumulated evidence over the past decade, and we will look ahead
in order to provide an assessment of the risks and opportunities of
the euro area.
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A: Compulsory:
- Baldwin, R. and C. Wyplosz (2020), The Economics of European
Integration, Sixth Edition, chapters 1-3, 13-19, McGraw-Hill
Education.
- De Grauwe, P. (2020), Economics of Monetary Union, 13th
Edition, Oxford University Press.
- Hughes Hallett, A. and S. Hougaard Jensen (2012), “Fiscal
Governance in the Euro Area: Institutions vs. Rules”, Journal
of European Public Policy, vol. 19, pp. 646-664.
- Blanchard, O. (2019), “Public Debt: Fiscal and Welfare Costs in
a Time of Low Interest Rates”, PIIE Policy Brief
19-2.
- Ekholm, K. (2020), “Pros and Cons of Participating in the
Banking Union”, Nordic Economic Policy Review, pp.
229-259.
- Hougaard Jensen, S. and D. Schoenmaker (2020), “Should Denmark
and Sweden Join the Banking Union?”, Journal of Financial
Regulation, vol. 6, pp. 317–326 DOI:
https://doi.org/10.1093/jfr/fjaa005.
- Blanchard, O., T. Philippon and J. Pisani-Ferry (2020), “A New
Policy Toolkit Is Needed as Countries Exit COVID-19 Lockdowns”,
Bruegel Policy Contribution 12/2020, Bruegel.
- Lecture notes
B: Cursory
- Blanchard, O. (2020), Macroeconomics, Eigth Edition,
Pearson.
- Merler, S. and J. Pisani-Ferry (2012), “Sudden Stops in the
Euro Area”, Bruegel Policy Contribution, Issue 2012/06,
Brussels.
- European Fiscal Board (2020), Assessment of the Fiscal Stance
Appropriate for the Euro Area in 2021.
https://ec.europa.eu/info/sites/info/files/2020_06_25_efb_assessment_of_euro_area_fiscal_stance_en.pdf.
- Claeys, G., Z. Darvas and Á. Leandro (2016), ”A Proposal to
Revive the European Fiscal Framework”, Bruegel Policy Contribution,
Issue 2016/07, Brussels.
- Debrun, X. and L. Jonung (2019), “Under Threat: Rules-Based
Fiscal Policy and How to Preserve It”, European Journal of
Political Economy, vol 57, pp. 142-157.
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