LFU:online

The course gives a broad overview of the core theories behind economic integration in the context of European policy-making. While the lecture covers general topics such as the history of European institutions, issues of trade integration and the challenges of fiscal policy, the course particularly focuses on a comprehensive overview of monetary policy, banking supervision and financial stability in the euro area. The course puts current issues in central banking into a theoretical context to provide a thorough understanding of European Economics and to explore how the monetary and financial system functions in practice. The lecture takes into account the profound changes that resulted from crisis developments in recent years, such as the implementation of quantitative easing or the establishment of the Single Supervisory Mechanism (SSM). The course is tailor-made for intermediate students in economics and will be particularly appealing for those interested in a career in central banking or financial regulation. While the lecture covers the theoretical background on monetary and financial policies in Europe, the course puts a special focus on applying these concepts to real-world economic policy questions, i.e. students will have the possibility to set and calibrate various policy measures for individual euro area member states or the euro area as a whole, such as the ECB policy rate or the countercyclical capital buffer.

Lectures, Discussion

Presentation, Discussion, Exam

Fandl, Maximilian: MONETARY AND FINANCIAL POLICY IN THE EURO AREA, 1st Edition, Springer 2018.

Baldwin, Richard; Wyplosz, Charles: ECONOMICS OF EUROPEAN INTEGRATION, 5th Edition, McGraw-Hill Education 2015.