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Learning Objectives

Deep understanding of the functioning of the monetary markets in closed and in open economy; knowledge of the determinants of exchange rates and of currency crisis models; understanding the theory of optimum currency areas, and costs and the benefits of monetary unions; comprehension of the transition process towards a monetary union and of the fragility of incomplete monetary unions; in-depth understanding of the role of the ECB, and of the role of the euro in international markets; comprehension of the economic implications of the rules and treaties governing the economic functioning of the EMU and of the related implications for the conduct of monetary and fiscal policies (euro crisis, fiscal rules, sovereign debt crisis); understanding the importance of reforms to complete the monetary union.

Learning of an analytical and quantitative approach for economic analysis so to strengthen what already learned during the first cycle and be able to apply these tools in an innovative way, also in research contexts.

To give students familiarity with a broad range of European monetary and fiscal policy issues; to ensure a good knowledge of the economic grounding of the European monetary integration and of the related fragilities; to show students the usefulness of simple analytical models in understanding the relevant aspects of European integration and to give them the ability to apply these analytical tools intelligently.

What is learned can be applied to other situations and to actual work in the context of European institutions and/or national and local public administrations subject to European directives and regulations.

•What is learned can be used to assess critically and without prejudices: i) the activity and the decisions of national and European policymakers; ii) the reforms on the agenda. Students will be able to understand novel and complex problems related to the process of economic integration and speculate on future evolutions of the EMU.

Be able to rigorously present facts and complex mechanisms; learn how to present complex facts and economic mechanisms in a comprehensive manner and communicate the relative conclusions, knowledge and rationale to specialists and non-specialized audiences.

The course aims at providing students with the tools necessary for future learning. At the end of the course students are expected to be able to read and understand official documents, scientific articles and databases. Students are also expected to be develop autonomous learning abilities.
Special attention will be given to help students develop their soft skills, such as flexibility, integrity and work ethic, positive attitude, responsibility, teamwork and interpersonal skills. I


macroeconomics, international economics


Foundations of Open Macroeconomics; Exchange Rate Regimes. Currency Crises. Financial Crises. Euro and Public Debt Crises. Optimal Currency Areas: Costs and Benefits. The Maastricht Treaty and Creation of the EMU. The EU Growth Dilemma and the Stability and Growth Pact. BCE and National Governments Fiscal Policies. Housing Markets and Macro-prudential Policies. EU Monetary and Fiscal Policies during the Pandemic in the EU.

Material: the slides, datasets and codes used during the lectures will be available on the course website


Baldwin, Richard and Wyplosz, Charles (2019), The Economics of European Integration, 6th edition, McGraw Hill.
De Grauwe Paul (2018), The Economics of Monetary Union, 12th edition, Oxford University Press.


Blanchard, O., Amighini A., Giavazzi F., (2015), Macroeconomics, A European Perspective,2nd edition, Pearson.

Teaching methods

Classroom Lectures
Lessons focused on problem-solving
Searching of additional dedicated materials in the library and on-line
Analysis of referred readings and textbooks
Studying suggested articles and readings

Exam Rules

Discussions and interactive participation during the course.

Final written exam in which questions are formulated to ascertain whether the student is able to use the acquired knowledge to understand the proposed problems.

Students who withdraw or fail the exam may take the exam again in the same exam session.