Governing the European Economy: the Politics of EMU and the EU Budget
Full course description
This course focuses on the Political Economy of European Integration. In particlar, students will familiarise themselves with key economic domains of European integration, such as Economic and Monetary Union (EMU), the budget of the European Union, the EU single market, and EU financial sector governance. While economic policy is still made at the national level, in the past decade, the European Union has gained more competencies in regulating the single market and ensuring policy coordination among the member states in financial sector governance. This course introduces new developments in EU economic governance, such as the European Semester, and important new economic policy initiatives at the EU level, such as the European Green Deal. Regarding the EU Budget, the course provides insights into the sources of the EU budget, which member states beneﬁt the most, and which contribute the most, and how are the EU’s spending priorities are determined.? At the end of the course, students will have detailed knowledge of the role of the member states and EU institutions in EU economic governance, the EU budgetary process, the single market, and financial sector governance, and will be able to critically assess the recent governance choices made in these important policy domains of European economic integration. In addition, they will have an in-depth understanding of the Union’s spending priorities in the forthcoming years and new economic policy initiatives, such as the European Banking Union and the European Green Deal.
- Analyse how EU economic governance works in practice and how the EU’s spending priorities are formulated, implemented and audited;
- Understand EU budgetary politics, including the EU Multiannual Financial Framework (MFF), net contributors and net beneﬁciaries, as well as the current reforms in EU economic governance, including the revised European Semester, EU financial sector governance, and the EU single market especially the impact of Brexit;
- Evaluate and form a judgement on scholarly arguments, including their implicit assumptions, in debates about the EU’s economic governance, financial sector governance, and budgetary policies, and the single market by drawing on institutionalist theories (rational choice, historical, sociological institutionalism), inter-state bargaining theories and good governance concepts, such as accountability, legitimacy and transparency;
- Identify, retrieve, and evaluate sources and data to build evidence-based arguments to explain past and ongoing developments related to the process of European economic integration;
- Communicate ideas and positions on ongoing developments related to the process of European economic integration;
- Participate in scholarly and policy debates on the EU, EMU and EU economic governance reforms, EU budget, financial sector governance, and the single market within the international PBL classroom, as well as function in a group setting and work in an international professional environment.
- Autonomously set and implement objectives, priorities and workplans, while managing time.
Benedetto, G. (2017) Power, money and reversion points: the European Union’s annual budgets since 2010. Journal of European Public Policy, 24(5), 633-52.
Chang, M. (2016). Economic and Monetary Union. London: Macmillan Education, Palgrave.
Crum, B. & Stefano Merlo, S. (2020) Democratic legitimacy in the post-crisis EMU, Journal of European Integration, 42(3), 399-413.
Howarth. D. & Verdun, A. (2020) Economic and Monetary Union at twenty: a stocktaking of a tumultuous second decade: Introduction, Journal of European Integration, 42(3), 287-293.
Schöller, M. G. (2017). Providing political leadership? Three case studies on Germany’s ambiguous role in the eurozone crisis. Journal of European Public Policy, 24(1), 1-20.
Steinbach, A. (2018). EU economic governance after the crisis: revisiting the accountability shift in EU economic governance. Journal of European Public Policy.
Streeck, W. & Elsässer, L. (2016). Monetary disunion: the domestic politics of euroland. Journal of European Public Policy, 23(1), 1-24.