European Monetary and Economic Law
A.Y. 2023/2024
Learning objectives
The course seeks to provide participants with in-depth knowledge and critical understanding of the institutions, rules and principles of the European monetary and economic-financial system, as well as of key legal and policy issues arising from the phenomenon of economic and financial globalization of the World, above all, in light of the current crisis. The objectives of the European Monetary and Economic Law course are: 1- to study some of the major trends in the legal regime governing interstate relationships in the monetary, economic and financial sectors. 2- to offer a theoretical and practical introduction to the main legal issues arising from the globalization of the world economy and its current crisis. 3- to develop critical skills for objective analysis of European economic legal and policy issues, and of its interactions with other areas of European law; 4- to provide students with the academic skills required to analyze the activities of European governmental and non-governmental organizations and private economic and trade actors in the field of European financial law.
Expected learning outcomes
At the end of the course the student, thanks to the analysis of the topics studied during the lectures, will acquire a profitable and general and comprehensive understanding of the subject and its fundamental principles, as well as a method of reasoning suitable to develop, in an autonomous way, more articulated and complex legal questions in the field of the European economic and monetary law.
Lesson period: First semester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Responsible
Lesson period
First semester
Course syllabus
The course program is the following:
1. Introductory remarks
a. Reasons of the Project.
b. Origins and effects of the Economic and Financial Crisis in the World and particularly in the EU.
2. Economic and Monetary State Sovereignty.
a. The State sovereignty: notion, content and evolution.
b. The international economic and monetary cooperation, in the light of the current crisis.
c. The EU Single Market as an example of a developed economic and business regional integration. Analysis of its relevant limits connected to the to the split between monetary and economic policy.
3.The Euro and the Treaty of Maastricht: an analysis of the European monetary and economic cooperation.
a. The forms of monetary cooperation at a European level: from the 1957 Treaty of Rome to the 1992 Treaty of Maastricht.
b. The European Monetary Union as an enhanced form of cooperation: a chance for the European economic integration.
c. The Treaty of Maastricht and the economic and monetary: the convergence standards.
d. The Stability and Growth Pact: contents, supervened amendments and its reform.
4.The European Central Bank (ECB) and the European Investment Bank Group (EIB)
a. The ECB's structure and functions and the value of the price stability.
b. The ECB's role in front of the financial crisis: the new hub of EU economic governance?
c. The interrelationship between the ECB and the other members of the so called Troika (International Monetary Fund and EU Commission).
d. The EIB Group's structure and functions and its role in front of the crisis.
5. The limits of the European Monetary Union in the light of the Treaty of Lisbon.
a. The inspiring principles of the European action in the economic and monetary field.
b. The European economic policy.
c. The European monetary policy.
d. The PIIG's sovereign debt crisis.
e. The Euroexit dilemma.
6. The New Mechanisms created by the European Union to save the Euro and the Economic and Monetary Union.
a. The European semester, Euro Plus Pact the Six and Two pack.
b. The intervention mechanism for the serious economic/financial crisis situation of a Member State.
c. The European Stability Mechanism and the simplified revision of the Treaty of Lisbon.
d. The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (Fiscal Compact).
e. The prudential supervision mechanism and the banking system: towards a Banking Union.
f. The euro bonds solution as an instrument to set the markets.
7. The Recovery plan for Europe: Next Generation EU
8.The principle of solidarity among Member States in the framework of the European economic governance
9. The European Social Market Economy: a new and different form of capitalism in the framework of international economic relations.
10. The project of the digital euro and the phenomenon of cryptocurrencies and the digitalization of finance.
11. EMU reform: proposals and prospects
1. Introductory remarks
a. Reasons of the Project.
b. Origins and effects of the Economic and Financial Crisis in the World and particularly in the EU.
2. Economic and Monetary State Sovereignty.
a. The State sovereignty: notion, content and evolution.
b. The international economic and monetary cooperation, in the light of the current crisis.
c. The EU Single Market as an example of a developed economic and business regional integration. Analysis of its relevant limits connected to the to the split between monetary and economic policy.
3.The Euro and the Treaty of Maastricht: an analysis of the European monetary and economic cooperation.
a. The forms of monetary cooperation at a European level: from the 1957 Treaty of Rome to the 1992 Treaty of Maastricht.
b. The European Monetary Union as an enhanced form of cooperation: a chance for the European economic integration.
c. The Treaty of Maastricht and the economic and monetary: the convergence standards.
d. The Stability and Growth Pact: contents, supervened amendments and its reform.
4.The European Central Bank (ECB) and the European Investment Bank Group (EIB)
a. The ECB's structure and functions and the value of the price stability.
b. The ECB's role in front of the financial crisis: the new hub of EU economic governance?
c. The interrelationship between the ECB and the other members of the so called Troika (International Monetary Fund and EU Commission).
d. The EIB Group's structure and functions and its role in front of the crisis.
5. The limits of the European Monetary Union in the light of the Treaty of Lisbon.
a. The inspiring principles of the European action in the economic and monetary field.
b. The European economic policy.
c. The European monetary policy.
d. The PIIG's sovereign debt crisis.
e. The Euroexit dilemma.
6. The New Mechanisms created by the European Union to save the Euro and the Economic and Monetary Union.
a. The European semester, Euro Plus Pact the Six and Two pack.
b. The intervention mechanism for the serious economic/financial crisis situation of a Member State.
c. The European Stability Mechanism and the simplified revision of the Treaty of Lisbon.
d. The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (Fiscal Compact).
e. The prudential supervision mechanism and the banking system: towards a Banking Union.
f. The euro bonds solution as an instrument to set the markets.
7. The Recovery plan for Europe: Next Generation EU
8.The principle of solidarity among Member States in the framework of the European economic governance
9. The European Social Market Economy: a new and different form of capitalism in the framework of international economic relations.
10. The project of the digital euro and the phenomenon of cryptocurrencies and the digitalization of finance.
11. EMU reform: proposals and prospects
Prerequisites for admission
To benefit fully from this course students should have a good knowledge of EU law and International public law.
Teaching methods
Lectures (42 hours), in classroom. Attendance is not mandatory but strongly encouraged. In classroom reflections and/ or practical exercises on case-studies will be organized.
Teaching Resources
Lectures will be mainly based on specific reading materials indicated prior to each lesson. The will be uploaded on the Website of the Project and also on the Ariel e-learning platform of the University of Milan and it will be discussed among students.
It is also strongly recommended the reading of the collected volume edited by Giulio Peroni, Which Future for the Euro and the Economic and Monetary Union after The European Elections?, Cacucci editore, Bari, 2021.
It is also strongly recommended the reading of the collected volume edited by Giulio Peroni, Which Future for the Euro and the Economic and Monetary Union after The European Elections?, Cacucci editore, Bari, 2021.
Assessment methods and Criteria
The exam takes place orally. However, alternative methods illustrated in class, will be considered for students who attend at least 75% of the lessons.
The oral exam is aimed at verifying the students' knowledge of notions, their capacity of addressing and solving legal issues through the re-elaboration of the knowledge acquired and, for attending students, the comprehension and capacity of analysis of the cases examined during classes.
The oral exam is aimed at verifying the students' knowledge of notions, their capacity of addressing and solving legal issues through the re-elaboration of the knowledge acquired and, for attending students, the comprehension and capacity of analysis of the cases examined during classes.
IUS/13 - INTERNATIONAL LAW - University credits: 6
Lessons: 42 hours
Professors:
Croci Filippo, Peroni Giulio
Educational website(s)
Professor(s)
Reception:
Tuesday, from 14:00, upon prior appointment only (please send an email to: [email protected])
Section of International and European Union Law of the Department of Italian and supranational public law