The contribution of this Teaching Unit to the development and command of the skills and learning outcomes of the programme(s) can be accessed at the end of this sheet, in the section entitled “Programmes/courses offering this Teaching Unit”.
Written or oral examination.
- Current state of affairs, costs and benefits of monetary integration: impact of economic, financial and monetary integration, political and economic obstacles. - International context of the European integration: analysis of the Bretton Woods system, fixed and floating exchange rates, international role of the euro. - Stages of European monetary integration. - Stages of European financial integration: free movement of capital, development of the financial services market, impetus given by the single currency. - Specific issues related to the functioning of EMU: centralised monetary policy combined with decentralised fiscal policies; stability and growth pact constraints; differences in economic circumstances and asymmetric shocks.