AØKK08093U The Economics of Europe and the European Union – For Non-Economists

Since it is an introductory course to the economics of Europe and the EU, an important part of the course is used to familiarize the student with the impressive EU apparatus, its institutions, their role, the relationship between the EU and the Member States, the local and regional level – all however seen from an economic perspective. Apart from this, the course deals with two focus areas of the economics of Europe. The Single Market and The Economic and Monetary Union (EMU). In order to analyse these two areas, the course goes through the economic history and theoretical foundations of the two areas, including an introduction to the essential economics of preferential liberalization with specific reference to free trade areas and customs unions like the EU. Specific areas such as EU competition and state aid policieis, EU trade policies, the common agricultural policy (CAP) and regional policies are introduced. As regards the EMU, the monetary history of the EU, the theories behind monetary and fiscal policies in the EU, and last but not least the Stability and Growth Pact and the Euro-Pact is introduced to the student. In order to give the student a better feeling of the workings of these policy areas, some specific Member State – EU examples are used, looking for instance, at the economics and the role of EU in the German unification, Italy’s move to the Euro, the Greek debt crisis etc.