Face-to-face , second term, 30 hours of theory.

French

This course aims to develop understanding of the process that led to the establishment of an economic and monetary union and the integration of financial markets in Europe, of their functioning and the advantages and disadvantages this process has brought.

For the Master in European Studies :

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The course will provide a description of the monetary and financial market integration process and show how it has evolved over time, due to historical factors, in an international context. The theoretical foundations of this process will also be looked at in order to analyse the issues at stake, the benefits and the problems resulting from monetary and financial integration. ces and asymmetric shocks.

The main topics are:
- 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.

Ex cathedra presentations

Written or oral examination.

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