88068 - EU ECONOMIC GOVERNANCE

Scheda insegnamento

Anno Accademico 2018/2019

Conoscenze e abilità da conseguire

The objective of this course is to provide an advanced-level overview of the institutions, policies and politics concerning economic governance in the European Union (EU). The course examines the process of European economic integration; the formulation, adoption and implementation of the main economic policies in the EU, and the impact that these policies have on the member states. The course covers a variety of topics, including Economic and Monetary Union, and euro area governance; financial regulation in the EU and internationally; the sovereign debt crisis in the euro area and the EU response to these crises; Brexit. Upon the successful completion of this course, students should have acquired: i) an advanced knowledge of the key institutions and policy-making processes concerning the economic governance of the EU, and the dynamics of main economic policies of the EU ; ii) a familiarity with the main difficulties facing EU economic governance today, including: the causes of and responses to the global financial crisis and the euroarea’s sovereign debt crisis; the complexities involved in finding solutions to the EU’s and the euro area’s economic problems; the economic and political impact of Brexit; iii) a good grasp of the academic literature on EU economic governance, as well as a good understanding of the policy-relevant debate and an ability to think critically about the main issues concerning economic governance in the EU.

Programma/Contenuti

This lecture will discuss the evolution of the Single Market and the main legal principles underpinning it. It will also discuss competition policy.

THE COURSE IS IN ENGLISH

Overview course structure:

Week 1: An overview of the institutions and policy processes in the EU economic governance

Week 2: Theories of European integration, EU governance and political economy

Week 3: Single Market & Competition policy

Week 4: EU trade policy, regionalism & global trade regime

Week 5: Economic and Monetary Union

Week 6: Governing finance in the EU and internationally

Week 7: Brexit

Week 8-9: The financial crisis, the sovereign debt crisis and the EU response

Week 10: Revision class


Detailed course contents and reading

Week 1. Lecture: Course introduction and an overview of EU institutional framework and policy processes

This lecture will first outline the structure and main themes of the course. It will then provide an overview of EU institutional framework and policy-making processes concerning economic governance.

Essential reading

Relevant chapters in M. Cini and N. Pérez-Solórzano Borragán (eds.) (2016) European Union Politics (Oxford: OUP): 199-212.

AND

Relevant chapters in Wallace, H., Pollack, M. and Young, A. (eds.) (2016) Policy-Making in the European Union (Oxford: OUP): 3-106.

Week 2: Theories of European integration, EU governance and political economy

This lecture discusses the traditional theories of European integration, theories of EU governance and theories in political economy that are relevant to understand EU economic governance. The objective is to assess the utility of various approaches for understanding EU economic governance.

Essential reading

Relevant chapters in M. Cini and N. Pérez-Solórzano Borragán (eds) (2016) European Union politics, (Oxford: OUP).

Further reading

Apeldoorn, V. B. (2000) ‘Transnational Class Agency and European Governance: The Case of the European Round Table of Industrialists’, New Political Economy, 5 (2): 157-181.

Aspinwall, M. D. and Schneider, G. (2003) ‘Same method, separate tables: the institutionalist turn in political science and the study of European integration’, European Journal of Political Research, 38 (1): 1-36.

Hooghe, L. and Marks, G. (2003) ‘Unravelling the Central State, but How? Types of Multi-level Governance’, American Political Science Review, 97 (2): 233-243.

Jachtenfuchs, M. (2001) ‘The Governance Approach to European Integration’, Journal of Common Market Studies, 39 (2): 245-264.

Jupille, J., Caporaso, J. A. and Checkel, J. T. (2003) ‘Integrating institutions: rationalism, constructivism and the study of the European Union: an institutionalist perspective’, Comparative Political Studies, 36 (1-2): 7-40.

Kohler-Koch, B. and Rittberger, B. (2006) ‘Review Article: The “Governance Turn” in EU Studies’, Journal of Common Market Studies, 44 (s1): 27-49.

Marks, G., Hooghe, L. and Blank, K. (1996) 'European Integration from the 1980s: State-Centric v Multi-level Governance', Journal of Common Market Studies, 34 (3): 341-387.

Mcnamara, K. (1999) ‘Consensus and constraint: Ideas and capital mobility in European monetary integration’, Journal of Common Market Studies, 37 (3): 455-476.

Pollack, M. (2005) ‘Theorizing the European Union: international organization, domestic polity, or experiment in new governance?’ Annual Review of Political Science, 8 (1): 357-398.

Risse-Kappen, T. (1995) 'Exploring the Nature of the Beast: International Relations Theory and Comparative Policy Analysis Meet the European Union', Journal of Common Market Studies, 34 (1): 53-80.

Week 3: The Single Market & competition policy

This lecture will discuss the evolution of the Single Market and the main legal principles underpinning it. It will also discuss competition policy.

Essential reading

Relevant chapters in Cini M. and Perez-Solorzano Borragan N. (eds) (2016) European Union Politics, Oxford: Oxford University Press

OR

Relevant chapters in Wallace H., Pollack M. and Young A. (eds) (2016) Policy-Making in the European Union, Oxford: Oxford University Press

Further reading

Clift, B. (2009) ‘The second time as farce? The EU Takeover Directive, the clash of capitalism and the hamstrung harmonization of European (and French) corporate governance’, Journal of Common Market Studies 47(1): 55–79.

Howarth, D. and Sadeh, T. (2010) ‘The ever incomplete single market: differentiation and the evolving frontier of integration’, Journal of European Public Policy 17 (7): 922–93.

Menz, G. (2010) ‘Are you being served? Europeanizing and re-regulating the single market in services’, Journal of European Public Policy 17(7): 971–87.

Quaglia, L. (2010) ‘Completing the single market in financial services: the politics of competing advocacy coalitions’, Journal of European Public Policy 17(7): 1007–22

Smith, M. (2010) ‘Single Market, Global Competition: Regulating the European Market in a Global Economy’, Journal of European Public Policy, 17 (7): 936-953

Young A. (2004) ‘The Incidental Fortress: The Single European Market and World Trade,’ Journal of Common Market Studies, 42 (2): 393-414.

Week 4 EU trade policy, new regionalism, globla trade regime

These lectures will discuss EU trade policy, the global trade regime, and the EU's interaction therein. It will also discuss the new regionalism, and the case of TTIP.

Essential reading

Relevant chapters in Cini M. and Perez-Solorzano Borragan N. (eds) (2016) European Union Politics, Oxford: Oxford University Press

OR

Relevant chapters in Wallace H., Pollack M. and Young A. (eds) (2016) Policy-Making in the European Union, Oxford: Oxford University Press

Further reading

De Bièvre D. and Poletti A. (2017) ‘Why the Transatlantic Trade and Investment Partnership is not (so) new, and why it is also not (so) bad’, Journal of European Public Policy 24 (10): 1506-1521.

De Ville F. and Sile Brugge G. (2017) 'Why TTIP is a Game-Changer and Its Critics Have a Point', Journal of European Public Policy, 24 (10): 1491-1505.

Young A. (2004) ‘The Incidental Fortress: The Single European Market and World Trade,’ Journal of Common Market Studies, 42 (2): 393-414.

see also

Journal of European Public Policy, special issue on TTIP (2017)

Journal of Common Market Studies, special issue on ‘The EU in International Trade Negotiations’ (2007), 45 (4).

Journal of European Public Policy, virtual special issue of the on ‘The EU Trade policy’ http://explore.tandfonline.com/content/pgas/rjpp-vsi-eu-trade-policy

Week 5: Economic and Monetary Union and the Single Currency

This lecture will discuss the origins and evolution of EMU, and the pros and cons of EMU membership.

Essential reading

Cini M. and Perez-Solorzano Borragan N. (eds) (2013) European Union Politics, Oxford: Oxford University Press, chapter on EMU

OR

Wallace H., Pollack M. and Young A. (eds) (2010) Policy-Making in the European Union, Oxford: Oxford University Press, chapter on EMU.

AND/OR

Chang M. (2009) Monetary Integration in the European Union, Basingstoke, Palgrave Macmillan, chapters 1-3

Further reading

Hodson D. (2002) ‘Economic and Monetary Union: balancing credibility and legitimacy in an asymmetric policy-mix’, Journal of European Public Policy, 9, 3: 391-407.

Youngs R. (1999) ‘The politics of the single currency: learning the lessons of Maastricht’, Journal of Common Market Studies, 37, 2: 295-316.

See also

Journal of European Public policy, special issue of onTen Years of EMU: What Have We Learned in Political Science? ’ (2009), 16 (4).

Journal of Common Market Studies, special issue on ‘Special issue on “Deepening EMU”’ (2000), 38, 3.

Week 6: Financial market integration and regulation in the EU

This lecture will discuss the evolution of financial market integration and regulation in the EU over time. It will cover the main financial services, analysing the main obstacles to and catalysts for the completion of the Single Financial Market. It will also discuss the influence of the EU in international financial regulatory fora.

Essential readings

Dyson K. and Quaglia L. (2010) European Economic Governance and Policies. Volume II: Commentary on Key Policy Documents, Oxford: Oxford University Press, chapter on financial regulation and financial stability.

Quaglia L. (2010) ‘Completing the Single Market in Financial services: The politics of competing advocacy coalitions’, Journal of European Public Policy, 17, 7: 1007-1022.

Quaglia, L. (2014) ‘The European Union, the USA and International Standard Setting in Finance’, New Political Economy, 19 (3), 427-444.

Further reading

Bieling H.-J, (2003) ‘Social forces in the making of the new European economy: the case of financial market integration’, New Political Economy, 8, 2: 203-223.

Buckley J., Howarth D. and Quaglia L. (2012) ‘Internal market: The Ongoing Struggle to ‘Protect’ Europe from its Money Men’, Journal of Common Market Studies, Annual Review, 48, s1: 119–141.

Busch A. (2004) ‘National Filters: Europeanisation, institutions, and discourse in the case of banking regulation’, West European Politics 27, 2: 310-333.

Dür A (2011) ‘Fortress Europe or open door Europe? The external impact of the EU’s Single Market in financial services’, Journal of European Public Policy, 45, 5: 771–787.

Grossman E. and Leblond, P. (2011) ‘European Financial Integration: Finally the Great Leap Forward?’, Journal of Common Market Studies, 49, 2: 413–435.

Howarth, D., and Quaglia, L. (2013) ‘Banking on Stability: The Political Economy of New Capital Requirements in the European Union, Journal of European Integration, 35 (3): 333–46.

Jabko N. (2006) Playing the Market: A Political Strategy for Uniting Europe, 1985-2005, Ithaca: Cornell University press.

Leblond P. (2011) ‘EU, US and international accounting standards: A delicate balancing act in governing global finance’, Journal of European Public Policy, 18, 3: 443-461.

Moschella, M. and Quaglia, L. (2016), ‘To agree or not to agree: the EU in the G 20’, Journal of European Public Policy, 23 (6): 906-924.

Moschella, M. and Quaglia, L. (2013) ‘Speaking with one voice in international finance? The EU and the institutional features of global financial regulatory bodies’, Rivista Italiana di Scienza Politica (in English).

Mügge D. K. (2011) ‘The European presence in global financial governance: a principal-agent perspective’, Journal of European Public Policy, 18, 3: 383–402.

Posner E. (2009) ‘Making rules for global finance: Transatlantic regulatory cooperation at the turn of the millennium’, International Organisation, 63: 665–99.

Posner E. and Véron, N. (2010) ‘The EU and financial regulation: Power without purpose? [http://politicalscience.case.edu/faculty/posner/JEPP.pdf] ’, Journal of European Public Policy, 17, 3: 400–15.

Quaglia L. (2008), ‘Committee governance in the financial sector in the European Union’, Journal of European Integration, 30, 3: 565-580.

Quaglia L. (2008) ‘Setting the pace? Private financial interests and European financial market integration’, British Journal of Politics and International Relations, 10, 1: 46-64.

Quaglia L. (2007) ‘The Politics of Financial Service Regulation and Supervision Reform in the European Union’, European Journal of Political Research, 46, 2: 269-90.

Week 7: The political economy of Brexit

Special issues on Brexit of Journal of European Public Policy 2018.

Special issue on Brexit of British Journal of Politics and International Relations 2017.

Lavery, S, Quaglia, L. and Dannreuther, C. (2017), ‘The Political Economy of Brexit and the UK's National Business Model’, SPERI working paper N. 41, https://brussels.whiterose.ac.uk/wp-content/uploads/2017/05/SPERI-Paper-41-The-Political-Economy-of-Brexit-and-the-UK-s-National-Business-Model-PRINT-2.pdf

Howarth, D., Quaglia, L., (2017) ‘Brexit and the Single European Financial Market’, Journal of Common Market Studies Annual Review, 55 (s1): 149–164

James, S. and Quaglia, L. (2017) ‘Brexit and the Limits of Financial Power in the UK’, Working Paper, University of Oxford, https://www.geg.ox.ac.uk/brexit-and-limits-financial-power-uk

Howarth, D. and Quaglia, L. (2018), ‘Brexit and the battle for finance’, Journal of European Public Policy, 25 (8): 1118-36.

Week 8-9: global financial crisis and sovereign debt crisis in the euro area: causes and response

Essential reading

Frieden, J, and Walter S. (2017), ‘Understanding the Political Economy of the Eurozone Crisis’, Annual Review of Political Science 20:371-390.

Burn, C., Clifton, J. and Quaglia, L. (2017), ‘Explaining policy change in the EU: Financial reform after the Crisis’, Journal of European Public Policy, 25 (5): 728-746.

Hall P. A. (2012) ‘The Economics and Politics of the Euro Crisis’, German Politics 21, 4: 355-371

Hodson D., Quaglia L. (2009) ‘European Perspectives on the Global Financial crisis: Introduction’, Journal of Common Market Studies, 47, 5: 939-952.

Howarth, D. and Quaglia L. (2015), ‘The political economy of the euro area’s sovereign debt crisis: Introduction’, Review of International Political Economy, 22 (3): 457-484.

Howarth, D., and Quaglia, L. (2013) ‘Banking Union as Holy Grail: Rebuilding the Single Market in Financial Services, Stabilizing Europe’s Banks and “Completing” Economic and Monetary Union’, Journal of Common Market Studies, 49 (s1): 119–41.

Further reading

Arghyrou M. G. and A. Kontonikas (2011) ‘The EMU sovereign-debt crisis: Fundamentals, expectations and contagion’, European Economy, Economic Papers 46

Buiter, W. and Rahbari, E. (2012) ‘The European Central Bank as lender of last resort for sovereigns in the Eurozone’, Journal of Common Market Studies, 50, s2: 6-35.

Buti, M. and Carnot, N. (2012) ‘The EMU debt crisis: early lessons and reforms’, Journal of Common Market Studies, 50 (6): 899-911

De Grauwe P. (2009) ‘The Fragility of the Eurozone’s Institutions’, Open Economies Review, 21, 1: 167-174

Gros, D. (2012) ‘On the stability of public debt in a monetary union’, Journal of Common Market Studies, 50, s2: 36-48

Hodson D (2010, 2011, and 2012) Journal of Common Market Studies, Annual Reviews.

Howarth, D. and Quaglia, L. (2014), ‘The Steep road to Banking Union: the setting up of the Single Resolution Mechanism’, Journal of Common Marker Studies Annual Review, 50 (s1): 125-140

Moravcsik A. (2012) ‘Europe after the Crisis: How to Sustain a Common Currency’, Foreign Affairs 91, 3: 54-68

Quaglia L., Eastwood R. and Holmes P. (2009) ‘The financial turmoil and EU policy cooperation 2007-8’, Journal of Common Market Studies Annual Review, 47, 1: 1-25

Schmidt V. (2010) ‘The Unfinished Architecture of Europe's Economic Union (Comment)’, Governance, 23, 4: 555-559

Tsoukalis L. (2011) ‘The JCMS Annual Review Lecture. The Shattering of Illusions – And What Next?’, Journal of Common Market Studies, 49, Annual Review: 19–44.

See also

Journal of Common Market Studies, symposium on ‘Economic and Monetary Union and the Crisis of the Eurozone’, 50, 6

Review of International Political Economy, special issue on the ‘the sovereign debt crisis in the euro area’ 22, 3

Country studies: Extra readings

Arghyrou, M. G., Tsoukalas, J. D. (2011) ‘The Greek debt crisis: likely causes, mechanics and outcomes’, The World Economy, 34, 2: 173-191.

Featherstone K. (2008) ‘Greece and EMU: A Suitable Accommodation?’, in K. Dyson (ed.) The Euro at 10: Europeanization, Power and Convergence, Oxford: Oxford University Press.

Featherstone K. (2011). ‘The Greek Sovereign Debt and EMU: A Failing State in a Skewed Regime’, Journal of Common Market Studies, 49, 2: 193-217.

Jones, E. (2009) ‘Italy and the Euro in the global economic crisis’, The International Spectator, 44, 4: 93-103.

Jones, E. (2012) ‘Italy’s Sovereign Debt Crisis’, Survival, 54, 1: 83-110.

Lane P. R. (2011) The Irish Crisis, CEPR Discussion Paper No. DP8287. Available at: http://www.tcd.ie/iiis/documents/discussion/pdfs/iiisdp356.pdf.

Pagoulatos G., and C. Triantopoulos (2009) ‘The Return of the Greek Patient: Greece and the 2008 Global Financial Crisis’, South European Society and Politics, 14, 1: 35–54.

Pagoulatos G. and Quaglia L. (2013) ‘Turning the Crisis on its Head: Sovereign Debt Crisis as Banking Crisis in Italy and Greece’, in I. Hardie and D. Howarth (eds) Market-Based Banking, Varieties of Financial Capitalism and the Financial Crisis, Oxford: Oxford University Press.

Quaglia, L. and Royo, S. (2015), ‘Banks and the political economy of the sovereign debt crisis in Italy and Spain’, Review of International Political Economy, 22 (3): 485-507.

Thorhallsson B. and Kirby P. (2012) ‘Financial crises in Iceland and Ireland: does European Union and Euro membership matter?’, Journal of Common Market Studies, 50 (5): 801-818.

Week 10: revision

Modifica Readings/Bibliography

The most up-to-date text books covering most of the subject areas of the course:

  • Cini, M. and Pérez-Solórzano Borragán, N. (eds.) (2016) European Union Politics (Oxford: Oxford University Press).

    Or

  • Wallace, W. H., Pollack, M. and Young, A. (eds.) (2016) Policy-Making in the European Union, 6th edition (Oxford: OUP).

Other useful books are:

Chang M. (2009) Monetary Integration in the European Union, Basingstoke, Palgrave Macmillan.

Hodson D. (2011) Governing the Euro area in Good Times and Bad, Oxford: Oxford University Press.

Testi/Bibliografia

The most up-to-date text books covering most of the subject areas of the course:

  • Cini, M. and Pérez-Solórzano Borragán, N. (eds.) (2016) European Union Politics (Oxford: Oxford University Press).

    Or

  • Wallace, W. H., Pollack, M. and Young, A. (eds.) (2016) Policy-Making in the European Union, 6th edition (Oxford: OUP).

Other useful books are:

Chang M. (2009) Monetary Integration in the European Union, Basingstoke, Palgrave Macmillan.

Hodson D. (2011) Governing the Euro area in Good Times and Bad, Oxford: Oxford University Press.

Metodi didattici

Each week there will be two classes. It will be assumed that all students will read around the subject of each session in advance, and be prepared to contribute each week to the discussion.

Class attendance (at least 50% of classes) is strongly reccomended

Modalità di verifica dell'apprendimento

Essay of 4000 words, including footnotes and bibliography, to be chosen amongst topics discussed in the course.The specific topic and the title of the essay will have to be agreed in advance with the instructor.

The essay should be clearly structured, make use of relevant academic literature and be analytical. The instructor will use a variety of tools, including softwares, to detect potential plagiarism.

Please include your university registration number and the title of your presentation (if you gave one)

Depending on the class size, students will be encouraged to give a presentation in class. A good presenation will add 1 point to the mark on the essay. An assessment of active class attendance and participation will be used to round up marks.

DEADLINES FOR ESSAY SUBMISSION BY EMAIL (pdf file): 17.12; 11.1, 1.2

Strumenti a supporto della didattica

Ppt of the lectures will be posted on the VLE prior to the lectures.

Orario di ricevimento

Consulta il sito web di Lucia Quaglia