The course includes an introduction about the European monetary unification in an historical perspective, the costs and benefits of a monetary union, the governance and the strategy of the European Central Bank, with the analysis of the enlargement process of both the European Union and the Eurozone. It also discusses the global role of the euro and the development of the single European capital market.

Intended Learning Outcome: - Achieve an understanding of the mixture of political and economic drivers behind the European integration process. - Knowledge of economic and political criteria for entry into the European Monetary Union - Ability to evaluate costs and benefits for a country of adopting the euro as its currency. - Knowledge of objectives and governance structure of the European Central Bank. - Knowledge the motivations for political independence of the European Central bank. - Understanding the threats to the euro area created by the global financial crisis and the euro debt crisis, and the role of the European Central Bank in crisis management. - Ability to explain how the criteria for a successful monetary union and the role of the European Central Bank have changed as a result of the crises. - Understanding of requirements for a currency to become an international reserve currency. - Ability to analyze costs and benefits of establishing the euro as an international reserve currency from economic and political perspectives. - Ability to discuss lessons for other parts of the world from the experiences of the European Monetary Union