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.

CILO-1: Describe a historical overview of Europe’s monetary systems. CILO-2: Discuss practical details in its institutional structure and decision-making process; and also basic concepts such as Impossible Trinity and interest parity condition to theoretically understand the monetary union. CILO-3: Explain how fiscal policy and monetary policy are operated in the Economic and Monetary Union (EMU). CILO-4: Analyse and discuss the economic performance and the origins and responses of the crises in the EMU and the impacts on the globe since its establishment.