Course topics:

1. Basics of monetary cooperation and integration
2. The Treaty of Rome
3. 1968: The establishment of the Common Agricultural Policy and the Customs Policy of the EU. The Werner Plan.
4. Oil crises in the 1970s. Devaluation of the dollar, exchange rate fluctuations and enlargement, Attempt for harmonizing national currency policies. The European Monetary System.
5. Changes in the world economy: deepening of cross-country co-operations. The Treaty of Maastricht.
6. Stages of Economic and Monetary Union. Introduction of the euro (1999-2002).
7. Monetary integration in operation. 5 years of experience of the euro (1999-2004). Change of paradigm: enlargement instead of deepening.
8. The euro in international role. Connection among euro, dollar and yen. Is it possible for Asia to follow the example of the EU? The role of China in future’s currency system.
9. Effect of fundamentals of the dollar on international currency system and the exchange rate of the euro.
10. Harmonizing monetary and fiscal policy. Which countries and why did not fulfil the Maastricht convergence criteria?
11. Demography as a balancing factor of the budget. Europe in a double trap.
12. The enlargement of the EU in 2004 and 2007. Characteristics of the enlarged EU. Entry of Slovenia into the euro-zone.
13. Crisis and its management in the EU

Aims:

Aim of the course is to introduce the history, the institutional background, the financing and the perspectives of the EU policy.

Botos K. (2008): European Economic and Monetary Union. JATEPress ISBN 978-963-482-879-2

Kovacs, A. – Halmosi P. (2012): Similarities and Differences in European Crisis Management. Public Finance Quarterly,1.

Darvas Zs. – Szapáry Gy. (2008): Euro area enlargement and euro adoption strategy, European Commission - Economic and Financial Affairs. http://econ.core.hu/file/download/szeminarium/publication12093_en.pdf