Revision notes for EU446. The purpose of these notes is to analyse the process of European monetary integration and its implications for the institutions of economic governance in the EU. There will be a strong emphasis on using the experience of the financial and economic crises since 2008 as a source of evidence to assess both the performance of EMU and the theories about monetary integration. These notes consider the political and economic rationale for the establishment of EMU and the theory of optimal currency areas and its relevance today. Indicative questions addressed in these notes include: how and why did the EU develop the EMU project?; did economic theories prepare us for the Euro area crisis of 2010-12?; what are the challenges for member states in adjusting to the discipline of the ‘Euro-zone’?; how does the Euro affect the ability of member states to adjust to periods of crisis and to external shocks?; is the sovereign debt crisis of 2010 indicative of imbalances within the EU and basic flaws in its institutional design? How can these design failures be corrected? What is the role of the ECB in this process? Is a fiscal union necessary to make a monetary union sustainable in the long run?
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