Module ECON2071: EUROPEAN ECONOMICS

Department: Economics and Finance

ECON2071: EUROPEAN ECONOMICS

Prerequisites

• Principles of Economics (ECON1011) OR successful completion of Phase 1 of the Economics programme at Shandong University, China.

Corequisites

• None.

Excluded Combination of Modules

• None.

Aims

• This module builds up on the knowledge and tools that students have acquired in Principles of Economics or equivalent. The module aims to provide students with the theoretical instruments for analysing the major economic issues facing European Union countries. The emphasis in the first term is primarily on the microeconomics of European integration and growth in the EU, whilst the second term concentrates on macroeconomic policies in the EU.

Content

• Part I: The integration of markets in the EU: theory and practice
• The formation and the completion of the customs union
• Market size effects and the EU competition policy
• Economic growth and regional disparities in the EU
• Labour mobility in the EU
• Towards a political union?
• Part II: European monetary union
• The costs and benefits of a common currency
• The fragility of incomplete monetary unions
• How to complete a monetary union
• The European Central Bank and monetary policy in the Euro Area

Learning Outcomes

• Upon completion of the module, students should have knowledge of the costs and benefits of selected aspects of the process of European integration and European institutions. In particular students should be able to:
• analyse the implications of the elimination of tariff and non-tariff barriers in the EU;
• evaluate the effects of EU integration on competion and EU competition policies;
• evaluate the effects of EU integration on growth and regional disparities in the EU;
• analyse the effects of EU integration on labour markets and migration;
• evaluate the costs and benefits of monetary unions in light of the theory of optimum currency areas in particular;
• analyse the issue of the fragility of incomplete monetary unions;
• have knowledge of the conduct of monetary policy in the Euro Area.

• Upon completion of the module, students should be able to:
• analyse and comment on key European policy issues by applying standard microeconomic and macroeconomic models.
• read and interpret specialised articles and data on the EU using the theoretical tools acquired during the course.

• Written Communication e.g. through formative and summative assessment.
• Oral Communication e.g. through participation in discussions during seminars.
• Initiative e.g. by searching relevant literature and information in preparation for seminars.
• Planning and Organising e.g. by preparing for fortnightly seminars.
• Numeracy e.g. by applying core mathematical and statistical skills to answer some tutorial questions.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Teaching is by lectures, seminars and support for student-centred learning. Learning takes place through attendance at lectures, preparation for and participation in seminar classes and private study. Formative assessment is by means of a test. Summative assessment is by means of a written examination.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

One test

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University