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Ch.1: questions

Ch.1: questions. What are the roots of the EU (the background , the motivation , the main objective )? Main dates of the EU (and why are they main dates , significance )? Who joined and when ? EU: short definition? EU: elements of a longer definition?

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Ch.1: questions

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  1. Ch.1: questions • Whatare the roots of the EU (the background, the motivation, the main objective)? • Main dates of the EU (and whyarethey main dates, significance)? • Whojoined and when? • EU: short definition? EU: elements of a longer definition? • EU = a community of values? (ifso, whatvalues) • Is the EU a union of statesor of citizens? • What is the basis for the powers of the EU? • EU: economicpolicyrationale?

  2. CH 2: questions • Whichare the main EU institutions? • Characterizebriefly the Commission/Council/EuropeanCouncil • Why is the Commissionfundamentallydifferentfrom the Council? • Why is the EuropeanParliament a strangeparliament? • Whereare the key EU decisionstakenphysically (location)? • Who is the president of the Commission, of the EU, of the ECB, of the Eurogroup, of the Council and who is the monetaryoreconomiccommissioner? • What is the essence of the principle of subsidiarity? • At whatlevel is the competence for monetarypolicy, fiscalpolicy, social policy, taxpolicy, competition and stateaidpolicy? • The EU is undemocratic: why? • What is the problem with unanimity in decisionmaking, and with lessthanunanimity? • The votingparadox = ? • What is ”horsetrading”; is itbadorgood?

  3. Ch 3: questions: • Whatare the main monetaryregimesthatwehaveexperienced in Europe? • Explain the gold standard/the Bretton Woods-regime • Whatwas the EMS? • Manyearlermonetaryregimeshavebrokendown: why? • What is the impossibletrinity? • Whywas the EMU set up, politicalmotivations? • Whatare the keyelements of the institutionalset-up of EMU? • Main features of the ECB • Is the ECB democraticallyaccountable?

  4. Ch 4: questions • Outline the adjustmentmechanism in the classicalmodel (pricespecieflow-mechanism): Assumethat a small open economy is hitby an exogenousfall in demand for itsexports. Whatwillhappenaccording to the classicalmodel? • What is an asymmetricshock? • The role/importance of wageflexibility in a monetaryunion • Can the effects of a decline in exports of a memberstate of the monetaryunionbemitigatedbyexpansionaryfiscalpolicy? • What is the essence of the credibilitydoctrine of monetarypolicy?

  5. Ch.5 : questions • Whatare the main costs of a MU? • Underwhichconditionswill the cost of a MU besmall (overallor for a particularmemberstate)? • Whyareasymmetricshocks an argument for flexibleexchangerates? • Whatare the main benefits of a common currency? • Whyorwhen is there an inherenttendencytowardsinstability of publicfinances (in the light of the proximatedeterminants of the change in indebtedness)? • What is the meaning of multipleequilibria in governmentbondmarkets? • Being a member of a MU doesnotonlyimplygivingupyourowncentralbank, italsorestricts the possibilities of fiscalpolicy; why? • Whatare the conceivableconsequences of highleverage of banks? • Whydobankingproblemstend to havenegativespillovers?

  6. Ch.6: questions • The euro area: what is the problem of heterogeneity? • Whatwere the main drivingforcescreatingimbalancesduring the firstdecade of the euro? • Whatwere the consequences of the convergence of interestrates to the Germanlevel in Southern Europe for realinterestrates, creditexpansion, houseprices, overalldemandgrowth, wages and unitlaborcosts, competitiveness, the currentaccount? • Whatwas the relationbetween the rate of inflation and the realrate of interest? • Whathappened to unitlaborcosts in the north and in the south? • Didsomecountriesviolate the stability and growthpact? • Whatare the twokeyfigures of the stability and growthpact?

  7. Ch. 7: questions • Whydidgovernmentbondyieldsrisestarting in 2009 in a number of euro areacountries? • Whatwere the main drivers of the debtcrisis? • Whathappened in Southern Europ in 2009-2013 to realinterestrates, creditexpansion, houseprices, domesticdemand, wages, unitlaborcosts, competitiveness, GDP growth, unemployment? • How did the ECB react to the crisis? • Didfiscalpolicythightningachieveitsdesiredeffects in 2009-2013 in the euro area? Diditreducebudgetdeficits, reducepublicdebt/GDP, stimulategrowth, add to jobs? • Austerity: blessingorcurse?

  8. Ch. 8: questions • Whatareorhavebeen the main means of combating the crisis (anothertrinity)? • Whatare the ESM and the EFSF? • Whichcountrieshavereceivedfinancialsupportpackages? • Whataretypicalelements of an adjustmentprogrammedesignedby the troika (and what is the troika)? • Why is itsodifficult to break the governmentdebtspiral (in the light of itsproximatedeterminants)? • What is the stability and growthpact? • How are the fiscalrulesstrenghtenedby the six-pack and the two-pack? • What is the ”excessiveimbalanceprocedure”? • What is the OMT by the ECB?

  9. Ch.9: questions • Whyarebanks a potentialsource of economicinstability, whyarebanksprone to ”excessive” risk-taking? • Biastowardsexcessiverisk-takingbybanks: whatcosts for society? • Whycouldtherebecross-borderspilloversrelated to banking? • What is the ”lethal” linkbetweenbanks and sovereigns? • Whatare the main buildingblocks of a bankingunion? • How is bankregulationdecidedupon in Europè? • Who is responsible for banking supervision in the euro area? • What is meantbybankresolution? • Willtherebe a role for the unionlevel in bankresolution? • Depositinsurance in EMU: common or national? • Who is ”lender of lastresort” in EMU? • Is there a ”minimumfiscalbackstop”?

  10. Ch.10: questions • What is the ”functionalist” or ”neofunctionalist” view of integration? • What is Rodrik’strilemme? • Whatcouldbesomeelements of a fiscalunion? • Whatcould a politicalunion for the euro arealookalike (institutionally)? • Enumerat the main problems of an exit (such as ”Fixit” or ”Grexit”) from the euro • Whymay EMU nowbeseen as a problem for the Finnisheconomy?

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