| Course Unit Code | 120-0316/04 |
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| Number of ECTS Credits Allocated | 4 ECTS credits |
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| Type of Course Unit * | Choice-compulsory |
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| Level of Course Unit * | Second Cycle |
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| Year of Study * | First Year |
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| Semester when the Course Unit is delivered | Summer Semester |
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| Mode of Delivery | Face-to-face |
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| Language of Instruction | Czech |
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| Prerequisites and Co-Requisites | Course succeeds to compulsory courses of previous semester |
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| Name of Lecturer(s) | Personal ID | Name |
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| KUC20 | doc. Ing. Zuzana Kučerová, Ph.D. |
| DVO37 | Ing. Kateřina Dvoroková, Ph.D. |
| Summary |
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The aim of the course is to acquaint students with the major historical phases of the monetary integration proces in Europe and equip students with the theories underlying European Monetary Union. Topics covered include the institutional and legal framework of EU monetary policy, evaluation and debate on the main issues related to the launch of the euro and discussion the problem of fiscal politics coordination in monetary union. The course also deals with the influence of the European Monetary Union on the Czech Republic and other accession countries. In the subject there will be discussed also the process of EU financial markets integration and the view from outside the euro area, i.e. its position in the global economy.
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| Learning Outcomes of the Course Unit |
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1. To define basic concepts from the field of the monetary policy of
the EU
2. To clarify fundamental events important for development of
monetary cooperation in Europe
3. To assess necessary expectations for monetary integration within
the EU framework
4. To analyse the present state of European Monetary Union functioning
5. To formulate perspectives of European Monetary Union functioning
6. To explain main benefits of monetary integration in the EU |
| Course Contents |
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LECTURES
1. The origins and evolution of european monetary integration
2. European monetary system
3. Theory of optimum currency area
4. Launch of European monetary union
5. Institutional and legal framework of single monetary policy
6. ECB monetary policy strategy
7. ECB objectives and instruments of monetary policy
8. Banking regulation and supervision in EU and the role of the ECB
9. Monetary and fiscal policy in the monetary union
10. Financial integration in the monetary union
11. Coordination of national fiscal politics in EMU
12. EMU and the position of the single currency euro in the global economy
SEMINARS
1. Monetary integration and European Monetary System
2. OCA theory: technical aspects of introduction of euro
3. European monetary union
4. Monetary policy of the ECB
5. Financial integration in EU and the project of the European banking union
6. Eurozone candidate countries and the euro position in international monetary system
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| Recommended or Required Reading |
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| Required Reading: |
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BALDWIN, Richard and Charles WYPLOSZ. The Economics of European Integration. New York: McGraw Hill, 2009. ISBN 978-0-077-12163-1.
EICHENGREEN, Barry. Globalizing capital: a history of the international monetary system. New Jersey: Princeton University Press, 2008. ISBN 978-0-691-13937-1.
GRAUWE, Paul de. 2016. Economics of Monetary Union. 11th ed. Oxford: Oxford University Press, 280 s. ISBN 978-01-987-3987-6. |
DĚDEK, Oldřich. 2014. Doba eura: úspěchy i nezdary společné evropské měny. Praha: Linde Praha. Monografie (Linde). ISBN 978-80-720-1933-5.
GRAUWE, Paul de. 2016. Economics of Monetary Union. 11th ed. Oxford: Oxford University Press, 280 s. ISBN 978-01-987-3987-6.
LACINA, Lubor, Petr ROZMAHEL a kol. Euro: ano/ne? Praha: Alfa Nakladatelství, 2010. ISBN 978-80-87197-26-4. |
| Recommended Reading: |
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DYSON, Kenneth and Martin MARCUSSEN. Central Banks in the Age of the Euro: Europeanization, Convergence and Power. Oxford: Oxford University Press, 2009. ISBN 978-0-19-921823-3.
FUHRER, Jeffrey C. Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective. Cambridge, MA: MIT Press, 2009. ISBN 978-0-262-01363-5.
HIERONYMI, Otto. Globalization and the Reformo f the International Banking and Monetary System. Basingstoke: Palgrave Macmillan, 2009. ISBN 978-0-230-23530-4. |
DYSON, Kenneth and Martin MARCUSSEN. Central Banks in the Age of the Euro: Europeanization, Convergence and Power. Oxford: Oxford University Press, 2009. ISBN 978-0-19-921823-3.
EICHENGREEN, Barry. Globalizing capital: a history of the international monetary system. New Jersey: Princeton University Press, 2008. ISBN 978-0-691-13937-1.
PLCHOVÁ, Božena, Josef ABRHÁM a Mojmír HELÍSEK. Česká republika a EU: Ekonomika - Měna - Hospodářská politika. Praha: Agentura KRIGL, 2010. ISBN 978-80-86912-39-4. |
| Planned learning activities and teaching methods |
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| Lectures, Seminars |
| Assesment methods and criteria |
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| Task Title | Task Type | Maximum Number of Points
(Act. for Subtasks) | Minimum Number of Points for Task Passing |
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| Credit | Credit | 100 (100) | 51 |
| Zápočtový test | Written test | 65 | 33 |
| Projekt | Project | 35 | 18 |