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OAFP 4405 - Euro Zone Governance

Type d'enseignement : Elective

Semester : Autumn 2017-2018

Number of hours : 24

Language of tuition : English


This course requires a basic knowledge in macroeconomics (monetary and fiscal policy; determinants of exchange rates) as well as elementary knowledge in EU law.

Course Description

From a practitioner's perspective, this course is devoted to the unparalleled economic and institutional challenges the euro area is facing, notably since 2009. The first courses introduce the legal and institutional set-up of the Economic and Monetary Union (EMU), its economic foundations and core challenges, as well as the policy mix specificities of a monetary union. The following courses address the causes of the sovereign and banking crisis of 2009-2012, its various manifestations (from the brutal Irish crisis to the long-lasting Greek adjustment) and the range of policies designed to face it (EFSF, ESM, EU Adjustment programs, ECB interventions). The last part of the course covers the reforms agreed to improve the functioning of the euro area (TSCG, Banking Union), its international role, as well as the different initiatives or debates to complete the EMU further.


  • GUILLEMIN, Adrien (Responsable du contrôle de gestion des activités Propulsion - Groupe Safran)
  • YANITCH, Jean-Patrick N. (Conseiller Banque de France)

Pedagogical format

Each class will be structured around the study of a specific subject and will include a technical presentations, short presentations by the students and a class discussion about the opportunity of different policy options.

Course validation

Students will be graded according to their achievements at different assignments which could include a class presentation, papers or quick class exams.


This course is intended for students willing to deepen their understanding and knowledge of macroeconomic policy making and of the functioning of the euro area. All students should have read the recommended readings (articles, notes) before each session in order to be able to participate in the discussions.

Required reading

  • A. Bénassy-Quéré, B. Coeuré, P. Jacquet and J. Pisani-Ferry, Economic Policy, Theory and Practice, Oxford University Press, New York, 2010 , especially chapters 3-5 and 8
  • Pisani-Ferry (Jean), The Euro crisis and its aftermath, Oxford University Press, 2014