The euro crisis has prompted a reexamination of the economics of monetary union. The old literature of the 1990s and the 2000s is being revisited in the light of recent developments. A new literature has emerged that focuses on previously unforeseen aspects of the crisis. Some of the issues that have come to the forefront of discussions are ‘known unknowns’, but some also are ‘unknown unknows’ (to use Donald Rumsfeld’s famous distinction).
The goal of the seminar is to explore the various dimensions of the euro crisis and the new questions it raises for economic research and policy. In other words it analytical aim is to sort out which features of the crisis can be analysed with the analytical toolkit of the 1990s and which call for the rethink of the toolkit. Its policy aim is to find out whether the reforms implemented since 2010 have succeeded in making the European Economic and Monetary Union (EMU) more resilient and more conducive to economic prosperity.
After the introductory session, there will be eight sessions, each devoted to a particular topic, and a synthesis session. The analytical sessions will be based on presentations by the students.
For each session:
· Seminal articles are indicated as required readings. Students are expected to have read them before the session;
· Topics for presentation are proposed. Each of them is accompanied by a short indicative reference list, which is meant to serve as a starting point only. Students are expected to complement it.