nl en

Economic and Monetary Union


Admission requirements

The course is designed for all MA EUS students, regardless of background, though a basic knowledge of macroeconomics and the institutional set-up of the European Union is advised in order to complete the course within the timeframe allocated.

Admission to the Master EUS.


Economic and Monetary Union is one of the most dynamic policy area’s in the European Union, both in terms of new players (enlargement of the Eurozone) and in terms of evolving ‘rules of the game’. EMU is intended to be a main pillar of economic growth and stability within the EU. Partly as a consequence of the credit crunch and financial crisis, and the budgetary situation in for example Greece, a revived debate about the functioning of EMU – and its future – has originated, which will receive ample attention during the course. Because this policy area is somewhat of a ‘black box’ to the average observer, attention will also be given to easily finding relevant resources (Council documents for example). Guiding questions are: why does Europe need EMU? How does it really work? Does it need improvement, and if so: how? To answer these questions, the course aims to comprehensively acquaint students to:

  • The OCA theory: costs and benefits of EMU

  • Entry criteria to enter the eurozone (i.a. ERM II)

  • The Stability and Growth Pact

  • Procedures and decision-making

  • The ECB and monetary policy

  • Institutional design and primary legislation

Course objectives

Students will:

  • understand the most relevant developments within EMU in the last decade

  • understand and apply OCA theory

  • understand the Stability and Growth Pact, including the legal aspects

  • understand political aspects of EMU and recent developments

  • understand and reproduce procedures and decision-making processes

  • be introduced to the ECB and monetary policy
    Students having taken this course will demonstrate their understanding of the material by writing a paper on a specific ‘case’. A macro-economic, institutional/political or legal approach may be chosen. A presentation will precede the final paper.



Mode of instruction


Assessment method

Essay and presentation.


Yes, see the site.

Reading list

Handbook to this course is:

  • De Grauw, P., Economics of Monetary Union, Oxford (2009 or 2007)

Handouts are provided by the tutors containing the relevant legal texts and texts agreed by the Eurogroup and/or European Council.

  • Dellas, H. & Tavlas, G.S., “An optimum-currency-area odyssey”, Journal of International Money and Finance 28 (2009) pp. 1117–1137

  • Jonung, L. & Drea, E., “The euro: It can‟t happen. It‟s a bad idea. It won‟t last. US economists on the EMU, 1989 – 2002” EC Economic Papers, December 2009

  • De Grauwe, P. & Schnabl, G., (2004) “EMU Entry Strategies for the New Member States”, Intereconomics, Volume 39-5, 2004

  • Palazuelos-Martínez, M. Understanding the rationale of the stability and growth pact, ACES Cases, No. 2007.2

  • Enderlein, H., Verdun, A., Hodson D. et al., “Ten years of EMU: what have we learned in political science?” Journal of European Public Policy, 16-4, 2009: 490-507.

  • Matthes, J., “Ten years EMU: reality test for the OCA endogeneity hypothesis, economic divergences and future challenges”, Intereconomics, 44-2, March/April 2009 114-128


Via uSis.
See also: registration and admission requirements for the Master EUS.


Dhr. B. van Riel e-mail.