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Spring 2013 - 63020 - PA393L - Advanced Policy Economics

European Financial Crisis

Instructor(s): Varoufakis, Yanis
Unique Number: 63020
Day & Time: W 2:00 pm -5:00 pm
Room: SRH 3.316/350
Waitlist Information:For LBJ Students: UT Waitlist Information
Course Overview

Students are required to take an additional three-hour course in policy economics, selected from among a set of courses focusing on the application of economic theory and techniques to a specific area of public policy. Course options include macroeconomics, public finance, regulation, international trade and finance, natural resources and environmental policy, health policy, transportation policy, human resource development, urban and regional economic development, international development, education policy, social policy, and labor economics. Not all options are offered every year. This course is usually taken in the second year. 

Section Description

After six decades of gradual European integration, the implosion of the financial sector in 2008 sparked a crisis in the Eurozone. This crisis is now causing rifts within the common currency area which may well lead to its full or partial disintegration. Indeed, the European Union itself is unlikely to remain immune to the ensuing tumult, as countries both within and without the Eurozone are reconsidering their position vis-à-vis the European ‘project’. The repercussions for the global economy of the recession in Europe, which is symptomatic of broader weaknesses in the design of its institutions, are significant and feed back into Europe’s crisis.

This segment places the current financial crisis in Europe in its global, financial, economic, political and social context. Sessions will be divided in three segments. The first segment will examine the run-up to the Eurozone’s creation, its links to the preceding creation of the Single Market and German Reunification, as well as the economic and financial links between the United States, Germany and Japan during two distinct postwar periods (1944-1971 and 1971-2000). The second segment will look at the Eurozone’s architecture focusing on the period between its inauguration, in 2000, and the global financial crisis of 2008. Lastly, the third segment will be devoted to a careful analysis of Europe’s evolving responses to the crisis.

Students’grades will be determined by one presentation and two pieces of written work: a 1500 word paper on a specific topic (to be provided by the instructor) and a longer essay on the crisis itself.