Macroeconomics

Specific knowledge and capacities: 1. Understanding and compression of the economics of the EU. 2. Capabilities for and evaluation of the economic environment of companies in the EU and international context. 3. Capability to apply the theoretical models of regional integration and the new economic geography to real word problems 4. Problems solving Skills and aptitudes: 1. EU data base and documentation search. 2. Team working 3. Critical reasoning 4. Written and oral communication. Essay presentation.

K4: To understand the functioning of the economy as the efficient allocation of scarce resources, including the importance of equity. K5: Know quantitative and qualitative research techniques, and be able to discern which are the most appropriate to apply in the field of economics. K6: Comprehend the economic and social impact of various public policies on different agents and in diverse socioeconomic contexts. K7: Understand the economic variables that regulate the economy and govern the behaviour of agents. K8: Understanding economic institutions K9: Identify the economic, political, and social framework for the activities of various economic, political, or social agents. K10: Understand the fundamental elements of the economic environment from the perspective of different theories and various economic agents. S1: To plan and organize team work making the right decisions based on available information and gathering data in digital environments. S2: Exploit information by interpreting relevant data, avoiding plagiarism, and adhering to academic and professional conventions within the field of study, with the ability to evaluate the reliability and quality of the information. S3: Apply the knowledge acquired in the degree program to rigorously, accurately, and scientifically identify socioeconomic processes and propose potential solutions. S4: Manage and develop autonomous learning within the field of Economics. S5: Formulate, debate, and defend critical and ethical arguments related to Economics. S6: Identify, collect, interpret and manage relevant information on economic issues, using the appropriate concepts and methodologies of analysis. S7: Design economic and social programs to address the needs of economic agents. S8: Formally representing economic decision-making processes S9: Derive relevant economic information from the data, and be able to process it to answer the questions of interest S10: Prepare advisory reports for economic agents relevant to decision-making. S11: Describe and analyze economic problems within a specific social context. S12: Model and quantitatively interpret specific economic issues C1: Develop interpersonal skills such as initiative, responsibility, conflict resolution, negotiation, etc., which are required in the professional domain. C2: Communicate effectively to different audiences knowledge, methodologies, ideas and solutions in the field of study. C3: Independently develop and defend a problem within the disciplinary scope of the degree, proposing well-founded solutions through the application of the knowledge, skills, tools, and strategies acquired or developed throughout the degree program. C4: Solve economic models of interest from both theoretical and numerical perspectives.

1 Introduction: The process of European integration. From 6 to 27, from the Treaty of Rome to the Treaty of Lisbon: A brief history of the EU EU Institutions. The Council of the EU and the European Council The European Commission. The Parliament, The Court of Justice and Other European Institutions The EU budget Basic statistics of the European Union: Income, population and territory. 2 The economic crisis in Spain and the EU. Origins of the mortgage and financial crisis. Effects of the crisis in Spain and the EU. European initiatives to overcome the crisis. 3 Economic Theory of Integration. Forms of regional economic integration. Bilateral agreements and preferential agreements. Free trade areas and Customs Unions. Economic Unions and Monetary Unions. Free trade versus protection. The principle of community preference, the TEC and export refunds. Effects of protection on consumers and producers. Tariffs, fees and subsidies. Free Trade Area: Creation and diversion of trade. Customs Union: Pro-competitive effects, Economies of scale. Common Market: Mobility of factors. Economic and Monetary Union. Economic Integration and Growth: Cost Benefit Analysis 4 European monetary integration. The Optimal Monetary Zones model: Asymmetric shocks. The Delors report (1989): From the EMS to the Euro .. Exchange rates and the single European currency .. The ESCB and the European Central Bank .. The Maastrich criteria, the EMS-II and the Stability and Growth Pact 5 Common Policies I: The Common Agricultural Policy (CAP). Stabilization and Maintenance of income. Redistributive effects: The new and the old CAP. The reforms of the CAP (from CAP92 to CAP2021-27). Expost evaluation of the CAP. 6 Common Policies II: Regional Policy. The real convergence: Competition and regional policy. Structure policy: ERDF and EAGGF. Structure and regional policies. The EIB and the Growth Initiative. 7 Common Policies III: Environmental Policy. The VI Environmental Action Program. Economic instruments for environmental control: Emission Permits and Pigouvian Taxes. The European Emissions Trading Scheme 8 Common Policies IV: Commercial policy (with third countries). Negotiations in the WTO (World Trade Organization). Trade disputes 10 European Integration Dynamic

The students knowledge competencies and aptitudes will be acquire through masterly lessons, by problems solving handed to the TA and reviewed during the practical lessons and by the students problems solving in the blackboard during the practical lessons. Although the skills will be worked out by the students individually in the week before each practical lesson.