On successful completion of this course, students should be able to:
• have a good historical perspective of the events leading to the creation of the EU
• explain the basic theory of customs unions; and critically discuss their consequences in actual cases such as the EU;
• provide a critical examination of the economic rationale for the principal economic policies of the EU in the light of the basic principles of microeconomic, macroeconomic and international trade theory;
• describe the current state of these policies and the potential for their reform in order that their objectives might be better achieved;
• understand the impact of economic integration on trade patterns, the location of economic activity, the welfare of various groups of agents, the ability of government to correct market failures and to conduct independent fiscal and monetary policy;
• describe and evaluate the major economic institutions involved in developing, implementing and constraining the economic policies of the EU.