• Introduction
  • Interview with Alfred Mifsud, your course subject expert
  • How to approach this course
What is a Monetary Union?
  • Section Introduction - Alfred Mifsud
  • Understanding Monetary Unions
  • Monetary Unions: The Definitions
  • The Creation of the Economic and Monetary Union (EMU) of the European Union
  • A Brief History of How the EMU Was Formed
  • The Problems with the Stability of the EMU
  • An Obvious Stability Issue
  • The History of Monetary Unions
  • Conclusions from the History of Other Monetary Unions
The Main Causes of Instability in the EMU
  • Section Introduction - Alfred Mifsud
  • An Optimum Euro Area
  • Who Would Have Qualified for an Optimum EMU?
  • A Closer Look at Greece, Portugal, Italy and Spain
  • What is the Stability and Growth Pact? (Article)
  • The Curious Case of Ireland
  • The Ireland Case Study
  • Fiscal Discipline
  • The 2006 Changes to the Stability and Growth Pact (SGP)
  • Where Does This Lead Us?
  • Conclusion About the EMU's Instability
The Euro Survived
  • Section Introduction - Alfred Mifsud
  • Predicting the Problems
  • On the Edge... Is This Really the End? (The Economist Covers)
  • The Euro's Near Death Experience
  • Policy Measures Taken to Support the EMU
What is Being Proposed? Is It Practical? Is It Enough?
  • Section Introduction - Alfred Mifsud
  • Deepening of the Economic Monetary Union
  • The Five Presidents' Report and the Reflection Paper
  • Risk Reduction or Risk Sharing?
  • Reduction of Non Performing Loans (NPLs) in the banking system
  • Addressing the NPL Risk
  • Elimination of the Doom-Loop Between the Banks and their Sovereign
  • Addressing the Doom-Loop Between Banks and Their Sovereign
  • Limping from Crisis to Crisis
Patching Up Won't Work Anymore
  • Section Introduction - Alfred Mifsud
  • The German Election
  • The United States of Europe
  • France and Macron
  • The Two Proposals - Schulz and Macron
Priority to removing inbuilt unfairness in EMU and getting it to work for all
  • Section Introduction - Alfred Mifsud
  • The EMU Disequilibrium
  • Taking Appropriate Steps
  • Applying Opposite Forces at Both Ends
  • Rethinking the Approach to Debt Restructuring
  • Leaving the euro
  • The Limits of the ECB's Monetary Policy
  • The ECB's Approach
  • How Germany Benefited in the Crisis
  • Boosting Germany's Competitiveness
  • Summarising the Disequilibria
  • Four Elements for Repairing the Monetary Union
What needs to be done
  • Section Introduction - Alfred Mifsud
  • Are People in Favour of a Monetary Union?
  • Blaming the Euro and the Rise of Populism
  • The Fairness is Missing
  • Example: The Unfair Advantage
  • Addressing the Unfairness
  • Treating the Symptoms
  • Calculating the Structural Part of a Surplus
  • Defining Macroeconomic Imbalances
  • Improving Fiscal Discipline
  • Central Debt Agency
  • Summarising What Can Be Done
Conclusion: getting things done by explaining the bigger costs of doing nothing
  • Section Introduction - Alfred Mifsud
  • The Euro Journey Is Still at the Beginning
  • Conclusion
  • Final Words (Alfred Mifsud)
  • Wrapping Up the Course
  • Free eBook and Audiobook of 'The Euro - Cure or Curse for the Future of the EU?'