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Summer School in Economic and Financial Governance of the European Monetary Union

Date: 07 September 2015 - 12 September 2015
Location: Brussels, Belgium, 9:00 - 18:00
Website: Visit website


7-12 September 2015, Brussels, BELGIUM


Since the inception of the financial crisis in 2008, and more importantly with the sovereign debt crisis in 2010, the governance of the euro area has substantially changed. Multi-layered institutions and rules now define its economic and financial governance.

New reforms, such as the enhanced macroeconomic policy coordination and banking union, have introduced innovation that will lead to a more stable system and possibly further economic and financial integration but will also make the governance more complex, whilst European institutions struggle to provide confidence.

The programme offers a unique opportunity to learn how EU governance works in an international and multi-cultural environment in a highly-reputed global think-tank with long-standing experience in the policy-making process of European institutions and international organisations.

Classes are conducted by researchers with strong academic backgrounds and solid experience in EU policy-making, who are able to merge academic research with market practice. The learning programme will combine lectures with problem-based activities, including case studies, discussion groups and workshops with policy-makers. The experience will be enriched by simulation games and study visits to the EU institutions.

Aim and topics

The summer school offers a thorough introduction on how the Economic and Financial Governance of EMU works in practice and how it impacts the economy. Participants will:

  • Improve their knowledge on the EU decision-making process, the rationales, the institutional design and the enforcement of EU rules;

  • Gain a comprehensive understanding of current governance issues, how they are addressed and their practical implications for the economy and the financial system;

  • Learn how the system manages crises and how member states should correct imbalances, with the support of case studies and seminars with EU officials or international experts.


The programme covers a total of 30 hours of lectures, case studies and discussion groups (excluding the closing lecture). Each day comprises 4 hours of lectures in the morning, which include two modules of 1 hour 45 minutes and two breaks of 15 minutes each. Afternoon sessions will consist of more interactive sessions, during which students will work together to solve case studies, to develop discussion groups or to attend to a technical seminar. Two visits to the EU institutions (European Commission and European Parliament) are also part of the afternoon sessions.

Monday, 7 September 2015

12:00 – 14:00 Registration, Welcome Lunch and Presentation of the Summer School

14:00 – 18:00 Introductory lecture - The macroeconomic governance architecture of EMU: From the SGP to the Fiscal Compact Introductory lecture - The architecture of EU financial governance

Tuesday, 8 September 2015

9:00 – 13:00 Lecture - Fiscal rules and fiscal spillovers under different regimes; Lecture - Law and economics of Banking Union

13:00 – 14:00 Lunch

14:00 – 18:00 Discussion group - The Greek crisis: Economic, political and institutional failures. Visit to the European Parliament (from 15:45h)

Wednesday, 9 September 2015

9:00 – 13:00 Lecture - Macroeconomic imbalances and financial crises; Lecture - Bank crisis management: The Single Resolution Mechanism and the Bank Recovery and Resolution Directive

13:00 – 14:00 Lunch

14:00 – 18:00 Case study (simulation) - EDP in Spain and Ireland inn 2007 and EIP in Germany and The Netherlands in 2014
Case study (simulation) - The resolution of a major bank under the new State Aid Framework

Thursday, 10 September 2015

9:00 – 13:00 Lecture - Risk-sharing in the EMU: From financial integration to fiscal capacity (the case of European unemployment benefit scheme); Lecture - The Single Supervisory Mechanism (SSM)

13:00 – 14:00 Lunch

14:00 – 18:00 Discussion group - The asset quality review and the stress test; Visit to the European Commission (from 15.45h)

Friday, 11 September 2015

9:00 – 13:00 Lecture - Monetary policy in a monetary union without fiscal union: The impossible trinity of no bail-out, no monetary financing, no default; Lecture - Monetary policy and financial markets: understanding central bank actions and financial plumbing

13:00 – 14:00 Lunch

14:00 – 18:00 Presentations and discussion of assignments (group works) 

Saturday, 12 September 2015

9:00 – 13:00 Closing lecture and Q&A discussion

13:00 Best work prize award – certificate distribution ceremony; Farewell lunch and students departure.



Graduate students, academics, officials from national ministries, local governments, central banks and private sector.
English proficiency and MA or equivalent in economics or finance. Students with a background in law and political science will be selected on the basis of their knowledge of basic principles of economics and finance. 



Participants who have followed the programme diligently will receive a certificate of attendance. Participants will not be subject to an exam, but team work on a specific assignment will be evaluated and a prize for the best work will be awarded in the closing ceremony.



  • 500 euro for students and academics (incl. VAT)

  • 1,200 euro for professionals (incl. VAT)

The fee includes all summer school materials, access to all programme components as well as lunch during the courses.

After you have been notified of being successfully selected for the Summer School, the tuition fee must be transferred in advance to our bank account in order to confirm your participation. 



Candidates are requested to submit their application via the following link: http://www.ceps.eu/content/summer-school-2015

Deadline for applications is 26 July 2015 (seats are limited)Successful participants will be notified at the latest by 31 July 2015.

Contact: Elisa Martelucci, Email: summerschool2015@ext.ceps.eu

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