module specification

The module will consider the economic, political and legal structures of the European Union. The legislative pathway, status and effect of treaties, directives and decisions will be discussed.

The module examines the rationale for and principles underlying financial sector regulation and regulatory design.  The regulatory arrangements at international, EU and UK levels are explored to allow a critical assessment of policy initiatives that are adopted to achieve the various objectives of financial regulation.

The module examines the European Union economy within a macroeconomic context, with emphasis on the European Union's policymaking process.

• To explore the economic rationale for financial regulation and approaches to financial regulation.

• To provide a framework for analysing the structure of regulatory arrangements, in an international context, with the focus on appreciating the defining characteristics of various systems. 

• To develop a thorough understanding of the regulatory framework for the financial services within the European Union and to explore links with international regulatory initiatives 

• To analyse the financial services industry within the European Community.

• To develop a through understanding of the EU’s policy making process with specific reference to the financial services industry.

• To provide a quantitative grasp of the EU’s economy and the main macroeconomic policy issues.

• To develop generic academic and employability skills particularly in respect of academic reading, research, data presentation, reflection, written and oral communication.

• The regulatory framework- sources of market failure, concepts in financial regulation.
• Major regulatory approaches in various countries - integrated regulation, solo regulation
• Tools and techniques of financial regulation- systemic and prudential regulation, institutional structure of regulation
• International supervisory and regulatory institutions and initiatives- Basle Accords, Bank for International Settlements, IAIS, Joint Forum for Financial Conglomerates, Financial Stability Board
• Regulation within the European Union -  Regulatory Policy making within the EU, financial integration and the Single Market for Financial Services, banking, investment services and insurance directives
• Regulation within the UK – The role of the FSA, the Bank of England and such successor or new bodies as may have appeared by time of delivery.  Conduct of business regulation and the role of the Financial Ombudsman Service
• The European Economy
• Economics of preferential trading areas.
• Competition policy with the European Union.
• Fiscal policy and debt within the European Union.
• Financial markets and the Euro
• The development of the single market.
 

The module is offered over a 30 week period. Formal lectures of 1½ hours will take place every week. These are supported by a 1½  hour workshop.

The lectures will provide the basis for delivering the factual and conceptual elements of the module. This will be supported by directed reading.

The workshops typically provide a forum for discussion of class exercises based on either theory or case studies which will test and embed knowledge of syllabus. Students will prepare utilising knowledge gained in the lecture augmented by the directed reading.

The workshops are designed to develop research, presentation, critical and analytical thinking skills. Individual students will prepare a short presentation each week, with all students delivering at least one presentation. Peer and tutor feed back will be provided during the workshop. Students will be supported in the development of their research and written skills in the workshop classes. The student presentations in weeks 15-26 will be assessed.

The University’s virtual learning platform which will be used to provide supporting class materials, cited web sources and discussion forums.

The Activity Weeks in weeks 7 and 20 will provide opportunities for students to explore relevant aspects of this module.

The module will provide opportunities for students to undertake reflective exercises on three occasions over the duration of the module. Students will be encouraged to incorporate this in their personal development plans.

On successful completion of the module the student will be able to:

1. Demonstrate a sound understanding of the economic arguments for and against regulation, their application to financial services and the limitations of financial regulation.
2. Critically appraise regulatory approaches, methods and techniques.
3. Critically compare the regulatory systems in the EU, US and Japan.
4. Demonstrate a critical appreciation of key issues in European and International regulatory initiatives and the challenges facing regulators of global financial firms and markets.
5. Appreciate the significance of the EU as a financial area and the degree to which it will still be composed of national markets.
6. Develop the capacity to critically analyse, some of the problems currently faced by EU policy makers.
7. Evaluate the development of a single market and the emergence of common policies.
8. Undertake individual research and articulate their findings though written and oral communication

1. Diagnostic and formative assessment will take place on a weekly basis in tutorial and seminars.

2. Summative and formative assessment will take place through a 2000-word individual research assignment with a deadline of week 10. This will assess students’ knowledge and understanding of relevant discipline related learning as well as test generic skills including academic reading, research, data presentation and written communication. It will also require students to reflect on experiences in the Activity Week in week 7. 

3. Summative and formative assessment will take place through an individual presentation between the weeks 16 to 26. Students will receive feedback form their peers as well as from the tutor. The assessment will test the student’s ability to research and communicate their findings to a group of their peers orally.

4. Summative assessment will take place at the end of the module with a 2 hour unseen exam in weeks 29 to 30. This will primarily assess detailed knowledge and understanding of the discipline specific material and the candidate’s written communication skills

Artis M and Nixson F, (2007), “The Economics of the European Union”, Fourth Edition, Oxford University Press, ISBN 978-0-19-929896-9.

Baimbridge M, Harrop J, Philippidis G, (2004), “Current Economic Issues in EU Integration”, Palgrave Macmillan, ISBN1-4039-1805-8

Baldwin R & Wyplosz C, (2009), “The Economics of European Integration”, Third Edition, McGraw-Hill, ISBN 13 978-0-07-712163-1.

De Grauwe P, (2003), “Economics of Monetary Union”, Fifth Edition, Oxford University Press, ISBN 0-19-925651-9

El-Agraa A, (2007), “The European Union: History, Economies and Policies”, Eighth Edition, Cambridge University Press, ISBN 978-0-521-69727-9.

Howell K, (2004), “Europeanization, European Integration and Financial Services”, Palgrave Macmillan,
ISBN 1-4039-1255-6

McDonald F & Dearden S, (2005), “ European Economic Integration”, Fourth Edition, Longman, ISBN 0 273 67908.

Neal L, (2007), “The Economics of Europe and the European Union”, Cambridge University Press, ISBN 0-52168301-7

Senior Nello S, (2005), “The European Union: Economics, Policies and History”, McGraw-Hill, ISBN-13: 9780077107819

Wallace H, Wallace W, (2008), “Policy-Making in the European Union”, Fifth Edition, Oxford University Press, ISBN 978-0-19-927612-7
USEFUL WEB SITES and JOURNALS
European Business Journal
European Economy
Economic Policy: A European Forum
Journal of Common Market Studies
Journal of European Integration
Journal of European Public Policy

EUROPEAN UNION INSTITUTIONS
European Institutions (general)  http://www.europa.eu.int/index.htm
European Commission   http://www.europea.eu.int/comm/index
European Parliament    http://www.euoparl.eu.int
Economic and Financial Affairs  http://www.europa.eu.int/comm/econo
European Central Bank   http://www.ecb.int