This text is an item in "Our Pub" Library.
Witold Marciszewski

Selected problems concerning European Integration

There are two methods of passing exam "European Integration":

The date established for oral examination: Those mentioned above in II come in the same term, not for oral examination but for discussing their homeworks before obtaning a grade.

Questions are listed below, divided in sections A-F. Each student obtains some from among eight questions: three being obligatory, selected by the Professor, the same for the all being examined; and five facultative, selected by each student individualy according to her/his interests, namely one question chosen from each section within the set: B, C, D, E, F. The obligatory questions are following: A2, D8, and F3.


A. Economic integration and convergence criteria.

1. Definition of economic integration.

2. Stages of economic integration.
2.1. Define each stage.
2.2. At which stage is EU in 2012?

3. UE regulations regarding the limits of acceptable government deficit and government debt.

4. Which states belong to euro zone? Why Poland does not belong?

B. Debt as the essential factor of economic crisis.

1. How does a debt arise?
Moral aspects of reckless borrowing and lending.

2. Give an example of how a financial instutution can win a trust of its clients and partners (a hint: see item VI in Section 1).

3. What the subprime lending consists in? What do we mean when speaking of "subprime crisis"?

4. How did interest-only loans contributed to the present financial crisis?

5. Tell a typical story (as a case study, chosen from among those in Section 3) to exemplify reasons of the crisis in Spain.

6. Give an example of computing the expected utility of an action, taking into account
the estimated risk (i.e. the loss in the case of failure), and the estimated gain (if you succeed).

7. Which budget parameters impact on the interest rates of state-issuesd bonds?
Hint: consider the degree of risk as estimated by investors on the basis of their knowledge about the economy of the state in question.

C. The impact of the global crisis on European integration.

Also consult M.D±browski's study on this subject.
1. Define the difference between federation and international organization.
Does either category characterise EU?

2. Causes and effects of nationalizing fiscal responses.

3. The role of state's financial supersvision.

4. What does the subprime mortgage crisis consist in?

5. What does it mean to be eurosceptical?

6. Explain the notion of toxic assets.

7. Give an example of beggar-thy-neighbour policy.

8. Why such a policy may result in disruption of the single European market?

The questions which follow refer to the document EU Economic governance "Six Pack".

9. How the rules of economic governance are related to the Five EU targets for 2020 (use link MEMO/11/364 in the basic document)?

10. Give some examples of means to be adopted by EU authorities within the framework of Excessive Deficit Procedure.

D. Crisis economics according to Nouriel Roubini.

1. Find out some data about Nouriel Roubinis life, work and economic forecasts.

2. Compare Roubini's views on personal investements with those of yours (see Section wikipedia article).
Do you share his views on personal savings policy?

The questions which follow refer to the book by Roubini, Ch.2, Section "To Austria and back" pp.28-31.
3. What does it mean to be an Austrian economist? (p.29)

4. What does the "socializing of private losses" consists in?

5. Why is Schumpeter's concept of "creative destruction" regarded as antithesis of Keynesian thinking?

6. Do you agree that the Austrian approach is misguided when it comes to short-term policies?

7. Do you agree that when it comes to the medium term and long term, then the Austrians approach is right?

8. How the insights of both schools (Keynesian and Austrian) should be synthesized?

A helpful discourse on the above isssus is found in the Professor's lectures I, II and III in "Our Pub"
(including Ms. Evelina Gruszewska's comment on lecture I).

E. About economic thinkers referred to by Roubini.

1. Find out some data about John Maynard Keynes' life, views, influence, and relation to Friedrich Hayek.

2. Find out some data about Friedrich Hayek's life, views, and influence.

3. Hayek's Influence on central European politics (Section 3.2 in the wikipedia article - link in F1).

4. The economic calculation problem according to Hayek, von Mises and Lange.

F. European integration in the spiritual and cultural dimension.

Use texts included in the document The Spiritual and Cultural Dimension of Europe, pp. 21-27.

1. Sum up Silvio Ferrari's position and arguments regarding the question
of an explicit reference (in UE constitution's preamble) to Europe's Christian heritage.

2. Sum up Bronisław Gieremek's position and arguments regarding the same question.

3. State your own positions and give relevant arguments.

To answer questions 4-7, refer to the "Our Pub" post
Is it possible for Christianity to contribute to the future of European integration?
4. Key events which originated the impact of Catholic Church on the development of Europe in the Middle Ages.

5. Does pluralism, involving freedom of thought and publications, activity of various political parties etc., accords with Catholic doctrine?

6. Church's attitude towards pluralism, up to the 19th century, as stated in the Syllabus of Errors.

7. Compare the present Church's attitude towards pluralism with that of Islamic clergy.