The course is a core educational activity in the Master's Degree in Economics and Finance.
The course is part of the Jean Monnet Chair in Digitalisation in EU Financial Studies (EUDIFIN).
The EUDIFIN Chair contributes to the political and scholarly debate revolving around the challenges the European Union faces to make a proper use of financial innovation to further market integration and risk sharing in the internal financial market (both key objectives of the drive to build the Capital Markets Union). The Chair aims to integrate such cutting-edge developments into three courses: “International Financial regulation”, “Banking and Financial Markets Law”, and “FinTech Law and Financial Innovation” (36 hours each = 30h “foundational” lectures + 6h “in focus” lectures).
The three courses hence branch out three trajectories, which are projected at: i) studying the revolutionary changes in the structure of financial markets and how they relate to the general framework and the principles that govern EU financial law and supervision (institutional trajectory); ii) deepening the studies relating to the regulatory objectives of EU financial law, supervisory and regulatory powers and financial integration. It will do so by dealing with the EU market integration legislative initiatives vis-à-vis the break-throughs in data processing and sharing technology (substantive trajectory); and iii) addressing the increasing labour market demand for professional expertise in the ambit of advanced data analytics and cloud computing and their application to financial markets and financial products (methodological trajectory).
The course International Financial Regulation aims to provide students with the knowledge to understand the “institutional” dimension of digitalisation in EU banking and financial law.
The course draws on the rules set by the global regulatory committees (Financial Stability Board, Basel, etc.) and on European post-crisis regulation, with a few digressions and comparisons with the American regulatory debate.
The essential purpose of the course is, first, to explore rationales to regulate and supervise financial markets and to understand how the regulatory and supervisory architecture in Europe changed over time. Second, this course addresses six policy areas in more detail that are being affected by digitalisation and financial innovation. These areas are: 1. Economic and Financial Integration in Europe, 2. EMU (Economic and Monetary Union), 3. Monetary Policy and Monetary Law, 4. The ESFS and the ESAs, 5. The EBU and its three pillars (SSM, SRM, EDIS), 6. The CMU.