PUBLIC ECONOMIC LAW
Instructional goals
The main objective of the course, taking into account the placement in the first year, is to provide students with the terminological tools for the first approach to law and a basic legal knowledge aimed at understanding relations between institutions, Law and economics. The approach will be systematic, with the aim of providing students with a methodology for the critical analysis of the principles and relations governing the institutions of economic law, public and private, at international, European and national levels
Intended learning outcomes
Knowledge and understanding: the student will acquire basic knowledge of the subject and in particular the legal system of the economy; he will know what is the organization of the State; he will also acquire knowledge of basic interpretation techniques. In itinere, this knowledge will be evaluated through an intermediate test or through interaction during the lessons.
In particular, the student will have to:
- Know the constitutional order of the market and the sources to understand the reasons of the choices adopted by the Constituent.
- To know the evolution of the history and the European legal and economic order.
- To know the structure and composition of the Government, the Parliament and the role of the President of the Republic in order to understand the institutional set-up.
- Knowing the constitutional principles behind public finance and understanding the interrelationships between state - society – economy.
Knowing the actors that underpin public intervention in the market and understanding the institutional choices underlying the link between supervision and the market.
- To know the authoritative structure of the internal capital market and understand the function of banking, financial and insurance activities.
- Knowing the dynamics of the market and understanding the function of competition rules.
- Knowing the instruments and understanding the logic of the rules governing the functioning of the capital market.
Ability to apply knowledge and understanding:
- learning about the new challenges posed by technological innovation and sustainability (ESG) to the banking and financial market.
The student will be able to apply the theoretical fundamentals to the interpretation of the legal framework of reference, improving their ability to interpret the legal phenomenon.
In particular, the student will be able to analyze:
- the relationships between the different sources;
- the impact of constitutional principles on the market;
- the process of construction of the European Union and the institutional aspects related to the management of public resources;
- the effects of democratic institutions and the impact of supervision on the market and finance;
- the impact of competition and the legal system on the dynamics of supply and demand for capital.
Autonomy of judgment
The student will develop a critical awareness such as to allow the formulation of autonomous judgements on the identification of the applicable regulations in the subjects under study; he/she will also have developed a critical awareness such as to evaluate the individual regulations in reference to the fundamental principles, verifying their effectiveness.
Communication skills
The student will have developed the ability to communicate by adopting a rich vocabulary and a good synthesis technique.
Learning ability:
The student will be able to continue their studies, first, and start working, then, putting into practice the notions learned during the lessons.
In particular, the student will have to acquire:
- the ability to bring the individual norms back to the fundamental principles of reference
- the ability to study the Italian legal system;
-the ability to correlate the functions of independent institutions and authorities to the socio-economic reality;
- the ability to comply with the supervisory rules governing the matter;
- the ability to comply with the supervisory rules.
Course Contents
The course is divided into two parts.
In the first part there will be an illustration of the constitutional and public law principles characterizing the organization of our country, and in particular those governing economic matters. In the second part, specific topics of public law of the economy in national and European context will be deepened, with particular reference to those of more immediate relevance to the current (market and competition discipline, privatisations, public finance control, independent administrations, European integration process and globalisation, technological innovation and sustainable development, ECB and top management of the financial system the European Union, Banking disintermediation and financial markets.
Reference Books
Diritto pubblico dell’economia, curated by M. Pellegrini, Cedam, Padova, 2023 (with the exception of some chapters that will be indicated) LINKhttps://luiss.summon.serialssolutions.com/?#!/search?ho=t&l=it-IT&q=MIRELLA%20PELLEGRINI%2023.
For more details on the the part relating to the Constitution, it is suggested:
Compendio di diritto pubblico, curated by V. Lemma and M. Pellegrini, Giappichelli, 2023;
or
R. BIN-G. PITRUZZELLA, Diritto Pubblico, Giappichelli, Torino, 2024, LINK https://www.giappichelli.it/diritto-costituzionale-9791221108682?srsltid=AfmBOop8DRmVquBWKOgvQI0DFzIhSA-TmUJz7BcsXi2Yjzsksksg1Avv
or
BIFULCO, Diritto Costituzionale, Giappichelli, last edition
It is also recommended a collection of the main normative texts on the subject of Public Law (known as codes).
Teaching Methods
The methods and tools supporting teaching activities are lessons, case study discussions and group project works.
Assessment Method
The examination consists of an oral interview in which the student must demonstrate knowledge and understanding of the main subjects covered by the modules of the teaching programme. The student must be able to analyse independently and critically the discipline and institutions covered by the course, using correctly the legal vocabulary of the subject, By demonstrating that you have achieved the study method and the learning ability necessary to continue, even independently, in-depth study of the subject. The student must demonstrate that he knows how to reason, applying the institutions studied to practical cases submitted to his attention by the teacher through the presentation of concrete examples. The following evaluation criteria shall be taken into account for the purposes of assigning the thirtieth vote:
1. Intermediate test carried out according to the methods chosen by the teacher and communicated in good time. It is not mandatory and the result achieved will be valid until the appeal of the month of September. It will award a bonus point in case of achievement of a certain result and will not count as an exemption at the final examination of the topics covered by the same. In order to take the intermediate test, students must have attended at least the 70% of the lessons previously taught.
2. Final test: The final test will be oral and will be evaluated as follows: knowledge and understanding of institutions and the principles of the subject and ability to apply them to concrete cases (70%); property of technical-legal, ability to consult and evaluate relevant sources and acquisition of the study method (30%).
3. Participation in class: including participation in any exercises and project work. No bonus points. The development of the project work will involve the exemption at the final examination of the subject matter until the appeal in September. To be able to carry out the project work it will be necessary to have attended the lessons held up to that time in no less than 70%. The aim of these activities is to assess the ability to apply knowledge and the autonomy of judgement. Students who do not take the intermediate test or who have an insufficient grade in it will be evaluated on the final oral test and other activities carried out during the course. The presence of training gaps on one or more institutions or principles will lead to an insufficient evaluation even in the presence of a basic knowledge of the subject. To be considered attending students for exam purposes, a minimum of 70% attendance is required.
Thesis assignment criteria
Motivational interview.
Week 1
Introduction of the course, by sharing learning outcomes, teachings methods and assessment methods.
The meaning of “Public economic law”.
Legal phenomenon; the economic analysis of law; living law and interpretation; the role of national judges
Week 2
The State: introductory notions (political power; the State and its constituent elements.
Forms of state and forms of government.
Sovereignty, Political representation, separation of power, Majority rule, parliamentary form of government, unitary State, regional State, federal State.
Interventor State and regulatory State in the economy.
Week 3
The Italian Constitution.
Value, constituent power, classifications of constitutions.
The constitutional arrangements in Italy, the formal and material Italian Constitution. Fundamental principles, civil rights and social rights.
The welfare State and its crisis.
Principles on economic relations in the Italian Constitution and in the EU Treaty. The so-called Economic Constitution.
Week 4
The Parliament, the Government and the President of the Republic.
The Constitutional Court and
the Judiciary.
Determination of the political direction; structure and functioning of constitutional bodies. Parliament’s functions; legislative procedures; Parliament and the European Union
Week 5
European integration. The European single market. From the Treaty of Maastricht to the Treaty of Lisbon.
The organization of the EU's internal market and the means to achieve it.
The four freedoms, the EU competition rules and the limitation of state aid to businesses
Week 6
The system of sources law. Domestic sources and European law.
Globalization and new deglobalization scenarios
The new market regulation techniques
Week 7
Public finance within the constitutional framework and regulatory interventions in the Eu.
The PNRR
The independent administrative authorities at the time of the crisis.
Week 8
Public enterprises and privatization in Italy. The protection of competition and the Agcm.
The role of the State in the strategic sectors of the economy
Week 9
The stakeholders in financial market.
Banking disintermediation and alternative finance: the Capital Market Union
Week 10
The digitization of the financial sector: fintech and regulatory issues
Sustainable development of financial markets.
Week 11
Financial markets and the relationship between law and economy.
The financial crisis and the new economic-financial governance. The ECB
Week 12
The architecture of the European financial order.
UME, SEVIF and UBE.