LAW AND POLICY OF ECONOMIC DEVELOPMENT
Instructional goals
The course aims to provide students with an introduction to economic regulation theories, illustrating the objectives, instruments and methodologies underlying the adoption of regulatory acts - at European and global level - intended to regulate economic activities and the financial system. The course takes a functional approach and aims to equip students with the critical tools to understand the different effects and impacts that different regulatory techniques can have on individuals, businesses and the economic and financial system in general.
The course is based on a combined system of learning types: acquisition, enquiry, discussion, collaboration, practice, production.
The objective of the course is to stimulate critical awareness in regulatory choices, addressing topics ranging from theories of regulation to regulatory variables and strategies, from the regulation of digital markets (DSA, DMA, Data Act, AI Act) to financial regulation, from consumer protection to the management of banking crises, up to the crucial aspects of sustainable finance and data regulation. Digital innovation and sustainability, as interpretive keys to contemporary regulatory challenges, are treated as cross-cutting elements that pervade all areas of the course. At the same time, tools will be provided to understand how different regulatory approaches are able to influence the behavior of market operators, the quality of regulation and the effectiveness of regulatory responses to the challenges of digitalization and climate change, through the analysis of applied case studies and the conduct of regulatory impact assessments.
At the end of the course, students will be able to understand the basic concepts of economic regulation, identifying the relevant rationales, including in relation to the financial sector.
Intended learning outcomes
Knowledge and understanding: The course will foster the development of interdisciplinary knowledge suitable for practical application, with particular attention to aspects related to innovation and sustainability.
Students will acquire skills, competencies, tools and methods that will enable them to formulate appropriate questions and address emerging issues in the context of economic regulation. Students will be able to critically analyze existing research on the subject, with particular attention to the integration between law and other scientific knowledge. They will have the ability to collect and analyze data and present results in a clear and structured manner, addressing topics relevant to market regulation and sustainable development governance.
Ability to apply knowledge and understanding: Through the learned methodology, students will be able to develop their own logical path for analyzing regulatory choices in digital and financial markets; they will also be able to read and analyze European regulatory frameworks (DSA, DMA, Data Act, AI Act), identify the real areas of interest and in-depth analysis for different purposes, evaluating the impact of different regulatory strategies on market operators' behavior.
Making judgements: Students will have developed critical awareness that allows them to formulate independent judgments on regulatory choices in interdisciplinary terms, combining economic efficiency, consumer protection and sustainability objectives; they will also have developed critical awareness that enables them to understand the risks and challenges of digital market regulation, banking supervision and financial crisis management, as well as the implications of climate change on the financial system.
Communication skills: Students will have developed the ability to communicate what they have learned in both written and oral form, appropriately using the technical-legal and economic vocabulary specific to market regulation.
Learning skills: Students will be able to put into practice the knowledge developed during lectures and during case study analyses and regulatory impact assessments conducted in groups during the course.
Course Contents
The course is structured around two main thematic areas. The first part is devoted to economic regulation, focusing on theories of regulation, regulatory variables and strategies, regulatory actors at national, European and supranational levels, competition law and the regulation of digital markets, including an in-depth analysis of the main European regulatory frameworks such as DSA, DMA, Data Act and AI Act. The second part of the course concentrates on financial regulation, exploring the objectives and challenges of financial system regulation, consumer protection, the theory of banking regulation, the management of banking crises in the EU and the relationship between climate change and sustainable finance. During the course, applied case studies relating to digital and financial markets will be discussed, with particular attention to compliance issues and regulatory impact assessments. The learning experience will be enriched by testimonials from external experts.
Reference Books
The texts and materials will be indicated at the beginning of the course; the slides provided during the course are part of the exam program.
Teaching Methods
The teaching methodology is based on a "full Inquiry-based" approach.
The topics covered in the lectures are introduced through the presentation of one or more cases and the identification of issues of interest. Through the analysis of academic articles and other documents, a debate guided by the instructor will be promoted, aimed at identifying and studying possible solutions.
Students will have the opportunity during office hours for individual discussion on specific topics.
Assessment Method
The final exam consists of an oral examination in which the student must demonstrate knowledge and understanding of the main topics covered in the teaching program modules.
Students must be able to independently and critically analyze the discipline and the institutions covered in the course, correctly using the legal terminology specific to the subject, demonstrating that they have acquired the study method and learning capacity necessary to continue deepening their knowledge of the subject independently. Students must demonstrate their ability to reason by applying the institutions studied to practical cases presented by the instructor through concrete examples. For the purpose of assigning grades on a scale of thirty, the following evaluation criteria will be taken into account:
Midterm assessment conducted according to methods chosen by the instructor and communicated in due time. The midterm assessment will cover topics addressed up to one week before the test. The grade will account for 30% of the final grade. To take the midterm assessment, students must have attended at least 2/3 of the lectures held up to that point.
Final examination: The final examination will be oral and will be evaluated as follows: knowledge and understanding of the institutions and principles of the subject and ability to apply them to concrete cases (70%); mastery of technical-legal vocabulary, ability to consult and evaluate relevant sources and acquisition of study method (30%).
Students who do not take the midterm assessment or who receive an insufficient grade will be evaluated entirely on the final oral examination and other activities carried out during the course.
The presence of knowledge gaps regarding one or more institutions or principles will result in an insufficient grade even in the presence of basic knowledge of the subject.
Thesis assignment criteria
Motivational interview.
Week 1
on campus
Introduction to economic regulation
Theories of regulation
Week 2
on campus
Regulatory variables
Regulatory strategies and quality of regulation
Week 3
on campus:
The actors of regulation: national, European, supranational
Competition law and its relationship with regulation
Week 4
on campus
Network regulations in the EU. An introduction
DSA - DMA
Week 5
on campus
Data Act and AI Act
Independent Authorities
Week 6
on campus
The financial system
Goals and challenges of financial regulation
Week 7
on campus
IP law and sustainability
Theory of banking regulation
Week 8
on campus
[MIDTERM]
Consumer protection regulation in financial law
Week 9
on campus
Bank capital, liquidity regulation, corporate governance and bank crisis regulation in the EU
Climate change and the financial system
Week 10
on campus
Sustainability and contracts
Financial data regulation
Week 11
on campus
Who is a gatekeeper under DMA?
Wirecard case. How to deal with frauds and regulation shortcomings
Week 12
How to conduct a regulation impact assessment. The path to the EU Health Data Space
Wrap-up and end of the course.