OAGE 2110 - Fiscal and Monetary Policy in Times of Crisis: A Practitioner’s View

The course sits at the intersection of multiple disciplines and examines the major global economic and financial crises of the past decade—the Global Financial Crisis, the sovereign debt crisis, the Covid-19 shock, and the progressive fragmentation of the economic world order. We will analyse policy responses focusing on the interaction between governments and markets. The course adopts a comparative lens across national, regional, and international levels to identify both common patterns and differences. Special attention will be paid to monetary, fiscal, and regulatory tools, as well as to supranational coordination—particularly within the European Union and the G20. The last part will be devoted to the desegregation of the liberal global economic order and the ongoing fragmentation: derisking, de-coupling, challenge to the dollar, the resurgence of industrial policy.

The course is led by a practitioner who has confronted these crises in senior roles across international organizations, national government, and global finance.

This perspective provides insider insight into decision-making, interest reconciliation, and the practice—and limits—of international coordination. The practitioner’s experience will shape the course’s methodology and teaching style. Students will be assigned targeted readings and are strongly encouraged to participate in interactive discussions.

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The course is shaped by a practitioner’s perspective, which informs both methodology and teaching style. Students will receive targeted reading assignments, and active participation through interactive discussions is strongly encouraged. To stay relevant and dynamic, we will regularly incorporate current events—such as central bank meetings, market developments, and major decisions by governments or international organizations—which will be analyzed and discussed in class.

• Participation & presentations (33% of the total validation) — Throughout the semester, students are expected to engage actively: contribute to discussions, ask and answer questions, and deliver short group presentations on relevant case studies.
• Mid-term role play (33%) — A mid-semester role play will simulate real-world decision-making. Students are expected to participate actively and follow the assigned ground rules.
• Final test (33%) — A closed-book written exam (2–3 questions; no books, notes, or phones) will take place in the last session. It will focus on the course’s core topics.

Students will be assigned readings and will be asked to follow relevant news for the class, in order to be able to link class contents with the latest developments in the world.