European Monetary Union and Banking LawThis interdisciplinary seminar, offered in cooperation with the University Economics Department, analyzes the structure, operations and economic implications of the European Economic and Monetary Union (EMU) and the European Union's harmonization of banking law. All topics will be the subject of both legal and economic policy analysis. The seminar will initially review the history of monetary coordination and the achievement of free movement of capital. The structure, role and powers of the European Central Bank (ECB) will be described, along with the issues of its independence and limited democratic accountability. The level of effectiveness of centralized monetary policy-making by the ECB and the degree of transparency in its operations will be analyzed. The seminar will review the economic criteria for joining the final stage of EMU, the relation between EMU and the International Monetary Fund, and ongoing economic coordination. The legislation governing the Euro as a currency and its economic impact will be discussed, as well as the international use of the Euro and its relationship with the dollar. In banking law, the seminar will review the development of European-wide banking rules, notably the First and Second Banking Law Directives. The nature and policy implications of the single license and Home State authorization and the scope of universal banking will be discussed, Prudential supervision of capital, risk management and other regulatory requirements will be reviewed, together with an assessment of the ongoing restructuring of the European banking industry.