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1. International Financial Crisis (IFC): If your country has suffered an IFC since 1990, provide a brief background of the crisis and a timeline of the major events as the crisis unfolds (such as devaluation of the domestic currency, capital controls, default on foreign debt, negotiation of emergency financial aid packages), outline your country�s experience during the crisis (such as inflation, unemployment, output, foreign debt, exchange rate, foreign exchange reserves, social and political instability), and discuss the causes (internal and external) and consequences of the crisis (such as subsequent reforms and renegotiation of foreign debt). Note: To discuss the European sovereign debt crisis, go to topic #2.
2. European Economic and Monetary Union (EMU): If your country is a member or is applying for the membership of the EMU, outline the mission and structure of the EMU (no more than two pages). Discuss the economic gains and challenges faced by your country in adopting Euro, especially the implications for fiscal and monetary policy, and the impact on trade and foreign investment.
Also discuss the European sovereign debt crisis if your country is one of the following: Ireland, Italy, Spain, Portugal and Greece. Outline your country�s experience during the crisis (such as inflation, unemployment, output, public finance, social and political instability), provide a timeline of the major events (such as downgrading of sovereign debt ratings, negotiation of emergency financial aid packages), and discuss the causes (internal and external) and consequences of the crisis (such as subsequent reforms).
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