In the aftermath of the subprime crisis developed countries have faced a sovereign debt crisis, not only in weak euro-area countries but also in the core countries of the World-economy. The liberalization of financial markets over the past decades coupled with strong confidence in monetary principles and fiscal orthodoxy is responsible of the present state of our economies harming present and future generations’ welfare.  Debt crises – banking, external or sovereign, domestic crises alike - are common phenomenon in modern history.  The discussion thread of this course is the following question: Is the present debt crisis different? With the pandemic crisis of Covid-19 many developed countries have launched fiscal packages to sustain the economy. Most packages rest on debt and money creation. This happens in an already unstable financial situation. The world is in a global excess of liquidity and in a liquidity trap. Interest rates have fallen to the zero-bond level. Do we have the macroeconomics for such a unprecedented situation?

The first objective of the course is to present the key concepts and theories to analyze sovereign debt and default, but also currency and banking crises, with a special focus on the euro-area crisis. The second one is to develop a comparative perspective on this topic, historical and geographical, so as to discuss questions as the following: does the Greek experience have something in common with Latin America’s debt crises of the early 1980’s or Argentina’s current debt crisis? The third objective is to explore ways to cope with this crisis and discuss possible sustainable solutions, especially for the euro-area.   

Grading Scheme: 

Three types of assignments graded as follows:  Each student will have to make an oral presentation on a pre-defined topic lasting 15 minutes, worth 60% of final mark and write a one page synthesis of the presentation worth 20% ; Participation to class discussion is worth 20% of your mark.


  1. Introduction to the class and presentation of the general theoretical frame
  2. The evolution of World debt
  3.             The Euro-Area Debt Crisis Puzzle: A Comprehensive Approach
  4. Types of Debt and Theoretical Approach to Debt Crisis
  5. Sovereign Default through History    (1)
  6. Sovereign Default through History (2)
  7. The Debt-Deflation Theory and the Aftermath of the US Subprime Meltdown
  8. Economic Consequences of Sovereign Default on External Debt (1)
  9. Economic Consequences of Sovereign Default on External Debt (2)
  10. How to finance the consequences of the pandemic crisis?
  11. Tentative Solutions versus Sustainable Solutions to Debt Crisis: the European Case



Akerlof George A., Shiller Robert J., 2009, Animal Spirits, Princeton University Press, Princeton and Oxford.

Bulow Jeremy, Rogoff Kenneth, 1989, “Is to Forgive to Forget?”, The American Economic Review, Vol. 79, No 1: 43-50.

Chesnay François, 2011, Les dettes illégitimes, Raisons d’agir, Paris. 

Eichengreen Barry, Lindert Peter H., eds., 1989, The International Debt Crisis in Historical Perspective, MIT Press, Cambridge.

Fisher Irving, 1933, “Debt-Deflation Theory of Great Depressions”. Econometrica 1 (4):337-357.

Howse Robert, 2007, The Concept of Odious Debt in Public International Law, UNCTC, Discussion Paper N0.185.

Jayachandran Seema, Kremer Michael, 2006, “Odious Debt”, The American Economic Review, Vol. 96, No.1: 82-92.

Kindelberger Charles P. & Aliber Robert Z., 2011, Manias, Panics and Crashes: A History of Financial Crises, 6thEdition, Palgrave Macmillan, New York.

Minsky Hyman P., 2008[1986], Stabilizing an Unstable Economy, Mc Graw Hill, New York.

Reinhart Carmen H., Rogoff Kenneth S., 2009, This Time is Different, Princeton University Press, Princeton and Oxford.

Vogel Joseph, 2010, Das Gespenst des Kapitals, Diaphanes, Zürich.

Wray Randall L., 2011, “A Miskyan Road to Financial Reform”, Working Paper No.655, Levy Economics Institute of Bard college. 


This seminar intends to present the main aspects of the French society, compared with other European countries. Indeed, the main objective is to analyze how the French society functions, considering some of the main historical steps which established the basis of the Welfare System, the labor market, the role of women in society, the system of education, etc. 

This seminar is mainly based on sociology; as a consequence, you have to know some important classic authors and theories. Please, look at a general handbook of sociology before beginning the seminar to be a little bit familiar with these notions. 

Comparisons with other countries will be encouraged during all the seminar and students will be also encouraged to present the functioning of their own country. 

These nine weeks lecture in Political Science aims to analyse the main aspects of the French political institutions and actors, since the birth of the current Fifth Republic, in 1958. The first part of this course aims to present the outlines of the French political order: that is to say, the functioning of the French semi-presidential system and relationships between the main power figures (such as the Prime Minister, the President of the Republic and the Members of Parliament), relationships between central level and sub-central level (since the laws of decentralization) powers, functions of the State and characteristics of the high civil servants (education, career...). The second part of this seminar will present the main French political actors: political parties and the functioning of political competition; representation of women in politics; the political activists. Finally, we will deal with the main debates about the French political life. 

This lecture aims to give you the main tools to participate and understand the key debates of the French political life, during your stay in France. So, don’t hesitate to participate during this lecture and to ask some questions. I’ll be happy to precise some theories or notions that you didn’t understand. We can also organise some debates and compare the French political system with the functioning of your own country political system. 

Ce cours s'adresse aux étudiants de la filière FIFA actuellement en année de Master (toutes spécialités)


The discussion thread of this course is the assumption that the European construction failures have their roots in the ambiguity of the idea of Europe. So, in order to strengthen the European idea, it is assumed that this very idea of Europe has to be cleared by deconstruction. 

The premise to any success in the European construction not betraying the ideal of democracy, peace and hospitality - all virtues attached to the political ideal of Europe - is the deconstruction of the idea of Europe. So, the objective of the course is to go back up from some unsettled questions about the European idea to the idea of Europe that is to find in the writings of European philosophers, especially since Kant. 

A distinction is made between the European idea and the Idea of Europe. By European idea I mean the constructivist idea of the European polity that the European unification attempts to realize by the creation of common institutions and common policies. So, the European idea refers to the implementation of the "founding fathers'" project until the apparent failure of the European constitution. With the expression “idea of Europe” I mean the philosophical conceptions of Europe by European philosophers since Kant to Derrida through Valéry, Husserl, Patocka and many others. Philosophers thought Europe as apart from the rest of the world and of humanity, because of its intellectual achievement. They thought of a special connection between Europe and the reason: Europe is self-declared as the birth-place of philosophy, and by this way of science, but they also thought of a special connection between Europe and democracy. Philosophy, science and democracy are conceived as essentially European inventions. In other words, philosophy, science and democracy are supposed to fulfil the idea of Europe. And we have by there the definition of Europe in a simple equation: Europe = reason, logos. And from this idea they claimed for Europe and Europeans a special destiny and a special mission in regard of the world. That is called the destiny and mission of the universal. 

The objective of the course is to call this pretension into question and to appreciate the achievements of the European idea from the commitments rooted in the European self-image. 


  1. From the Crisis of the European Humanity to the European Construction 
  2. How many languages can Europe sustain? 
  3. Cool memories?
  4. How old is Europe? 
  5. Do we still need nations?
  6. Can a weak Europe have an effective foreign policy?
  7. Can hospitality be rationed?
  8. Globalization or Europeanization?


There is no special requisite in philosophy to attend this course.

GRADING SCHEME: An Essay of 10 pages, 1.5 spacing, margins: 2cm. Topic related to Europe.