As part of the International Business Environment module, Professor Clemens Kool offered students an in-depth and interactive session on the complexity of European integration. His session ‘The need for Europe to move forward’ was met with enthusiasm and sparked thoughtful debate. “Clemens Kool’s class was engaging and highly interactive,” says student Dana Mosevics. “The blend of theoretical insights with practical case discussions created a dynamic atmosphere that encouraged reflection and active participation.”

Kool began by outlining the history of the European Union (EU), a project born in the aftermath of WWII from the desire of ‘never again’, using economic integration as one of the key instruments. He explained the complexity of EU decision-making and how it is shaped by national interests and often progresses slowly—except during crises, such as the financial debt crisis or the COVID-19 pandemic.

Small central budget

He also highlighted that the EU’s central budget is relatively small, representing just 1–2% of the member states’ combined GDP. Most public spending on key services like healthcare, education, and defense remains under national control. This led to a lively debate among students: should the EU’s budget increase to 5% or even 10% to enable more centralised action, particularly in areas like defense? Opinions varied widely, depending on participants’ trust in national versus EU-level governance.

Birth of the euro

One of the key topics discussed was the introduction of the euro—a bold move to unify European economies under a single currency. According to Kool, the euro has delivered price stability and enjoys growing public support. However, the eurozone continues to face significant challenges, such as diverging debt levels, limited economic convergence between older and newer member states, and underdeveloped capital markets.

While the monetary union has survived multiple crises, Kool emphasised that structural issues remain. These include the need for stronger fiscal coordination, enhanced democratic legitimacy, and resilience in the face of geopolitical and economic shifts. “The euro has made Europe more connected than ever,” Kool noted, “but it continues to test the limits of what a monetary union without full political union can really achieve.”

One way trip to paradise

Dana Mosevics, Israeli national, currently living in London where she is working at the intersection of governmental relations, policymaking, ESG initiatives, culture, and philanthropy, advising organisations on navigating complex international landscapes. She considered the session as exceptionally relevant, complementing the broader themes of the International Business Environment module. Dana: “It effectively bridged the gap between theory and practice, providing valuable insights into the economic, political, and social factors influencing business operations in Europe. Understanding these intricate dynamics is critical for effectively navigating international markets and for companies aiming to operate successfully within European contexts. Coming from an academic background in political science, I found the session particularly insightful, especially in how it highlighted the inevitable progression of European integration through the compelling metaphor of Europe being a ‘one-way trip to paradise’. This powerful imagery underscored both the complexity and urgency of deepening integration. Additionally, the nuanced exploration of balancing national sovereignty with collective European decision-making offered profound insights relevant not just economically, but politically and culturally as well. Gaining a deeper understanding of Europe’s economic, political, and regulatory landscape enables me to provide more nuanced advice to organisations navigating European markets. The session equipped me with a stronger analytical framework for addressing challenges related to policymaking, governance, and international business strategy within a European context.”

About Clemens Kool

Prof. Kool holds a full-time chair in Macroeconomics/International Monetary Economics at Maastricht University’s School of Business and Economics. His research focuses on monetary theory and policy, international financial markets, European monetary and financial integration, international macroeconomics, banking and asset pricing. Previously he worked at Erasmus University, Utrecht University and Indiana University Business School. Also, he has held roles at the Dutch Central Bank, CPB, and the Federal Reserve Bank of St. Louis.

This article displays the student insights and experiences of our On-Campus MBA Entrepreneurship & News Business Models module. Our On-Campus MBA track is part of the executive modular part-time MaastrichtMBA programme and next to that, we offer also an Online MBA learning format. The programme has a Triple Crown accreditation and is aimed for professionals with at least 5 years of working experience.