The course deals with the main issues in the field of open economy macroeconomic policy, in the light of the globalization process, focusing on the causes of the global financial crisis, and on its consequences on the Eurozone economies. We first present the standard reference frameworks (Ricardo-Torrens comparative advantages theory, Mundell-Fleming model, Marshall-Lerner conditions); then, we discuss the scope for national policies in a globalized economy; finally, we analyze the structure and the role of the supranational institutions, both at a global level (International Monetary Fund, World Bank, World Trade Organization), and at a regional level (European Union), and we examine the challenges that the globalization poses to the economic governance both at the national and the supranational level.