Abstract-This paper focuses on simplified models of the Modular Multilevel Converter suitable for large-scale dynamic studies, in particular simulations under the phasor approximation. Compared to the existing literature, this paper does not a priori adopt the modeling approach followed for the original twolevel or three-level Voltage Source Converter. On the contrary, a model is derived following a physical analysis that preserves its average internal dynamic behavior. An equivalent control structure is proposed and various alternatives are highlighted. The proposed model with its controllers has been implemented in a phasor simulation software and its response has been validated against a detailed Electromagnetic Transient model. Finally, an illustrative example is presented with the application of the proposed model on a large grid consisting of AC areas interconnected with a multi-terminal DC grid.