Economics students take on role of ECB at Generation €uro Awards

The Central Bank of Ireland recognised the achievements of young economics students at the Generation €uro Students’ Award final on Friday 27 November. A team from Sutton Park School were crowned winners at the virtual event.

Students from Sutton Park School beat stiff competition from Killorglin Community College in the final. Both teams took on the role of the ECB Governing Council by carrying out an analysis of the economy and setting an appropriate interest rate for the euro area. The two teams talked in detail about the challenges currently faced by the euro zone, and were commended for their ability to analyse the rapidly changing economic environment against the backdrop of the COVID-19 crisis.

Deputy Governor Sharon Donnery awarded trophies to the teams and highlighted the achievement of those who reached the final, saying, “through their participation in this competition, the students from Sutton Park School and Killorglin Community College demonstrated a strong understanding of the principles of economics and of monetary policy, and they showed rigour in their assessment of the monetary policy options available as they put themselves in the shoes of the ECB Governing Council”.

Speaking about the winning team, she added that Sutton Park School “showed great understanding of the ECB’s mandate of price stability and outlined risks associated with this. Moreover, they handled questions very well, displaying in-depth knowledge of the subject.”

Commenting on the importance of engagement with the next generation of economists, Deputy Governor Donnery said “the Central Bank is very committed to playing its part in encouraging the economists of the future. It’s very much in our interests to ensure there is a strong pipeline of young people interested in economics who may choose to forge careers in this area in the future. The study of economics can open the door to so many careers.”

The Generation €uro Students’ Awards presentation represents the culmination of nearly a year’s work for the successful student teams. The Central Bank is delighted to deliver the final virtually and to recognise the achievements of the competing teams.

Notes:

The Generation €uro Students' Award is Ireland's leading economics competition for Transition and 5th Year students.

It is run by the Central Bank of Ireland in conjunction with the European Central Bank (ECB) and is conducted simultaneously by other national central banks in the euro area. Every year we search for Ireland’s brightest young economists to enact the role of the European Central Bank’s Governing Council, perform their own analysis of the economy and set what they believe is an appropriate interest rate for the euro area.

Students enter the competition in teams of three to five, with a nominated teacher acting as mentor. Participants are tested over three different rounds - a quiz, a written analysis and a presentation, The successful teams from the online quiz proceed to the second round where they are asked to analyse economic conditions and determine what they believe to be the appropriate interest rate for the euro area. The finalists then present their findings to a panel of senior economists at the Central Bank.