MIL-OSI Banking: Young people to compete once again in economics for international Generation €uro Students’ Award

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Source: Bank of Finland

Upper secondary school students will once again compete on their knowledge of economic activity and monetary policy when the international Generation €uro Students’ Award competition starts in Finland on 4 October 2021. The aim of the economics competition is to help students understand monetary policy and its impact on the economy. Teachers play a key role in promoting financial literacy.

Teams of four students and a teacher compete for the Generation €uro Students’ Award, which tests students’ knowledge of monetary policy. The task of the teams is to prepare and present a proposal for an interest rate decision of the Governing Council of the ECB and other possible monetary policy actions. A team from Ålands Lyceum team was selected as the winning team in the 2020–2021 competition. Ålands Lyceum teams, tutored by Anders Casén, have entered the Generation €uro competition every year.

“There are always upper secondary school students ready to accept challenges outside the school curriculum and willing to spend their free time on this. And for those who are also interested in the economy, this competition offers a very exciting and educational experience,” says Anders Casén.

“Now we are eagerly awaiting the start of this year’s competition. All of our participants are highly motivated,” Casén continues.

The Generation €uro competition is held in several euro area countries. In Finland, it is organised by the Bank of Finland. Teams can participate in this year’s competition from 4 October to 16 November 2021. The competition culminates in spring 2022 with the national final competition and an international awards ceremony hosted by the European Central Bank.

Young people have a good level of financial literacy

The economic operating environment is constantly changing and the need to improve financial literacy has been observed both in Finland and abroad. The Generation €uro Students’ Award provides upper secondary school students with a unique opportunity to familiarise themselves with monetary policy in an enjoyable way. Educational institutions and teachers play a key role in promoting young people’s financial literacy, and the competition provides teachers with current information and an inspiring learning environment to support their teaching. Through the competition, the students are exposed to the latest economic changes, including the monetary policy strategy review published by the Governing Council of the European Central Bank in July.

“The Bank of Finland aims, in collaboration with other actors, to support and improve citizens’ and particularly young people’s own financial competence and their knowledge of the Eurosystem. It is important that young people are aware of the possibilities inherent in the economic environment and are able assess the risks associated with financial decisions. The 2018 PISA survey on financial literacy showed Finnish young people’s financial literacy to be at an internationally good level,” says Anu Raijas, the Bank of Finland’s Financial Literacy Adviser.

Additional information about the Generation €uro Students’ Award can be found on the Bank of Finland and Generation €uro Students’ Award websites.

Bank of Finland website: https://www.suomenpankki.fi/fi/opi-taloudesta/generation-euro/.
Generation €uro Students’ Award website: https://www.generationeuro.eu/

For further information, please contact Katri Heikkinen, Communications Specialist, Bank of Finland katri.heikkinen@bof.fi

Generation €uro competition

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