Bank of Lithuania

  1. What is the CEFER Challenge?

Inspired by the Federal Reserve Challenge in the US, the CEFER Challenge is an annual thematic team competition for university students from various academic disciplines. By presenting in front of a panel of experts, the students can learn and think outside the box about issues related to the euro area macroeconomy, the Eurosystem, and the implementation of monetary policy.

  1. Why should you participate?

In addition to the prize money and internship opportunities, the CEFER Challenge allows students to apply classroom knowledge to real-world problems. Besides logical thinking, writing, and data analysis, skills that are under-emphasised in the classroom, such as teamwork and public speaking, can also be perfected. These skills can be used to acquire internships, prepare for graduate studies, and discover potential career paths.

  1. 2nd CEFER Challenge – the Return of High Inflation

The 2nd CEFER Challenge encourages students to explore the economic and financial implications of high inflation in the euro area. The drivers and consequences of persistent inflation are at the centre of the current policy debate, including but not limited to:

We encourage students to focus on one aspect and develop a thorough understanding of its implications for the monetary policy and/or financial stability.

  1. Format and key dates

The event will consist of two rounds:

Round 1: Video Submission (3 min)

  • 1.5 min on Why: Focusing on one aspect of the current high inflation (either drivers or consequences) in the euro area, explain intuitively to central banks and financial regulators why this aspect is important.
  • 1.5 min on Evidence: Provide brief evidence to support your argument. Data evidence is preferred, other forms of evidence are acceptable.

*Only selected teams will enter Round 2.

Round 2: Livestream Q&A (30 min)

  • 15 min presentation: Expanding on the aspect of interest and discussing its implications for the monetary policy and financial stability.
  • 15 min Q&A: Quantitative and qualitative questions related to the presentation from the jury.

Important dates

Registration opens 10/02/2023
Deadline to register via email 05/03/2023
Deadline for Round 1 video submission 15/03/2023
Notification of Round 2 teams TBD
Submission of summary report and presentation slides TBD
Round 2 and winner announcement   TBD
  1. Prizes

  • Winner (1 team): 3000 euros + Internship possibilities at the Bank of Lithuania/Interested partners
  • Runner-Up (1 team): 1500 euros + Internship possibilities at the Bank of Lithuania/Interested partners
  • Honorable Mention (1 team)
  1. Call for partners

Call for partners(LT) (100 KB download icon)

  1. Competition steps, scoring rubric, and additional resources

Competition steps; Scoring rubric; Additional resources. (120.3 KB download icon)

  1. Organising committee – CEFER

If you have any questions, please email us at [email protected].

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General Information about the CEFER Challenge 

  1. What is the CEFER Challenge?

The CEFER Challenge, inspired by the Federal Reserve Challenge in the US, is an annual thematic team competition for university and/or master level students from various academic disciplines. By presenting in front of a panel of experts, the students can learn and think outside the box on issues related to the euro area macroeconomy, the Eurosystem, and the implementation of monetary policy.

  1. Why Should You Participate?

In addition to the prize money and internship opportunities, the CEFER Challenge allows students to take classroom knowledge and apply it to real-world problems. Besides logical thinking, writing, and data analysis, skills that are under-emphasized in the classroom, such as teamwork and public speaking, can also get perfected. These skills can be used to acquire internships, prepare for graduate study, and discover potential career paths.

  1. Format  

​The event will consist of two rounds:

(Round 1) Video Submission (3 min)

          *Only selected teams will enter Round 2

(Round 2) Livestream Q&A (30 min)

  • 15 min presentation
  • 15 min Q&A
  1. Prizes

  • Winner (1 team): 3000 euros + Internship possibilities at the Bank of Lithuania/interested partners
  • Runner-Up (1 team): 1500 euros + Internship possibilities at the Bank of Lithuania/interested partners
  • Honorable Mention (1 team)
  1. Partners

Each year, we will have a call for partners shortly after the theme is finalized.

  1. Competition Steps, Scoring Rubric, Additional Resources and CEFER Challenge Regulations

Competition steps (132.4 KB download iconScore rubric (238.8 KB download iconAdditional resources (110.4 KB download iconCEFER Challenge regulations (LT) (269.7 KB download icon) CEFER Challenge regulations (EN) (130.5 KB download icon)

  1. Organizing Committee—CEFER

In the case of any questions, please email [email protected].


CEFER Challenge 2022

  1. TopicThe Economic and Financial Impact of Climate Change

The inception event encourages students to explore why central banks and financial regulators should care about climate change and how to implement monetary policy to combat climate change. The European Central Bank (ECB) has identified many macroeconomic and financial channels that climate change can impact the real economy, and has committed an ambitious action plan to consider climate risks in its monetary policy. The channels identified by the ECB are not exhaustive, and we encourage students to focus on a single (perhaps novel) channel and develop a thorough understanding of the monetary policy implications of climate change.

  1. Format and Important Dates 

A. Format

The event will consist of two rounds:

A1. (Round 1) Video Submission (3 min)

  • 1.5 min on Why: Focusing on one economic/financial channel, explain intuitively why central banks and financial regulators should care about climate change.
  • 1.5 min on Evidence: Provide brief evidence to support the suggested channel. Data evidence is preferred, other forms of evidence are acceptable.

A2. (Round 2) Livestream Q&A (30 min)

  • 15 min presentation: Expanding on the suggested economic/financial channel and discussing its monetary policy implications.
  • 15 min Q&A: Quantitative and qualitative questions related to the presentation from the jury.

B. Important dates

Registration opens 10/03/2022
Deadline to register via email 10/04/2022
Deadline for Round 1 video submission 15/04/2022
Notification of Round 2 teams 21/04/2022
Submission of summary report and presentation slides 02/05/2022
Round 2 and winner announcement   05/05/2022
  1. Partners

UAB Nasdaq Vilnius Services and AB SEB bank are selected as 1st CEFER Challenge partners. 

  1. Winners

Winner team: Krystal Ng, Annie Liu and Rebecca Lu (University of Edinburgh)
Runner-Up team: Nathan Besson, Benoit Sence and Yoen Corbel-Vivas (University of Orleans)
Honorable Mention team: Karolis Lajauskas (Vrije Universiteit Amsterdam), Isabella Arnold (Vrije Universiteit Amsterdam) and AistėTrasauskaitė (ISM University of Management and Economics)

Photo Gallery and Recordings

2022 CEFER Challenge Winner Presentation and Q&A

2022 CEFER Challenge Winner Announcement

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Last update: 31-01-2023