CEFER Challenge

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.

2. 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.

3. 4th CEFER Challenge – The Macroeconomic Impacts of Artificial Intelligence

The 4th CEFER Challenge encourages students to explore the macroeconomic implications for the euro area amid the ongoing revolution of artificial intelligence (AI). The recent rise of generative AI has spurred a heated debate on its potential for economic growth and the risks of displacing workers. The ongoing policy debate focuses on the channels through which AI can impact the macroeconomy, including but not limited to:

• Productivity growth
• Inflation
• Labour market
• Inequality
• Financial service

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

4. Format and important dates 

Format

The event will consist of two rounds:

• (Round 1) Video submission (3 min)
  • 1.5 min on Why: Focusing on one channel of AI that affects the euro area, explain intuitively to central banks and financial regulators why this channel 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 channel of interest and discussing its implications for the monetary policy and financial stability.
  • 15 min Q&A: Quantitative and qualitative questions from the jury related to the presentation.

Important dates (tentative)

5. Prizes

Winner (1 team): EUR 3,000 + internship possibilities at Lietuvos bankas/Nasdaq/The Ministry of Economy and Innovation of the Republic of Lithuania

Runner-up (1 team): EUR 1,500 + internship possibilities at Lietuvos bankas/Nasdaq/The Ministry of Economy and Innovation of the Republic of Lithuania

Honourable mention (1 team)

6. Competition Steps, Scoring Rubric, and Additional Resources

• Competition steps (144.6 KB download icon)
• Scoring rubric (236.7 KB download icon)
• Additional resources (117.8 KB download icon)

7. Organising Committee – CEFER

If you have any questions, please send them via email to tl.bl@egnellahcrefec.

8. Partners

AB Nasdaq Vilnius, VšĮ „Investuok Lietuvoje“, and the Ministry of Economy and Innovation of the Republic of Lithuania are selected as the 4th CEFER Challenge partners. 

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CEFER Challenge 2024

1. Topic—Central Banks in a Geoeconomic Fragmenting World

CEFER Challenge encouraged students to explore the economic and financial implications for the euro area amid the ongoing global geoeconomic fragmentation. Since the global financial crisis, the world has witnessed a backlash against globalization. In a world with escalating conflicts, increasing tensions, and the imposition of sanctions, the risks of geoeconomic fragmentations are growing. The channels by which geoeconomic fragmentation can impact the macro economy are at the center of the policy debate, including but not limited to:

• International trade
• Technology diffusion
• Cross-border labor flows
• Cross-border capital flows

2. Format and Important Dates 

A. Format

Round 1: Video Submission (3 min)

• 1.5 min on Why: Focusing on one channel of the geoeconomic fragmentation that affects the euro area, explain intuitively to central banks and financial regulators why this channel is important.
• 1.5 min on Evidence: Provide brief evidence to support your argument. Data evidence is preferred, other forms of evidence are acceptable.

Round 2: Livestream Q&A (30 min)

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

B. Important dates

3. Partners

UAB Nasdaq Vilnius Services and VšĮ „Investuok Lietuvoje“ are selected as 3rd CEFER Challenge partners. 

4. Winners

Winner team: Leandro Bischof, John Ledvinsky, Christoph Walch, Diego Ubierna Fonfría (Vienna University of Business and Economics) 
Runner-Up team: Santiago del Real Lecand, Panagiota Charalampidou, Mayukh Mukhopadhyay  (Vienna University of Business and Economics)
Honorable Mention team: Shalini Jha, Om Saxena, Savya Gupta (Stockholm School of Economics)

Photo Gallery and Recordings

2024 CEFER Challenge Winner Presentation and Q&A

2024 CEFER Challenge Winner Announcement

CEFER Challenge 2023

1. Topic—the Return of High Inflation

CEFER Challenge encouraged 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:

• The supply and demand factors in the macroeconomy
• The heterogeneity of inflation in the euro area
• The distributional impacts of high inflation
• Decreasing asset prices and increasing market volatility

2. Format and Important Dates 

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

3. Partners

UAB Nasdaq Vilnius Services is selected as 2nd CEFER Challenge partner. 

4. Winners

Winner team: Maxime Moreau, Quentin Weber, Samuel Borges, and Elliot Lafois (University of Orleans)
Runner-Up team: Matthew Dwight Houston, Oliver Mayer, Elisabeth Fidrmuc (Vienna University of Economics and Business)
Honorable Mention team: Krystal Ng, Mason Crawford, Vincent Anderson (University of Edinburgh)

CEFER Challenge 2022

1. Topic—The 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.

2. 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

3. Partners

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

4. 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 Highlights

2022 CEFER Challenge Winner Presentation and Q&A

2022 CEFER Challenge Winner Announcement

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