Market Digest

Is the global economy heading from recession to depression? Why did a crisis in US mortgage markets wreak havoc in economies across Europe? Students from North Allegheny High School and Baldwin-Whitehall High School will have to grapple with these issues on April 1 at the University of Pittsburgh when they compete in the Euro Challenge, an academic contest now in its fourth year. The students will answer economic and financial questions to showcase their knowledge of everything from ballooning government deficits to rising unemployment and the winning teams will have a shot at going to New York City for the finals at the Federal Reserve Bank on April 29.

This year, 72 high school teams from nine states (Connecticut, Florida, Michigan, New Jersey, New York, North Carolina, Massachusetts, Illinois and Pennsylvania) will compete in the Euro Challenge, which fosters a better understanding of the European and transatlantic economy and supports local learning objectives in the field of economics and finance.

“This year is a very special year for the Euro Challenge,” said EU Ambassador John Bruton. “We have more schools and students competing this year than we have ever had since the European Commission’s Delegation to the United States first launched the contest in 2006. And they are competing at a time when daily headlines remind us just how important it is that we all understand the world of economics and finance.”

Students compete for scholarships awarded by the Moody’s Foundation which also sponsors a one-day field trip to Washington DC for the top two teams.

“Moody’s is proud to be supporting the Euro Challenge as the competition grows into a truly national event,” said Fran Laserson, President of the Moody’s Foundation. “Economic and financial literacy is key to the development of tomorrow’s US and global leaders.”

Other partner organizations include:

• The Federal Reserve Banks of New York (which helped launch the program), Chicago, Boston and the Miami Branch of the Federal Reserve Bank of Atlanta;

• European Union Centers of Excellence at Florida International University/University of Miami, the University of North Carolina, University of Michigan, and the University of Pittsburgh;

• The European Union Center at the University of Illinois;

• Credit Suisse and Deloitte & Touche.

“There is no other program that enables students to learn, first hand, about complex international issues like the one offered by the European Commission,” said Libby Nowak, teacher and coordinator of the Euro Challenge team at the High School of Economics & Finance in New York City.

Schools interested in competing in 2010 should consult www.euro-challenge.org or contact the competition coordinator, Working in Support of Education, at 212-421-2700.

Source: Euro Challenge (Pennsylvania)