Download Teacher`s bookleT - Generation Euro Students` Award

Generation €uro
Students’ Award
T e a c h e r’s b o o k l e t
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© European Central Bank, 2016-17
Index
1. Introduction –About the competition –Participation
–Prizes
– What’s in it for the students?
–Rules
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2. Teachers – Your role –Resources 5
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3.Rounds –Round 1: online quiz – Round 2: assignment
– Task
– Format
– Finalists’ online presentation
– Presentation
– Preparation
– Question and answer session
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4.Composition of the jury 7
5.Assessment criteria 7
6.European Award Event 8
7.
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Privacy statement i) Data protection and purpose of processing ii) Security and transfer to third parties
iii) Time limit and rights of access, correction
and deletion
Annex: Introduction to central banking and
monetary policy in the euro area Schedule Contacts at the ECB
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1. INTRODUCTION
About the competition
The Generation €uro Students’ Award (G€SA) is an annual
competition which aims to help secondary school students
understand monetary policy and how it relates to the
economy as a whole. They will gain an insight into the role
of a central bank by learning about the function of
monetary policy instruments, in particular interest rate
decisions, and by using some of the data available to the
Governing Council of the European Central Bank (ECB). The
competition should also raise students’ awareness of the
Eurosystem and deepen their knowledge of the world of
finance.
The ECB organises the competition for international and
European schools, and national schools abroad (ECB’s
competition). The national central banks (NCBs) of the euro
area organise the competition for national schools in their
respective countries (NCB’s competition).
The ECB’s competition consists of two separate rounds – an
online quiz and an assignment – and will end with a award
event at the ECB in Frankfurt am Main.
Participation
The competition is for students aged 16 to 19 who live in a
euro area country. Their ages may vary slightly from country
to country (depending on the national education system),
but they should be in their final years of secondary
education. All students are entitled to take part, irrespective
of what they are studying. If they wish, they may participate
on more than one occasion as long as they are not part of
the same team (as in the previous year).
Students will need to form teams consisting of four or five
members and to nominate a teacher to accompany them.
Each team should come from the same school, with the
teachers and students themselves deciding on membership.
Each team should also nominate one of its members as
team leader. More than one team from the same school may
participate. The teacher should work at the school taking
part in the competition and teach at least one member of
the team. The composition of the team should not be
changed during the competition unless required by
extraordinary circumstances, such as illness.
Each team and its respective teacher should register for the
competition on the Generation €uro website, www.
generationeuro.eu. They should first click on “ENTER THE
COMPETITION”; and then complete the registration form for
the ECB’s competition.
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2. Teachers
Prizes
Your role
The winning teams (of both the ECB and the national
central bank competitions) will be invited to the award
event on 5 April 2017 at the ECB in Frankfurt am Main,
which will include an award ceremony with President
Draghi and the governors of the national central banks, as
well as panel debates on topical matters and a sightseeing
programme.
As a teacher you will play a key role throughout the
competition. Your main task is to be the team coordinator,
teaching and guiding your students through each round of
the competition, in particular the assignment round, in
order to ensure their work is consistent and of a good
standard.
If your team is successful, you should also accompany them
to the ECB for the European award event.
What’s in it for the students?
By participating in this competition, students will deepen
their understanding of the economy. They will also have the
opportunity to develop core skills, such as analytical and
critical thinking, to improve their ability to work as a team,
as well as to hone their communication and presentation
skills, to meet with senior economists, and to exchange
experiences with students from other euro area countries.
In addition, the knowledge and skills gained during the
competition might benefit their university studies.
Rules
You will have access to a number of resources to guide and
suppor t your students through each round of the
competition. Your main resources will be:
■■ this booklet;
■■ the Generation €uro website (www.generationeuro.eu),
which provides all competition-related information and
materials to make it easier for you to teach the core
concepts of monetary policy-making;
■■ the Generation €uro Facebook page (https://www.facebook.
com/GenerationEuro) which provides regular updates on
the competition and tips for the different rounds;
■■ the Generation €uro Students’ Award playlist on
YouTube to watch presentations delivered by finalists
from previous competitions;
■■ the ECB’s website (www.ecb.europa.eu) where you can
find the transcripts of the monthly press conferences, the
Economic Bulletin, the latest reports, statistics, etc.
© European Central Bank
The rules and organisational procedures for the competition
are set out in this booklet, and in the “Terms and Conditions”
and the “Privacy Statement” published on the Generation €uro
website.
Resources
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3. Rounds
Round 1: online quiz
Format
Before taking the quiz to enter the competition, students
must first register to ensure that their scores are saved. After
registering, they can only do the quiz once. Students are
expected to answer the questions as a team. The quiz
consists of 30 questions: ten easy questions, ten of medium
difficulty and ten more demanding ones. The 30 questions
will be selected at random from a pool each time a student
starts the quiz. At the end of the quiz, all participating
teams will receive an electronic certificate showing their
scores. The teams with the best scores and the fastest
completion times will be invited to register for the
assignment round.
Students will have to prepare presentations in a format of
their choosing and may make use of any kind of tools or
platforms, e.g. attractive PowerPoint slide decks with
compelling narratives and visuals presentation slides (max.
30 slides), short texts, infographics, social media, videos
or any other form of presentation.
It is recommended that students practice using the trial quiz
several times prior to registering for the competition and
taking the real quiz. The trial quiz can be found on the
Generation €uro website: 1) by clicking on “Quiz” or “Try the
quiz” if the competition is running; or 2) by clicking on “Take
the trial version of the quiz” if the competition is over. The
trial quiz can be taken at any time throughout the year.
Round 2: assignment
Task
In the assignment, the teams are required to:
1. propose a monetary policy decision of the Governing
Council; and
2. explain their decision to a target group not familiar with
central banking, e.g. fellow students or the general public.
Explanations should be based on their assessment of the
key economic indicators available, economic and monetary
conditions in the euro area, and the inflation outlook.
Further information will be published on the Generation
€uro website prior to the start of the assignment round.
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Students may make use of any sources (ECB website and
other material, traditional media, social media, etc.),
but sources of information must be quoted.
Originality will be rewarded, and copying and pasting
should be avoided.
All team members are expected to participate in the writing
of the assignment. The output should ideally reflect the
opinion of the majority of the team. Teachers are required
to actively coach and advise their students.
Teams must upload their assignments to the Generation
€uro website so that they can be accessed – and assessed
anonymously – by a jury of ECB experts. The jury will choose
the five best assignments. The ECB will notify the five finalist
teams, who will be invited to present their proposals in
front of the jury of ECB experts via a digital interface.
Additional information on the students’ task can be found
on the Generation €uro website.
Finalists’ online presentation
The task of the five finalist teams invited to give an online
presentation consists of two parts:
Presentation
The teams are required to:
1. summarise the monetary policy decision proposed in the
assignment; and
2. explain this decision to a target group not familiar with
central banking, e.g. fellow students or the general public,
as required in the assignment.
Presentations by the finalists, which will take place via a
digital interface, should be submitted in a format that is
communication friendly. They must not exceed 20 minutes
in length and all team members (except the teacher) should
be equally involved.
The online presentations will take place in March 2017
(exact date tbc). Fur ther information on technical
requirements will be provided closer to the start of the
online presentation round.
Preparation
Additional information on the preparation of the
presentation round can be found on the Generation €uro
website.
4. Composition of
the jury
The assignment and online presentations will be assessed
by a jury composed of staff from the ECB.
5. Assessment
criteria
The jury will assess the assignments on the basis of:
■■ familiarity with, and accurate use of, expressions and
terms related to monetary policy and non-standard
monetary policy measures;
■■ the students’ creativity and own research.
The jury will assess the online presentations on the
basis of:
■■ familiarity with, and accurate use of, expressions and
terms related to monetary policy and non-standard
monetary policy measures;
■■ the structure of the presentation;
■■ oral presentation skills;
■■ the level of participation among team members;
■■ the method used to give the presentation.
After each team has given their presentation, there will be
a question and answer session for a maximum of 20
minutes. This part is as important as the presentation itself.
The jury will test the teams’ understanding and knowledge
of monetary policy. Teams may also be asked about current
events that may be having an effect on the economy.
Team members may confer with each other, but not with
the accompanying teacher. As far as possible, all members
of the team should take part in the question and answer
session.
© European Central Bank
Question and answer session
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6. EUROPEAN AWARD
EVENT
7. Privacy statement
The winning team from each country (participating in the
relevant euro area NCB’s competition), as well as the
winning team from the international and European
schools and national schools abroad (participating in the
ECB’s competition), will be invited (except in cases of
force majeure) to participate in the European award
event at the ECB in Frankfurt am Main.
Any personal data the students and teachers provide will
be processed in accordance with the Data Protection
Regulation2. The Outreach Division of the ECB will collect
and handle the personal data as the data controller. The
data processor which hosts the Generation €uro website
and processes the data on the website under instruction
from and on behalf of the ECB is Havas Worldwide
Düsseldorf GmbH (Euro RSCG GmbH).
The award event will include an award ceremony with
President Draghi and the national central bank governors,
as well as panel debates on topical matters and a
sightseeing programme.
© European Central Bank
The ECB will reimburse all team members and
accompanying teachers participating in the European
award event for their travel and accommodation costs.
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i) Data protection and purpose of processing
All the participants’ data provided in the registration form
on the Generation €uro website will be put into a database.
The data collected will be used to manage participation in
the competition, to access competition-related information,
to rank the participants, to award the prizes and to contact
and provide the participants with any relevant information.
Only the personal data provided by registering on the
Generation €uro website or by sending an e-mail to
[email protected] will be retained.
By entering their personal data, the participating students
and teachers agree to the publication of the name of the
winning team and its members on the websites of the ECB
and/or NCBs and/or to its announcement at public events.
It is also likely that photographs will be taken and short
video recordings of the winning teams will be made on the
national award days and at the final award event, and that
these will be published by the ECB and/or NCBs.
Annex
ii) Security and transfer to third parties
Personal data collected through the Generation €uro
website may be transferred to the NCBs of the euro
area Member States to manage, where necessary, the
competition at national level. Any further processing of the
personal data by the NCBs is subject to the guarantees
provided in the national legislation implementing the Data
Protection Directive 95/46/EC3. Havas Worldwide Düsseldorf
GmbH (Euro RSCG GmbH), as data processor, and the NCBs
have agreed to ensure the confidentiality of the personal
data and provide adequate protection of privacy. The
central banks to which the personal data may be disclosed
are: the European Central Bank, Nationale Bank van België/
Banque Nationale de Belgique, Deutsche Bundesbank,
Central Bank of Ireland, Bank of Greece, Banco de España,
Eesti Pank, Banque de France, Banca d’Italia, Central Bank of
Cyprus, Latvijas Banka, Lietuvos bankas, Banque centrale du
Luxembourg, Bank Ċentrali ta’ Malta/Central Bank of Malta,
De Nederlandsche Bank, Oesterreichische Nationalbank,
Banco de Portugal, Banka Slovenije, Národná banka
Slovenska and Suomen Pankki - Finlands Bank.
iii) Time limit and rights of access, correction
and deletion
The time limit for storing the above-mentioned data is
three years, starting from the day when the personal data
including a portrait, photograph or video were obtained.
The students and teachers have the right to access, correct
and update the data about themselves. To make inquiries
about the collection and processing of personal data or to
exercise the right of access or rectification, a request should
be sent to [email protected]. Data subjects
have the right to resort to the European Data Protection
Supervisor: https://secure.edps.europa.eu/EDPSWEB/.
Introduction to
central banking and
monetary policy in the
euro area
This annex 4 provides a brief overview of the European
System of Central Banks (ESCB), the Eurosystem and an
introduction to the monetary policy of the ECB. More
detailed information to help you prepare your students for
the competition is available in the section entitled
“EDUCATIONAL HUB” on the Generation €uro website.
The European System of Central Banks,
Eurosystem and the euro area
Since 1 January 1999, the ECB has been responsible for
conducting monetary policy for the euro area – the world’s
largest single-currency economy after the United States. The
euro area consists of those countries in the European Union
that use the euro. It came into being when responsibility for
monetary policy was transferred from the national central
banks of the (then) 11 countries to the Governing Council
of the ECB in January 1999. Greece joined in 2001, Slovenia
in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia
in 2011, Latvia in 2014 and Lithuania in 2015. The launch of
the euro area and the creation of the ECB were milestones
in the process of European integration. To join the euro area,
the above countries had to fulfil the convergence criteria,
as will other EU Member States prior to adopting the euro.
The criteria set out the economic and legal preconditions
for countries to participate in Economic and Monetary
Union.
egulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the
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processing of personal data by the Community institutions and bodies and on the free movement of such data.
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Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing or
personal data and on the free movement of such data.
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The legal basis for the single monetary policy is the Treaty
on the Functioning of the European Union and the Statute
of the European System of Central Banks (ESCB) and of the
European Central Bank. The ECB was established as the core
of the Eurosystem and the ESCB. The ECB and the NCBs
together perform the tasks that they have been assigned.
The ESCB comprises the ECB and the NCBs of all Member
States, irrespective of whether they have adopted the euro
or not. The Eurosystem comprises the ECB and the NCBs of
those Member States whose currency is the euro. The
Eurosystem and the ESCB will coexist as long as there are
Member States outside the euro area.
European Central Bank
The ECB is the central bank for Europe’s single currency,
the euro.
These Treaty provisions reflect the broad consensus that the
benefits of price stability are substantial. Maintaining stable
prices on a sustained basis is a crucial precondition for
increasing economic welfare and the growth potential of
an economy; the natural role of monetary policy in an
economy is to maintain price stability. Monetary policy can
affect real economic activity in the shorter term, but
ultimately can only influence the price level in an economy.
The Treaty provisions also imply that, in the actual
implementation of monetary policy decisions aimed at
maintaining price stability, the Eurosystem should also
take into account the broader economic goals of the EU.
In particular, given that monetary policy can affect real
activity in the shorter term, the ECB typically should
avoid generating excessive fluctuations in output and
employment if this is in line with the pursuit of its primary
objective.
Basic tasks
Objectives
According to the Treaty, the main objective of the ESCB is
to maintain price stability. Without prejudice to this
objective, the ESCB should support the general economic
policies in the EU, such as full employment and sustainable
development.
According to the Treaty the basic tasks to be carried out
by the ESCB are:
■■ to define and implement the monetary policy of the
Union;
■■ to conduct foreign-exchange operations;
■■ to hold and manage the official foreign reserves of the
euro area countries;
■■ to promote the smooth operation of payment systems.
The objective of monetary policy according
to the Treaty
The Treaty establishes a clear hierarchy of objectives for the
Eurosystem, assigning overriding importance to price
stability. It also makes clear that ensuring price stability is
the most important contribution that monetary policy can
make to achieving a favourable economic environment and
full employment.
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This chapter is based on information available on the ECB’s website http://www.ecb.europa.eu
Further ESCB tasks
The ESCB is also responsible for a number of additional
tasks in the following fields:
■■ Banknotes: the ECB and the NCBs are responsible for
issuing euro banknotes in the Eurosystem;
■■ Statistics: in cooperation with the NCBs, the ECB collects
the statistical information it needs to fulfil its tasks, either
from national authorities or directly from economic
agents;
■■ Financial stability and supervision: the ESCB contributes
to the smooth conduct of policies pursued by the
relevant authorities in matters relating to the prudential
supervision of credit institutions and the stability of the
financial system;
■■ International and European cooperation: the ECB
maintains working relations with relevant institutions,
bodies and forums both within the EU and
internationally in respect of tasks assigned to the ESCB.
Meetings and decisions of the ECB’s
Governing Council
The Governing Council meetings dedicated to monetary
policy are held every six weeks. At these meetings, the
Governing Council assesses economic and monetary
developments and takes its monetary policy decision. Nonmonetary policy meetings will continue to be held at least
once a month. The purpose of these meetings is to mainly
discuss issues related to the other tasks and responsibilities
of the ECB and the Eurosystem. The meetings usually take
place at the ECB in Frankfurt am Main, Germany.
The monetary policy decision is explained in detail at a press
conference held shortly after each monetary policy
meeting. The President together with the Vice-President
chairs the press conference, which is divided into two parts:
the President first reads out the Introductory Statement,
which provides the rationale for the monetary policy
decision taken by the Governing Council, and then answers
the journalists’ questions. In addition, the ECB publishes
regular accounts of the Governing Council’s monetary
policy meetings.
The ECB’s Governing Council
The objective of price stability
The Governing Council is the main decision-making body
of the ECB. It consists of:
■■ the six members of the Executive Board, plus
■■ the governors of the NCBs of those Member States
whose currency is the euro.
Its responsibilities include:
■■ adopting the regulations and taking the decisions
necessary to ensure the performance of the tasks
assigned to the ESCB;
■■ formulating monetary policy for the euro area. This
includes taking decisions relating to monetary
objectives, key interest rates and the supply of reserves
in the Eurosystem, and establishing guidelines for the
implementation of those decisions.
The objective of price stability refers to the general level of
prices in the economy and implies avoiding prolonged
periods of both inflation and deflation.
The ECB defines its price stability objective as “a year-on-year
increase in the Harmonised Index of Consumer Prices (HICP)
for the euro area of below, but close to, 2% over the medium
term”.
Price stability contributes to achieving high levels of
economic activity and employment by:
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The role of the Eurosystem’s
monetary policy strategy
■■ improving the transparency of the price mechanism. In
an environment of stable prices, it is easier for people to
recognise changes in relative prices (i.e. prices between
different goods), instead of being confused by
widespread changes in the general price level when
inflation is high. Consequently, they are able to make
well-informed consumption and investment decisions
and to allocate resources, more efficiently;
■■ reducing inflation risk premia in interest rates (i.e. the
“compensation” that investors demand for any
unexpected rise in inflation during the period of their
investment). This reduces real interest rates and boosts
incentives to invest;
■■ rendering unnecessary unproductive activities aimed at
hedging against the negative impact of inflation or
deflation, e.g. holding on to goods in the expectation
that their price may increase;
■■ reducing distortions of inflation or deflation, which can
exacerbate the distortionary impact on the economic
behaviour of tax and social security systems;
■■ preventing an arbitrary redistribution of wealth and
income as a result of unexpected periods of inflation or
deflation.
A monetary policy strategy is a coherent and structured
framework of how decisions are made in order to achieve
the objective of a central bank. The monetary policy
strategy for the euro area has two important tasks to fulfil.
First, by imposing a clear structure on the policy-making
process itself, it ensures that the ECB’s Governing Council
has at its disposal the necessary information and analyses
required to take monetary policy decisions. Second, it is a
vehicle for explaining such decisions to the public. By
contributing to the effectiveness of monetary policy, and
by signalling the Eurosystem’s commitment to price stability,
the strategy contributes to the credibility of the Eurosystem
in the financial markets.
By setting short-term interest rates, the monetary policy
decisions of the ECB’s Governing Council have an influence
on the economy and ultimately the price level.
Two-pillar approach
The ECB’s Governing Council has a specific approach to
determining the nature and extent of the risks to price
stability in the euro area over the medium term. This
approach to organising, evaluating and cross-checking the
information relevant for assessing the risks to price stability
is based on two complementary analytical perspectives,
referred to as the two “pillars”:
■■ the economic analysis, and
■■ the monetary analysis.
The economic analysis is an assessment of the short to
medium-term influences on price developments, with a
focus on real activity (i.e. the production of goods and
services) and financial conditions in the economy. It takes
account of the fact that price developments over those
horizons are influenced largely by the interplay of supply
and demand in the goods, services and factor markets (e.g.
factors of production, namely labour, capital and land).
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The monetary analysis focuses on the longer term and
draws on the long-run link between money and prices. It
serves mainly as a means of cross-checking, from a medium
to long-term perspective, the short to medium-term
indications for monetary policy stemming from the
economic analysis. Furthermore, various financial market
indicators complement the information on money and
credit developments, thus completing the picture and
pointing to any risks stemming from the financial side of the
economy.
The two-pillar approach is designed to ensure that no
relevant information is overlooked in the assessment of risks
to price stability and that sufficient attention is paid to
different perspectives and the cross-checking of information
in order to come to an overall judgement on the risks to
price stability. It represents a diversified analysis and ensures
robust decision-making.
Open market operations can be divided into the following
four categories:
■■ main refinancing operations, which are regular liquidityproviding reverse transactions with a weekly frequency
and a maturity of one week;
■■ longer-term refinancing operations, which are liquidityproviding reverse transactions with a monthly
frequency and a maturity of three months;
■■ fine-tuning operations, which are executed on an ad
hoc basis and are aimed at managing the liquidity
situation in the market and steering interest rates, in
particular to smooth the effects on interest rates of
unexpected fluctuations in market liquidity;
■■ structural operations, which are carried out through the
issuance of debt certificates, reverse transactions and
outright transactions.
B: Standing facilities
Monetary policy instruments
Monetary policy operates by steering short-term interest
rates, thereby influencing economic developments, in the
best possible way. The steering of short-term interest rates
is carried out through the operational implementation of
monetary policy. To this end, the Eurosystem has at its
disposal a set of monetary policy instruments, namely open
market operations, standing facilities and minimum
reserves.
The Eurosystem also offers standing facilities which aim
to provide and absorb overnight liquidity and set the
boundaries for overnight market interest rates. The two
standing facilities are:
■■ the marginal lending facility, which allows
counterparties (i.e. financial institutions such as banks)
to obtain overnight liquidity from the euro area national
central banks against eligible assets;
■■ the deposit facility, which can be used by
counterparties to make overnight deposits with the
euro area national central banks.
A: Open market operations
The most important monetary policy instrument is the
open market operation, which serves to:
■■ steer interest rates,
■■ manage the liquidity situation in the money market,
■■ signal the monetary policy stance.
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C: Minimum reserves
The Eurosystem requires credit institutions to hold
minimum reserves on accounts with the euro area
national central banks. The purpose of the minimum
reserve system is to stabilise money market interest
rates and create or enlarge a structural liquidity shortage.
Non-standard monetary policy measures
On account of the depth and length of the financial crisis,
it would not have been possible to ensure price stability
through standard monetary policy alone. The short-term
interest rate was reduced to its effective lower bound,
thereby reducing the potential for further rates cuts to
support the economy. Indeed, even before the short-term
interest rate became constrained in this way, the ECB
needed to implement some of its non-standard monetary
policy measures to address the serious disruptions in
the transmission of its policy caused by the financial
fragmentation of the euro area. Additional non-standard
monetary policy measures have been introduced to
expand the monetary policy stance in order to mitigate
disinflationary risks. Overall, the combination of both
standard monetary policy and the suite of non-standard
monetary policy measures has ensured price stability in the
euro area.
The aim of the non-standard monetary policy measures
introduced by the ECB, which are unprecedented in
nature, scope and magnitude, is to fulfil the ECB’s primary
objective of safeguarding price stability and to ensure an
appropriate monetary policy transmission mechanism.
These measures form part of the Eurosystem’s monetary
policy implementation “toolbox” but are, by definition,
exceptional and temporary in nature. They have been
designed to provide liquidity to the banking sector, ease
overall financial conditions and restore specific market
segments and the bank lending channel. The banking
sector is a particularly important channel for transmitting
monetary impulses to euro area firms and households.
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The non-standard monetary policy measures include the
following:
Liquidity and funding measures
■■ Fixed-rate tender procedure with full allotment
■■ Extension of the maturity of refinancing operations
(three-year longer-term refinancing operations (LTROs)
in November 2011)
■■ Expansion of the collateral pool
Outright purchases in malfunctioning market segments
■■ Securities Markets Programme
■■ Covered bond purchase programmes
■■ Outright Monetary Transactions (September 2012)
Forward guidance (July 2013)
Credit easing and asset purchases (June 2014 to
June 2016)
■■ Targeted longer-term refinancing operations (TLTROs)
■■ Asset-backed securities purchase programme
■■ Covered bond purchase programme
■■ Corporate sector purchase programmew
■■ Expanded asset purchase programme
On 22 January 2015 the ECB launched its expanded asset
purchase programme. This programme added the purchase
of sovereign bonds to the ECB’s existing private sector asset
purchase programmes that had been launched towards the
end of 2014 as a tool to help the ECB achieve its price
stability mandate. The monthly asset purchases of €80
billion are intended to continue until the end of March 2017,
or beyond if necessary, and in any case until the Governing
Council sees a sustained adjustment in the path of inflation
consistent with its inflation aim.
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Schedule
Contacts at the ECB
The competition will take place IN 2015-16
as follows*:
ECB staff members will be pleased to help you with any
questions you may have in the course of the competition.
Please write to:
[email protected]
■■ Round 1 (online quiz): 5 October to 18 November 2016
■■ Round 2 (assignment): 28 November 2016 to
9 February 2017
■■ Online presentation by finalist teams: March 2017
■■ European award event at the ECB: 5 April 2017
© European Central Bank/Thorsten Jansen
* These dates are subject to change.