Students to Get Dollars for Euro Knowledge: Euro Challenge 2008

American shopkeepers hanging up signs saying "We Accept Euros." The rapper Jay-Z displaying a wad of 500-euro notes in his latest music video. The euro, which will soon celebrate its tenth birthday, has been getting its share of attention recently as its value has risen to new highs against the dollar. High School students from 16 schools representing six states (New York, New Jersey, Connecticut, Florida, Pennsylvania, and North Carolina) will compete for the chance to win nearly $20,000 in cash prizes as they gather on Tuesday, April 29, at the Federal Reserve Bank of New York for the final rounds of this year's Euro Challenge competition. Students will answer questions about the European economy and the euro which is now shared by 15 of the 27 countries of the European Union.

"The Euro Challenge is a tremendous event," said EU Ambassador John Bruton. "The young people that compete learn a great deal about the euro and the EU, but end up appreciating more deeply why the relationship between Europe and America is the strongest in the world. I welcome the fact that more schools are taking advantage of this unique opportunity."

The aim of the competition is to foster a better understanding of the strong economic and political relationship between the United States and Europe and support local learning objectives in the field of economics and finance. The Euro Challenge was launched by the Delegation of the European Commission to the United States in 2006 with 10 schools participating from New York, New Jersey and Connecticut. This year, a total of 47 teams from seven U.S. states (Connecticut, Florida, Michigan, New Jersey, New York, North Carolina and Pennsylvania) are competing for cash awards generously provided by the Moody's Foundation. Regional competitions led to the semi-finals, and four teams will advance to the finals on the same day.

Throughout this school year, teachers and students have been attending seminars on the European Union and the euro provided by speakers from the European Commission, as well as partner organizations. Participants have been diligently researching the EU’s dynamic economy and each team has selected to focus on one of the euro area countries.

In addition to providing scholarships, the Moody's Foundation will also sponsor a one-day trip to Washington DC for the top two teams to visit the Delegation of the European Commission, the Board of Governors of the Federal Reserve, and the International Monetary Fund.

"The Moody’s Foundation is committed to supporting programs that enhance learning and education, especially in finance, mathematics and economics," said President Frances G. Laserson. "We believe the Euro Challenge can help broaden and deepen U.S. high school students' knowledge of and interest in European economic issues, and the euro and Economic and Monetary Union. We are proud to support this innovative competition."

The Federal Reserve Bank of New York provides technical assistance to the Euro Challenge, while Working in Support of Education (W!SE) serves as project manager. Other partner organizations include Credit Suisse and Deloitte & Touche USA, LLP.

For further information and an overview of all the participating schools, please visit: www.euro-challenge.org

Contacts:

Delegation of the European Commission to the
United States
Anthony Smallwood, 202-862-9523
or
Kasper Zeuthen, 202-862-9530