Euro Challenge: Building an Economic Foundation
Written by Grace Schleck | Class of 2019 | Mount Saint Mary Academy
The Euro Challenge competition was the perfect way to build my analytical capacity for global problem solving, improve my public speaking skills, and meet new people. I’m happy that I had the chance to be a member of the winning team from the 2017 competition.
My team started practicing in January to become familiar with the economies of the countries in the EU that use the Euro. We primarily focused on three economic indicators — GDP growth, unemployment, and inflation. We used published data to create graphs and report on the economic health of the Euro Area over the past year.
After considering the set of ten challenges that form the basis of the competition, my team and I were intrigued by the challenge that an aging population poses for a country. Although we found that numerous countries in the Euro Area are faced with aging populations, we settled on Germany since, although it is currently one of the healthiest economies in the Euro Area, its future success is highly dependent on dealing with the problems associated with its aging population.
The most challenging aspect of the competition was delving deeper into the causes and implications of an aging population. We had to do a lot of background research and analysis to be able to fully understand the problem and come up with possible solutions. I remember reading numerous reports and articles on how an aging population has serious consequences for the economic health of any country. Once we did our research, we had to decide what information to use and how to include it in our presentation. Then, we had to come up with a reasonable set of solutions that we could defend when we gave our oral presentation to the judges, keeping in mind how our recommendations would affect both the everyday citizen and the German government’s budget. One of the most important things I learned when we were developing solutions is that it is important to consider the social, political, and economic consequences of any policy.
As a United States citizen and a student of economics, I have some knowledge of how the United States economy functions. However, prior to the Euro Challenge competition I had almost no understanding of the Euro Area or the Euro. After participating in the competition, I feel that I’ve gained a better and deeper understanding of the Euro Area countries and the economic issues they face. In addition, I also believe I’m better able to understand the similarities and differences between the United States and Euro Area economies. Since we live in a globalized world, I’m grateful that I now have a better idea about how our economies are connected. Whether someone is interested in pursuing a career in politics, medicine, education, business, or the arts, a foundation in economics is critical. I’m extremely fortunate to have gained such a incredible foundation by participating in the Euro Challenge. It’s an experience I will never forget.
This story is part of the #EUatSchool series, showcasing the wide array of EU educational programs, grants, and competitions open to Americans. From Erasmus+ to Euro Challenge to Kids Euro Festival, each week we’ll publish new stories written by the high schoolers, college students, researchers, and educators who have experienced and benefitted from these programs first-hand. Find new stories on Medium each week.
The Euro Challenge competition is an exciting educational opportunity for American high school students to learn about the European Union and the euro. Student teams select one member country of the “euro area” to examine an economic problem at the country level, and to identify policies for responding to that problem. Teams compete at the regional and national level, with the top five teams receiving scholarship awards. Learn more.
