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Young economists win Central Bank award

Young economists win Central Bank award

Young economists win Central Bank award

Belvedere Team wins National Economics Competition to meet European Central Bank President Christine LaGarde

Belvedere students (Team Captain) Garret Molloy, Paul Flanagan and Vincent Lin recently won first place in Ireland's foremost economics competition, the European Central Banks (ECB) Generation Euro Students Awards.

Students are asked to predict key interest rates in the eurozone using monetary and economic analysis. The competition ran over three individual qualification rounds, the first being a quiz, the second a monetary and economic essay on the teams prediction of the European Central Bank's upcoming Interest rates decisions. This was all concluded at the national finals where the top three teams battled it out with their presentations given to chief economists at the Irish Central Bank.

The presentations usually held at the Central Banks premises were virtual. Our team used Artificial Intelligence and deep neural networks to predict the interest rates decisions validating their economic and monetary hypothesis. The Judges ruled this unique perspective as a deciding factor in clinching victory from the other national finalists. The boys then went on to meet the Deputy Governor of the Central Bank and chair of the ECB budget committee Sharon Donnery who congratulated them on their win.

Ordinarily, the boys and Ms. McCormack would be on their way to the European Central Bank headquarters at Frankfurt to meet the second most powerful woman (according to Forbes) and previous managing Director of the International Monetary Fund; ECB President Christine LaGarde to receive their trophy in a prize giving ceremony. However this year the awards will be presented virtually with a question and answer session from Christine LaGarde.

It has been a fantastic six months and we cannot end this article without mentioning Ms. McCormacks unwavering commitment to the team and project, even zooming in virtually to our calls after breaking her arm! We look forward to the winners ceremony and the one to one with Christine LaGarde.

Team Captain Garret Molloy Syntax Xavier

Read about the team here on RTE

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