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Delegation of the European Commission launches "Euro Challenge" competition for US high school students

Young Americans looking to join the €uro

Forty-five students from ten high schools in the New York area will convene on June 9th at the New York Federal Reserve to compete in the Euro Challenge 2006, an educational competition launched by the European Union's Delegation in Washington, DC, to encourage high school students to learn about the European Union (EU) and the Euro, the single currency shared by 12 of the 25 countries of the EU.

In the run-up to the competition EU Ambassador John Bruton said: "The Euro is an amazing achievement but it is still a work in progress. For young Americans to put themselves in the shoes of Europeans who are working to become part of the Euro is as good an experience as you can get to understand the concrete challenges facing the EU today".

Teams for the 2006 Euro Challenge have selected one of ten countries that joined the EU in 2004 to study in-depth. Throughout this school year students have been researching their selected nation and the European Union's dynamic economy. Learning about the EU and individual EU Member States will help foster a stronger relationship between the United States and Europe.

In 2006, the "Challenge" to student teams is to make presentations describing the current economic situation in the European Union (EU), analyze the major economic challenges faced by this closely integrated group of 25 countries, discuss the key challenges their selected nation faces in adopting a single currency, the euro, and recommend policies to address those challenges. Teams will compete for more than $18,000 in cash awards presented by the Moody's Foundation at the Recognition and Awards Reception held at the Downtown Association. The Federal Reserve Bank of New York is providing educational expertise for the program and hosting the competition, while Working in Support of Education) is serving as project coordinator.

Schools participating in the competition are James Madison High School, Brooklyn, New York; Franklin K. Lane, Ozone Park, New York, Lincoln High School, Brooklyn, New York; Cardozo High School, Oakland Gardens, New York; Half Hallow Hills West, Wheatley Heights, New York; Hewlett High School, Hewlett, New York; Princeton High School, Princeton, New Jersey; Montclair High School, Montclair, New Jersey; Westfield, Westfield, NJ; Rumson-Fair Haven, Fair Haven, New Jersey. For more information on the Euro Challenge please visit www.euro-challenge.org


About the European Union Delegation of the European Commission to the United States:

The Delegation of the European Commission to the United States is a bridge for Americans to better understand the European Union (EU), its history, values and future in order to strengthen the relationship between the EU and the U.S. It is located in Washington, DC, and headed by Ambassador John Bruton. The European Commission, through Delegations and Offices in over 120 countries, is the face of the EU abroad. The European Commission's Delegation to the United Nations in New York is providing additional assistance for the Euro Challenge. For more information, please visit www.eurunion.org

About Moody's:

The Moody's Foundation is a charitable foundation established by Moody's Corporation (NYSE: MCO), the parent company of Moody's Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets, Moody's KMV, a leading provider of credit risk processing and credit risk management products for banks and investors in credit-sensitive assets serving the world's largest financial institutions, and Moody's Economy.com, a provider of economic research and data services. The corporation, which reported revenue of $1.7 billion in 2005, employs approximately 2,900 people worldwide and maintains offices in 22 countries. Further information is available at http://www.philanthropy.moodys.com

About The Federal Reserve Bank of NY:

The New York Federal Reserve Bank serves as educational consultant for the Euro Challenge and host of the competition events. The Federal Reserve Bank of New York (FRBNY) is the most important of the Federal Reserve's 12 regional banks, whose responsibilities include developing and implementing monetary policy, supervising and regulating Banks, and coordinating an effective payments system. In addition, the New York Fed has devoted significant resources to its community outreach efforts, specifically those dealing with economic education and personal finance. For more information, please visit http://www.newyorkfed.org

About w!se:

Working In Support of Education (w!se) is the coordinating agency responsible for organizing and supporting the execution of all aspects of the competition. W!se is an educational not-for-profit that provides nationwide educational-support services, builds financial literacy, and fosters business and social entrepreneurship.

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