Edouard Fernandez-Bollo, Secretary General of the ACPR of the Banque de France and the Patron of this year’s event congratulates winning teams
BRUSSELS, 27 March 2018 – On 16-18 March the winning teams of the online competition European Stock Market Learning gathered in Paris for the annual award ceremony. During the three-day event participants from Italy, France, Luxembourg, Germany and Sweden celebrated their success, exchanged their experiences and visited the main highlights of the capital of France.
The European Stock Market Learning initiative aims to reinforce business and financial literacy of young people through an online simulation of financial investments. It is a national and cross-border competition for teams of pupils (15 and older) and students, coordinated by the European Savings and Retail Banking Group (ESBG). In 2017 it attracted over 120 000 contestants from five participating countries.
Each year the final award ceremony takes place in a different participating country where the winning teams of pupils and students are invited together with their teachers and representatives of savings banks. This year's award ceremony was hosted by Fédération Nationale des Caisses d'Epargne and one of the key actors promoting financial education in France Finances & Pédagogie.
“The European Stock Market learning promotes the understanding of the fundamentals and rationale of the economy, the return and risk, which are the basis and are crucial to lead a healthy economic life. Transversal skills, such as teamwork, tolerance, respect and insight in other cultures are also promoted in the European Stock Market Learning," said Chris De Noose, Managing Director of the ESBG.
Yves Hubert, President of the Steering and Supervisory Board of the Caisse d'Epargne Hauts de France also stressed the importance of the Stock Market Learning initiative as, according to him, it brings European countries together, helps schools and companies work in partnership, promotes sustainability and entrepreneurial culture, and prepares new generations for future challenges.
Edouard Fernandez-Bollo, Secretary General of the Autorité de Côntrole Prudentiel et de Résolution (ACPR) of the Banque de France and the Patron of this year's event highlighted the role of the European savings banks which organise the competition and contribute to enhancement of financial literacy among young people. “In France as well as in Europe, central banks and supervisory agencies, along with the private banking and savings industry, including the ESBG, are making an essential contribution to financial education and hence to financial stability. However, the development and the increasing complexity of the financial sector and products will require even greater transparency and education," added Fernandez-Bollo.
The importance of initiatives like the European Stock Market Learning was also emphasized by students and teachers. They explained that it is not always easy for schoolchildren to participate in such activities as they require a sufficient level of knowledge in stock market and finance. However, according to the winning teams, the European Stock Market Learning provides a safe and entertaining environment to learn and enough room for failure.
The European Stock Market Learning is one of the key initiatives carried out by the ESBG in the crucial area of financial education. The ESBG believes that it is timelier than ever to promote similar activities as they provide necessary skills and knowledge for youth to adapt and succeed in economic life. In addition, the competition promotes a long-term vision of sustainable finance, which is high on the agenda of the current policy debate in the European Union.
>>Read more about the European Stock Market Learning initiative
>>Read the speech of Edouard Fernandez-Bollo, Secretary General of the ACPR of the Banque de France and the Patron of this year’s event