The Bank of Canada today announced the winners of The Governor’s Challenge, a new student competition in which teams simulate the role of advisor to the Bank’s Governing Council.

The team from McGill University earned the title of national champion for their performance in the final round of the competition at the Bank’s head office in Ottawa on Saturday, 13 February.

In awarding The Governor’s Challenge trophy to the winners, Governor Stephen S. Poloz told the finalists, “This inaugural competition has been a tremendous success. It’s clear from the great set of presentations that you’ve developed a deeper understanding of the Canadian economy and of the Bank of Canada’s role in it and have acquired invaluable skills that will serve you well in the future. Congratulations to McGill University and to all those who participated.”

The Governor said he hoped the Bank’s increased engagement with students through the Challenge and other initiatives would inspire them to pursue careers in the public service. “I encourage you to consider applying your skills and knowledge to the betterment of Canada.”

The competition, which requires students to give a presentation on the economic outlook and a monetary policy recommendation to the Bank’s Governing Council, is designed to promote greater awareness of the Canadian economy and the role of the central bank and monetary policy. It is targeted at third- and fourth-year undergraduate students enrolled in Canadian post-secondary institutions and faculty members who act as coaches.

For the 2015–16 school year, 22 universities from across the country participated in the first round of presentations held in November. Five teams were selected for the final, national round. They were the University of Saskatchewan, Wilfrid Laurier University, University of Toronto (St. George campus), McGill University and St. Francis Xavier University.

The judges for the final round were Deputy Governor Lawrence Schembri; Michael Ehrmann, Chief of Economic and Financial Research at the Bank; and William Robson, president and CEO of the C.D. Howe Institute. They evaluated the teams on the substance of their economic analysis, the quality of their presentation and evidence of strong teamwork.

Deputy Governor Schembri closed the competition by congratulating the students and coaches on the quality of their presentations. “You should be proud of your achievements,” he said. “I hope you enjoyed the experience as much as I did. I look forward to future successful years of The Governor’s Challenge.”

More information about The Governor’s Challenge and future competitions will be available on the Bank’s website in the spring of 2016 at The Governor’s Challenge.