Master´s students at Rhine-Waal University go on an excursion to the European Central Bank and German Central Bank in Frankfurt
38 students in the “Economics and Finance” Master´s program at Rhine-Waal University of Applied Sciences visited the European Central Bank (ECB) and German Central Bank (GCB) in Frankfurt on December 17-18, 2018. The excursion was part of the course “Applied Research Project” and its aim was to familiarize students with the work of two of the most powerful financial institutions in Europe.
Prof. Dr. Jörn Sickmann and Ms. Huynh Bich Ngan Le, teachers of the course “Applied Research Project”, together with Dr. Carina Goldbach, a research assistant in the Faculty of Society and Economics, and 38 Master´s students spent two days in Frankfurt to visit the European Central Bank as well as the German Central Bank and its Money Museum. Both institutions paint the financial picture of Europe significantly.
In addition to visiting the two establishments, the students attended a couple of interesting and insightful presentations. In the ECB, the organization of the institution, its mission, its decision process, and technicalities of the monetary policy among the 28 countries of the European Union were highlighted. The second presentation was given in the following day by Mr. Michael Schröder from the Economic Education department of the German Central Bank who touched on the role of the German Central Bank within the Euro system. He covered the history and task of the bank as well as the stabilization of inflation rates after the volatile financial conditions in the course of the latest financial and economic crisis. Mr. Michael Schröder also explained the voting process among the multiple EU countries.
Finally, participants visited the money museum of the German Central Bank where they were able to see a variety of historical coins and major valuable assets and to learn about the history and functioning of money. The study trip to Frankfurt was a learning opportunity for the students as they were acquainted with the work of the two major financial players in the world. Their reactions and attitudes were extremely positive as this trip fueled their curiosity when it comes to the European financial sector. Students were energized to discover the behind-scenes of the work of these organizations while also having a good time with their fellow classmates in the city of sky-scrapers!