Synopsis of Training Day of the 5th ECB Simulation Conference

Kicking off the 5th European Central Bank (ECB) Simulation Conference for students, the Training Day, held from December 10 to 13, 2021, featured a lineup of distinguished speakers who imparted their knowledge, insights, and experiences to the participants. The goal of the Training Day is to enrich the participants’ understanding of the topics under examination at the conference.
The topics examined at the 5th ECB Simulation Conference revolved around the challenges of monetary policy during the SARS-CoV-2 pandemic, its interaction with fiscal policy, the impact of Environmental, Social, and Governance (ESG) factors on the financial system and the European economy, and the challenges of the digital economy, specifically the Digital Euro.
This year, the Training Day featured 15 distinguished speakers representing various organizations, including academic institutions, regulatory bodies, and corporations. Notable speakers included Mr. Ioannis Stournaras (Governor of the Bank of Greece) and Mr. Demosthenes Ioannou (Senior Lead Economist, Directorate General International at the European Central Bank). Subsequent presentations were delivered by Ms. Charoula Apalagaki (General Secretary of the Hellenic Bank Association), Mr. Marios Psaltis (CEO of PwC Greece), Ms. Athena Chatzipetrou (Chairwoman and CEO of the Hellenic Development Bank), Mr. Nikolaos Peppas (Deputy Regional Governor of Attica for Economic Affairs), Mr. Gikas Hardouvelis (Chairman of the Board of Directors of the National Bank of Greece), Mr. Dimitris Maliaropoulos (Director of Economic Analysis and Studies at the Bank of Greece), Mr. Sotirios Symarkezis (Advisor at Interbank Systems (DIAS)), Mr. Spyridon Blavoukos (Associate Professor at the Athens University of Economics and Business in the Department of International, European, and Economic Studies), Ms. Emilia Varfi (Managing Director of Velos Advisory), Mr. Philippos Vernardis (Vice President at Asset Stewardship, State Street Global Advisors), Ms. Thaleia Emiri (Of Counsel, Sardelas Petsa Law Firm), Mr. Konstantinos Drakos (Professor, Department of Accounting and Finance, Athens University of Economics and Business), and Mr. Christos Gortsos (Professor of Public Economic Law at the Faculty of Law, National and Kapodistrian University of Athens).
Below, the Get Involved team has summarized the key points from all the speeches delivered during the Training Day.

Opening Speeches and Greetings

The Training Day commenced with a speech by Mr. Ioannis Stournaras, who extensively discussed the review of the ECB’s strategy, which was completed in July 2021. The new inflation target is set at 2% in the medium term. Commitment to this target is symmetric, meaning both negative and positive deviations from it are equally undesirable. Mr. Stournaras emphasized the importance of the Pandemic Emergency Purchase Program (PEPP) as an extraordinary asset purchase program due to the pandemic, aimed at mitigating the shock caused by the SARS-CoV-2 pandemic crisis. He also stressed the need for supplementary fiscal policy measures to achieve macroeconomic stability. Additionally, Mr. Stournaras recognized the imperative of addressing climate change and highlighted that the Bank of Greece was among the world’s first central banks to engage with climate change and sustainability, establishing the Climate Change Impact Assessment Committee in 2009.
Following this, Mr. Demosthenes Ioannou explained how the ECB’s strategy review was conducted, the parameters taken into account, and the results of the review. He presented the tools of Monetary Policy exercised by the ECB, with a focus on Forward Guidance, underlining the careful selection of wording, as ECB announcements can significantly influence the economy. Mr. Ioannou also stressed the need for the ECB to be understood by the general public. To achieve this, communication channels have been modernized to help the broader audience comprehend the ECB’s goals and actions.
In turn, Ms. Charoula Apalagaki emphasized in her speech the necessity of understanding how the banking sector and businesses should adapt to climate change. She discussed the need for incorporating ESG criteria into business models, which will create numerous new challenges and opportunities for Greek banking institutions, contributing to the green transition of the Greek economy. Ms. Apalagaki also expressed the need for improving the relationship between the banking system and payment providers. She highlighted the importance of protecting the banking system from cyberattacks and threats arising from digital transformation.
Mr. Marios Psaltis discussed all the themes of this year’s conference in his speech. He began by referencing the Monetary Policy followed by the ECB in recent years, the impact of the pandemic crisis, and the ECB’s response to it. He also addressed the elevated levels of inflation currently experienced by all Eurozone countries. Subsequently, he analyzed the challenges faced by the banking sector, including the level of key interest rates, the volume of non-performing loans, and the new challenges related to digital transformation, climate change, and the green transition. In closing, Mr. Psaltis emphasized that ESG criteria undoubtedly can pose various challenges for banking institutions. However, by integrating ESG criteria into their investment and lending decisions, these institutions have the opportunity to play a crucial role in combating climate change and promoting responsible finance.
Following, Ms. Athena Chatzipetrou, in her speech, emphasized the need to promote policies to support the Greek economy, as well as small businesses, using every available tool to reduce the borrowing costs of businesses. Additionally, she referred to the adoption of frameworks to promote and integrate ESG criteria into business models by rewarding companies that incorporate them into their business activities. Finally, she highlighted the need for digitalization in the banking sector.
The opening speeches concluded with Mr. Nikolaos Peppas, who, in his speech, discussed the challenges faced by the region regarding the management of transition, the implementation of projects, and the 16 municipalities of Attica. He also talked about the management of natural disasters due to climate change. He mentioned that the region allocated 250 million euros to businesses affected by the SARS-Cov-2 pandemic to stimulate economic activity.

The Challenges of Monetary Policy After the SARS-Cov-2 Pandemic and Its Interaction with Fiscal Policy

Mr. Gikas Hardouvelis began the speeches in the first panel, where he focused on the 10-year Greek crisis that followed the 2008 global financial crisis. He emphasized how it significantly impacted both the Greek state and the Greek financial system due to extensive damage to the country’s GDP and the balances of Greek banking institutions. He also discussed the issue of limited profitability of Greek banking institutions and the factors contributing to it. Specifically, he mentioned the expansive Monetary Policy followed by the ECB, low-interest rates, strong competition faced by banking institutions from Big Tech and FinTech, and strict supervision exercised by regulatory authorities as the main factors restricting the profitability of Greek banks. Lastly, Mr. Hardouvelis discussed the measures that need to be taken to address this situation, emphasizing that Greece is expected to enter a growth trajectory for the next decade through the Recovery and Resilience Facility (RRF) and other fiscal measures taken at the European level.
Next, Mr. Dimitrios Malliaropoulos discussed the importance of inflation, highlighting the ECB’s statutory goal of price stability and the specification of this goal by maintaining inflation at 2% on average. He also pointed out the rising trend of inflation and its current levels, analyzing the factors contributing to its increase. He then used the Phillips curve to explain the relationship between inflation and unemployment and analyzed the impact of the SARS-CoV-2 pandemic on these two components. Finally, Mr. Malliaropoulos elaborated on expectations regarding inflation’s development and concerns about potential future risks.
Next, Mr. Sotiris Syrmakezis addressed the issue of payment systems in Europe and how various problems can be solved through Account to Account (A2A) payment technology. Specifically, he emphasized that in the European economy, payment systems involve a series of intermediaries, with each one increasing the cost of card payments. As a result, the annual total cost amounts to 25 billion euros. Furthermore, over the next five years, due to the increasing use of cashless payments and the outsourcing of payment systems by banks, the cost of accepting card payments is expected to exceed 150 billion euros. He also mentioned that an alternative way for merchants to accept payments is through various technologies known as Alternative Payment Methods (APM), significantly reducing the cost of accepting card payments. This method eliminates the need for multiple intermediaries, enhances user data security, and improves the overall experience. Additionally, Mr. Syrmakezis noted that these technologies provide more business opportunities, such as personalized marketing, and have attracted significant investments from various investors in recent years.
The first panel was concluded by Mr. Spyros Blavoukos, who provided a historical overview and analysis of the most significant negotiations between European states that led to the current European treaties and balances. He presented details of the sequence of negotiations, historical facts, and highlighted the correlations that shaped the ECB with its current structure. Finally, he discussed the issues surrounding the creation of the Economic and Monetary Union (EMU) and the positions held by states during these historical negotiations.

The Impact of ESG Parameters on the Financial System and the European Economy

In the second panel of the Training Day, which focused on the impact of Environmental, Social, and Governance (ESG) parameters on the financial system and the European economy, Ms. Aimilia VarfiMr. Philip Vernardis, and Ms. Thalia Emiri participated. The panel began with a brief explanation of ESG parameters and how they influence corporate culturewell-being, and the profitability of businesses. Subsequently, the results of a global research study involving 41 institutional investors with a total portfolio value of 26 trillion dollars were presented. These results demonstrated the significant role that ESG risks and opportunities play in their investment decisions. Moving on to the presentation, the speakers provided clear examples and suggestions regarding the incorporation of ESG into the three pillars of the prudential banking framework (Disclosures, Risk Management, Prudential Treatment). Concerning the performance of businesses on ESG issues, Mr. Vernardis introduced an internal assessment index (R-Factor) used by SSGA to measure corporate performance based on ESG risk factors. The speakers also highlighted other organizations that evaluate and rate companies based on their ESG performance, including ISS ESG, which Ms. Varfi used to present the performance of Greek banking institutions. Finally, the speakers compared the percentage of ESG-related investments in the EU and Greece, noting that the European average ranges from 1% to 2%, while in the 25 largest Greek-listed companies, it fluctuates from 0.08% to 0.14%. They simultaneously analyzed the reasons for this discrepancy.

Overview of issues addressed – 5th European Central Bank Simulation Conference

The fourth and final panel was initiated by Mr. Konstantinos Drakos, who focused on the issue of digital currencies and, more specifically, the opportunities and challenges they present. He emphasized the role of cryptocurrencies as alternative means of exchange and later delved into the digital euro as a cornerstone of the digitalization of the European economy. He also highlighted the benefits of using a digital euro and the characteristics required for such a form of currency. Finally, he cautioned about potential risks that could arise from the introduction of digital currencies and emphasized the need for careful and systematic planning, considering the risks associated with their use.
Closing the Training Day was Mr. Christos Gkortsos, who provided an overview of the issues examined on this year’s conference. He mentioned the European Central Bank’s policy, which is currently under review, as indicated by the recent strategic report published. Mr. Gkortsos pointed out that this review is largely due to the impact of the SARS-CoV-2 pandemic and the measures the ECB was forced to take to support the European economy. He continued by highlighting the digital currency as an immediate goal of the ECB’s new policy strategy, giving special emphasis to the legal foundation for its establishment. Simultaneously, he discussed the tools for conducting monetary policy by the ECB and its fundamental objective, which is the maintenance of price stability as specified in the Treaty on the Functioning of the European Union (TFEU), particularly in Article 127. Finally, Mr. Gkortsos addressed the topic of ESG, underscoring the importance of all three factors (Environmental, Social, Governance) for the smooth operation of the financial system. He warned of operational risks associated with the failure to exercise due diligence in ESG matters.

To view the Training Day schedule please press here.

Elisavet Dolopikou

Junior Associate

My name is Elisavet Dolopikou. I am a graduate of the Faculty of Law at the Aristotle University of Thessaloniki (AUTh), a postgraduate student in the LL.M. program in European Business and Economic Law at AUTh, and a trainee lawyer specializing in Commercial Law.

I joined the Get Involved team in September 2025, and since then, I have been an active member of both the Legal and Operations departments. For me, Get Involved is a hub of innovation and interdisciplinarity that provides the ideal environment for developing new skills. The fact that this is an initiative driven by young people with a shared vision for producing meaningful work was my primary motivation for joining.

Chrisanthi Indouna

Junior Associate

My name is Chrisanthi Indouna, and I am an undergraduate student in the Department of Management Science and Technology at the Athens University of Economics and Business. I joined Get Involved as a Junior Associate in September 2025. I am part of the Operations team, where I contribute, among other tasks, to the organization and coordination of the team’s initiatives. In May 2025, I attended the event “Sustainable Future IV: Beyond Green – Navigating the Future of Sustainability & Innovation”. I acquired valuable insights into sustainable development and its role in contemporary entrepreneurship.
My decision to join Get Involved was driven by my strong interest in youth initiatives and the team’s culture, which encourages creativity, collaboration, and active participation in innovative projects.
For me, Get Involved represents a unique opportunity to expand my knowledge in sustainability and finance. Its youthful spirit and the collaboration among people from different academic backgrounds, united by a shared vision, motivate me to actively engage in projects that have a meaningful impact.

Evangelia Koutsougera

Junior Associate

I’m a Law student and since May 2025, I’ve been part of the Communications team at Get Involved. I’ve always been an outgoing person who enjoys working with others, so I immediately felt that this role suits me well. I’m really interested in sustainability, mainly because I feel like we’re the first generation truly experiencing the consequences of the environmental crisis. I believe that each of us can contribute to something better, in our own way. Through this team, I hope to learn, grow, and collaborate with people who share the same concerns and vision. I also hope to bring my own perspective and energy to everything we do.

Konstantina Katsimicha

Junior Associate

My name is Konstantina Katsimicha, and I am an undergraduate student at the Department of Economics of the Athens University of Economics and Business.

In 2024, I participated in the 8th ECB Conference; an experience that significantly deepened my understanding of monetary policy, financial institutions, and the broader economic framework of the Εuro area.

In 2025, I joined Get Involved as a Junior Associate in both the Communications and Social Media Management teams. Through this role, I contribute to the promotion of our initiatives and help manage our online presence, while also developing valuable communication, organizational, and teamwork skills.

What inspired me to become part of Get Involved is the team’s vision and spirit to enhance economic literacy among young people and foster a space where ideas, knowledge, and skills can grow through collaboration. Being surrounded by passionate peers committed to impactful initiatives motivates me to learn, evolve, and contribute actively.

Fay Panagakis

Junior Associate

My name is Fay Panagakis, and I am an undergraduate student in the Department of Business Administration at the University of Piraeus. Joining Get Involved in February 2025, I am actively contributing to both the Communications and Operations departments.
I was eager to join the organization because of its strong commitment to empowering young people through initiatives that bridge the gap between academic knowledge and today’s challenges. Its focus on financial literacy, sustainable development, and fostering interdisciplinary learning aligns with my aspirations to make a positive societal impact.
Becoming part of this dynamic team offers me an invaluable opportunity to contribute to meaningful projects while growing both personally and professionally. I’m excited about what the future holds alongside like-minded individuals who share a passion for youth empowerment and societal change.

George Sakkas

Junior Associate

My name is George Sakkas and I am an undergraduate student in the Department of Accounting and Finance at the Athens University of Economics and Business. I joined the organization in March 2025 as a Junior Associate in the Social Media and Scientific teams, contributing to its activities through the perspective of financial literacy and sustainable economic development.

My involvement with Get Involved arose from my deep interest in the role that financial knowledge plays in modern society. My goal is to deepen my understanding of financial issues, enhance my skills in communication and strategic development, and actively contribute to the promotion of economic education.

Angelina Arfani

Junior Associate

My name is Angelina Arfani, and I am an undergraduate student in the Department of Political Science and International Relations at the University of the Peloponnese. I have joined the Get Involved team as a Junior Associate in the Operations and Communications departments, where I contribute to the efficient coordination of initiatives and assist in enhancing the organization’s outreach and engagement. 

I believe that Get Involved is an innovative initiative driven by individuals committed to creating meaningful change. Being part of this team has provided me with the opportunity to expand my knowledge, develop key skills, and showcase my abilities, all while collaborating with passionate individuals who share a common vision.

Konstantina Triantafyllopoulou

Junior Associate

My name is Konstantina Triantafyllopoulou, and I am an undergraduate Political Science & Public Administration university student at the National and Kapodistrian University of Athens. Also, I am currently enrolled in the American College of Greece, pursuing a minor in Human Resources Management.

I joined Get Involved in 2025 as a Junior Associate in the communications team, where I help by communicating with external partners and with the promotion of our initiatives. The key factors that motivated me to join were my ambition to engage within the community and broaden both my understanding and skills around finances, communication, entrepreneurship, and youth-led projects.

Being an active member of Get Involved highlights my keen enthusiasm for promoting financial literacy, actively engaging with the youth community, and embracing the core values of this team.

Pavlos Tsiokas

Senior Associate

As a participant of the 1st ECB Simulation Conference, I had the opportunity to familiarize myself with concepts related to Central Banks, their objectives, and the exercise of monetary policy.
The reason I decided to join the Get Involved team stemmed from the fact that I strive for learning, especially in areas concerning economic literacy. I was drawn to the opportunity to collaborate with like-minded individuals who share our shared culture and values.
As a new addition to the team, I am involved in drafting the Economic Term of the Week, which enjoys considerable success on Get Involved’s social media platforms. Furthermore, I am part of the team responsible for compiling the Study Guide, the pivotal manual for every delegate participating in the European Central Bank Simulation Conference.

Lila Kartali

Senior Associate

My name is Lila Kartali and I am an undergraduate student in the Department of International and European Studies at the University of Piraeus. I joined the team in February 2024, and since then I have happily been part of the Corporate Communications, Social Media, External Opportunities, and Scientific team. The diversity of the topics I deal with in each department, as well as the collaboration and interaction with ambitious people, are a pleasant challenge for me.

For me, Get Involved is an opportunity to develop various skills and strengthen my knowledge background on sustainability and monetary policy issues. Moreover, the fact that it is a youth initiative, by people from different scientific fields collaborating for a common goal, is the reason why I want to be part of it.

Iasonas Pavlakis

Senior Associate

As an active member of Get Involved’s Associates, I am part of engaging and continuously evolving projects centered on strengthening financial literacy among young people in Greece and Europe. Moreover, by combining my studies in computer science, I am an integral part of Get Involved’s ongoing digital transformation journey.

My contributions to Get Involved reflect my commitment to supporting its ultimate goal of social contribution and raising awareness of financial literacy issues among youth.

Maria Anastasopoulou

Senior Associate

My name is Maria Anastasopoulou and I am an undergraduate student at the Law School of the National and Kapodistrian University of Athens. My participation in Get Involved started in 2023, whereas now I am an Associate and a member of the Legal Team, where I help handle the group’s legal issues, prepare legal educational materials and represent the group in the ECB Simulation Conference. Additionally, I participate in the stream for Student and Youth Organizations, where I develop my communication skills by interacting with external partners and other youth initiatives. I am also a member of the Scientific Team and contribute to the structuring of the group’s studies, such as the “ESG & Sustainability Youth Perspectives”, while simultaneously developing my research and writing skills.

The drive behind my involvement with the team is the exceptional academic and research level of my colleagues and the passion for the field. The shared values of mutual respect, the desire for progress and innovation, and continuous new’ goal setting, motivate me to contribute and join in a common evolutionary path.

I am particularly grateful for my participation in Get Involved, as it provides me the opportunity to significantly broaden my economic and legal knowledge, delve further into areas of interest and collaborate with some of the most active and accomplished young people, from whom I learn daily.

Apostolos Karasakalidis

Scientic Associate

Apostolos Karasakalidis has graduated from the Law School of the Aristotle University of Thessaloniki, is a certified Data Protection Officer (DPO), and works as a trainee lawyer in Thessaloniki having developed a special interest in Commercial Law.

He is an Associate at Get Involved since the summer of 2022 and a member of the legal team. He has participated in the writing and updating of the Study Guide for the 7th Simulation of the European Central Bank in which he also participated as a Central Banker. In addition, he oversees Get Involved’s compliance with the General Data Protection Regulation (GDPR) and the protection of its intellectual property.

Apostolos participates in Get Involved because he believes in the added value of cooperation among young scientists from different academic backgrounds. Furthermore, he is interested in the green transition of the EU economy and supports financial literacy’s expansion to young people.

Opportunities don’t happen, you create them.” — Chris Grosser

Vasiliki Koukoula

Senior Associate

I joined Get Involved in 2019, I have progressed to the role of Senior Associate, and I currently am a member of the Legal Team. My participation in the team has provided me with valuable opportunities, and experiences, and it has given me the chance to work with numerous active youths. I have taken part in various initiatives, such as the ECB Simulation Conferences, and have had multiple responsibilities, including developing educational materials and participating in the communications team. I appreciate Get Involved’s commitment to fostering a collaborative environment that empowers young university students and professionals.

Thanasis Dogramatzidis

Scientific Associate

Thanasis Dogramatzidis is an executive in the Financial Assets Management department at the Central Bank of Malta. Previously, he worked as a trader at the National Bank of Greece.

He holds an MSc in International and European Governance and Politics from the National and Kapodistrian University of Athens an MSc in Finance and Banking, and a BSc in Statistics, both from the Athens University of Economics and Business.

In 2024, Thanasis became a Scientific Associate at Get Involved, driven by his belief in the need to advance economic literacy and highlight contemporary economic issues, especially within the realm of monetary policy.

Panteleimon K. Karamalis

Scientific Associate

Panteleimon Karamalis is a PhD Fellow at the UCD School of Economics in Ireland. He holds a MSc in Healthcare Administration from National School of Public Health in Athens (2018), a MSc in Banking and Financial Management from University of Piraeus (2017) and a BSc in Business Administration from Technological Educational Institute of Athens (2014). His research interests lie mainly in Monetary and Fiscal Policy, Banking, Wealth Inequality, and Health Economics. Since 2018 he has been a Teaching Assistant in Macroeconomics, Financial Economics, International Banking, and Econometrics at the UCD School of Economics.

He joined Get Involved because of their common belief about both the necessity of financial literacy in all students regardless of academic background, and the importance of scientific research by students and researchers who want to focus on specific research topics of economic science. All projects run by Get Involved, such as the ECB Simulation Conference and the scientific journal ‘Future Economic lab Journal’, orient themselves to the completion of these goals.

Antonis Ballis

Scientific Associate

Antonis Ballis holds a Doctoral degree in Finance (2021) from Athens University of Economics and Business, a specialized Master’s degree in Applied Economics and Data Analysis (2016) from the University of Patras (2016), and a Bachelor’s degree in Economics (2014) from Athens University of Economics and Business. In 2018 he was awarded full funding for his doctoral research on cryptocurrencies, from the Greek State Scholarships Foundation (IKY). His main research areas are Cryptocurrency/DEFI Economics, Behavioral Finance, and Financial Technology (FinTech).

Success consists of going from failure to failure without loss of enthusiasm.” – Winston Churchill

Maria Triantafyllopoulou

Vice President

I joined Get Involved in April 2021, and since May 2023 I have been Vice President. My main responsibilities include coordinating the legal team and communications with our stakeholders. Moreover, I participate in the formulation and implementation of the organisation’s strategy.

My involvement in Get Involved and my interaction with its multi-faceted people reflects my commitment to developing initiatives that motivate young people to actively engage with economic science and remain active citizens at all times.

Stavros Vletsos

Vice President

I joined Get Involved in 2020 and I serve as a vice-president in 2022. My responsibilities include participating in the decision-making process and implementing the organisation’s strategy.

I am grateful to be part of Get Involved and contribute to connecting institutions, academia and the market with young people, spreading financial education and sustainable development through experiential learning and interdisciplinarity.

Petros Dimitropoulos

Vice President

I’ve been part of Get Involved since April 2020 and one of the Vice Presidents since 2022. My main responsibilities include managing corporate communications as well as designing and implementing the organization’s strategy.
My participation in Get Involved reflects my commitment to empowering the voices of young people and promoting active dialogue between the market, the academic community, institutions, and youth, with the aim of advancing financial education, interdisciplinarity, and sustainable development.

Anthony Efstathiadis

Co-Founder

I am one of the co-founders of Get Involved with which I have participated in the planning and implementation of numerous initiatives that have impacted more than 3,000 university students and graduates. My role entails the coordination of the overall organization, the project management of our various and diverse initiatives, and the strategy formulation.

My work in Get Involved reflects my commitment to have an active role in empowering the youth, their “voices” and to strive to nurture a positive culture where young people can develop to their full potential.

Vasilis Angelopoulos

Co-Founder

As the co-founder of Get Involved, I lead an initiative that has influenced over 3,500 university students, empowering them through opportunities that bridge the gap between academic education and real-world challenges. The initiatives of Get Involved have garnered recognition from important organizations such as the Hellenic Bank Association, the Bank of Greece, the European Central Bank (ECB), and the corporate community in Greece, validating our efforts to foster a culture of social responsibility and professional excellence among the youth.

Our work at Get Involved is a reflection of my commitment to driving societal change and creating an active path of dialogue amongst university students, academia, institutions, and companies.