After receiving several hundred essay submissions on how to pump life into Europe’s economy, the judges awarded prizes in a McKinsey Global Institute contest.What reforms does Europe need to restore dynamism to its economy? How could it implement them in a way that would be palatable to the public and politicians alike? The McKinsey Global Institute (MGI) report A window of opportunity for Europe, published in 2015, included a targeted set of measures to answer that first question, about the what. To address the complex issues of how, we decided to throw the second question open to a much larger global audience by crowdsourcing the answer.VideoWhy the MGI Essay Prize matters nowMembers of the judging panel discuss why the competition is relevant to Europe’s future.The result was an essay contest: the MGI Opportunity for Europe. Launched in March 2016, it offered a first prize of €60,000 for ideas to translate economic theory into political measures that would both appeal to voters and help restore Europe’s pep. The contest also offered a €25,000 prize for the best submission by an author under the age of 30. Jean-Claude Juncker, president of the European Commission, agreed to serve as contest patron.

Source: MGI Essay Prize: Crowdsourcing ideas for revitalizing growth in Europe | McKinsey & Company