The statute for the Eesti Pank research prize
1. The Purpose of the Award
1.1. The Eesti Pank scientific award in memory of Urmas Sepp (hereinafter referred to as “the award”) is granted annually to Estonian economists each year in two separate categories: master's and doctoral level.
1.2. The purpose of the award is to encourage scientific research in the field of economics, to recognise outstanding research work, and to enhance studies for academic degrees.
2. The Size of the Award
2.1. The head of the Economics and Research Department of Eesti Pank makes a proposal each year to the Eesti Pank Executive Board regarding the potential award amounts for the upcoming calendar year in both the master's and doctoral categories. The Executive Board confirms the award amounts when the budget for the following calendar year is adopted.
2.2. If two or more submissions to the competition are considered to be of equal academic merit by the evaluation committee, the award may be divided among multiple laureates. This provision applies separately to the awards for doctoral and master's theses.
3. Announcement of the Award Competition
3.1. To grant the award, Eesti Pank announces a public competition each year by no later than May 15. The announcement is published on the Eesti Pank’s website, and the information is sent to all Estonian higher education institutions that offer accredited master's or doctoral programs in economics, as recognized by the Estonian Ministry of Education.
3.2. The announcement is prepared by the Monetary Policy and Economic Research Department and will specify the following:
a) the size of the award;
b) the conditions of competition entry;
c) the list of documents to be submitted;
d) the deadline and submission location for documents;
e) contact details for further inquiries.
4. Terms and Conditions for the Competition
4.1. The competition is open to all individuals who:
a) Are enrolled, at the time of the announcement of the competition, in a master’s or doctoral program accredited by the Estonian Ministry of Education; or
b) Have obtained a master’s or doctoral degree from a program accredited by the Estonian Ministry of Education, provided that less than four years have passed since the degree was awarded; or
c) Hold Estonian citizenship, a long-term residence permit, or a permanent right of residence in Estonia, and are enrolled in a master’s or doctoral program at the time of the competition announcement; or
d) Hold Estonian citizenship, a long-term residence permit, or a permanent right of residence in Estonia, and have obtained a master’s or doctoral degree, provided that less than four years have passed since the degree was awarded.
4.2. Research groups may also participate in the competition, provided that each member of the group meets the criteria outlined in point 4.1.
4.3. Individuals who are employees of Eesti Pank at the competition application deadline are not eligible to participate. However, interns at Eesti Pank are allowed to participate.
4.4. To participate in the competition, candidates must submit the following documents to the Eesti Pank by September 15 (either in paper or electronic format):
a) A properly formatted research paper or publication in Estonian or English (hereinafter “scientific work”);
b) A written application for participation in the competition, indicating the author's (or authors’) contact information (name, address, educational institution, phone number or email address), the time and place of the research work, and a note on any other competitions where the work has been submitted;
c) The author’s (or authors’) CV(s);
d) A diploma (or diplomas) proving the acquisition of a master’s or doctoral degree or a certificate issued by the university faculty confirming enrollment in a master’s or doctoral program;
e) a summary of the submitted scientific work, approximately two to three pages in length;
f) A copy of a document proving Estonian citizenship, a long-term residence permit, or a permanent right of residence in Estonia — required only if the candidate does not study or has not studied in a program accredited by the Estonian Ministry of Education.
5. Formation of the Award Committee
5.1. To evaluate the submitted scientific works, a three-member award committee (hereinafter “the committee”) is formed by October 1 at the latest. The committee includes the Head of the Economic Research Division of the Monetary Policy and Economic Research Department of the Bank of Estonia (serving as chairperson), and two external experts — one from the University of Tartu and one from Tallinn University of Technology.
5.2. The composition of the committee is approved by the Executive Board of the Bank of Estonia based on the chairperson’s proposal.
6. Organization of the Competition
6.1. The committee is convened by the chairperson. The committee has a quorum when all members are present at the meeting.
6.2. The committee evaluates the quality and originality of the submitted scientific works.
6.3. The committee has the right to involve independent experts in evaluating the scientific works.
6.4. If a committee member is the supervisor of a submitted scientific work, or is a close relative, spouse, close family member, or next of kin of a candidate, a replacement will be appointed.
6.5. The committee makes decisions by simple majority vote.
7. Competition Results
7.1. By October 15, the committee submits a proposal to the Executive Board of Eesti Pank on whether to award the prize or not, and names the laureate(s). The decision is confirmed by the Executive Board, and it is final.
7.2. The competition results are announced on Eesti Pank’s website by 1 November at the latest.
7.3. The award diploma(s) are presented to the laureate(s) at an official award ceremony.
7.4. If the awarded scientific work was authored by a research group, the prize is divided equally among all authors.
7.5. Eesti Pank will only publish the works and data of non-winning candidates in cases prescribed by law.
7.6. With the agreement of the laureate(s), Eesti Pank may publish the awarded scientific work in full or in part in the Bank’s Working Papers or Discussion Papers series.
7.7. Eesti Pank has the right to publish press releases and articles related to the competition.
8. Failure of the Competition
8.1. The competition is considered unsuccessful if no scientific works are submitted or if, in the committee’s judgment, none of the works meet the scientific standards of the award.
9. Principles of Personal Data Processing by Eesti Pank in Connection with the Scientific Award Competition
9.1. Eesti Pank processes personal data provided by the candidates during the application process. The purpose of processing is to assess whether a candidate meets the criteria for the scientific award. The following personal data may be processed: basic data (e.g., name, personal identification number, date of birth), contact information (e.g., phone number, email address, residential address), education data, and any other relevant information the candidate considers important for their application.
9.2. Eesti Pank processes the data based on the information submitted by the candidate.
9.3. Only the designated contact person specified in the competition announcement and the members of the award committee approved by the Executive Board have access to the candidate documents. This information is not disclosed to third parties. Candidate data is classified and may only be accessed by third parties (including competent authorities) in cases provided by law. All candidate data will be retained by Eesti Pank for one year following the conclusion of the competition.