Duration

5 days

Deadline for application

5 September 2025

Objective

The implementation of monetary policy requires both well-defined goals and a consistent set of policy instruments in order to achieve them. This course will begin by placing the central bank’s monetary policy operations in the context of broader monetary policy strategy, emphasising the link between policy formulation and implementation. It will touch upon monetary policy objectives and instruments and the functioning of the monetary policy transmission mechanism. The focus will be on the practicalities of implementing monetary policy, including liquidity management, refinancing operations, monitoring of monetary policy counterparties and monetary policy asset purchases. The course will also provide an introduction into market intelligence at the Deutsche Bundesbank and conclude with current challenges, such as greening the financial system. Whilst our specialists will primarily report on practices within the Eurosystem, participants of this course will also be encouraged to actively engage with each other and, where appropriate, prepare presentations in workshops and exercises to provide insights into the respective frameworks of their own countries.

Content

• Monetary policy mandate, strategy, operational framework
• Monetary policy instruments and their design
• Liquidity analysis
• Monetary policy refinancing operations in practice
• Monitoring of monetary policy counterparties and Eurosystem’s ELA framework
• Monetary policy purchase programmes in practice and current challenges
• Market intelligence
• Greening the financial system and other current challenges

Target group

Junior to mid-level central bank officials working in monetary policy operations and officials from central banks or ministries of finance/economics whose responsibilities require a thorough understanding of monetary policy implementation, or where there is a strong interest in acquiring such knowledge. Participants are required to actively contribute to the course and, where appropriate, to prepare a presentation in order to share insights into the monetary policy operational frameworks of their own respective countries.

Please note

A nominating person is mandatory for the participation in our in-person courses.