In November 2023, the CIC held an international central banking course on the topic of monetary policy implementation in Frankfurt. Experts from 12 countries (Bahrain, Cambodia, Costa Rica, India, Indonesia, Jordan, Mexico, Moldavia, North Macedonia, Oman, Uganda and Ukraine), delved into issues relating to the monetary policy framework, various monetary policy instruments and a greener financial system. 

Besides interesting specialist contributions from our Bundesbank experts on the Eurosystem’s general collateral framework, the asset purchase programme and the practical implementation of monetary policy measures in the euro area, all participants gave presentations as well, discussing the differences in the strategic objectives and choice of monetary policy instruments in their respective countries. However, participants also repeatedly cited climate change and digitalisation as common challenges for the future. 

© Katja Hofmann

For the first time, this course took place in cooperation with the Joint Vienna Institute (JVI). Alongside the various Bundesbank experts, Rilind Kabashi (JVI) gave a presentation on liquidity analysis and foreign exchange interventions and held workshops on both of these topics. The Bundesbank has a long-standing partnership with the JVI. The CIC’s annual programme for 2024 again includes two joint courses with the JVI in Vienna, one on monetary policy implementation and the other on monetary policy communication. 

Text: Katja Hofmann