International Central Banking Courses 2018 - Centre for Technical Central Bank Cooperation - Deutsche Bundesbank
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Centre for Technical Central Bank Cooperation
International Central Banking
Courses 2018
Foto: Jan Eckert
Centre for Technical Central Bank Cooperation International Central Banking Courses 2018
Content
Foreword ............................................................................................................................................................4
Introduction.........................................................................................................................................................6
Our team.............................................................................................................................................................7
Our range of international central banking courses...............................................................................................8
Annual overview of our courses.........................................................................................................................12
Monetary policy...................................................................................................................................... 14
Macroeconomic analysis and forecasting......................................................................................................16
Monetary policy frameworks........................................................................................................................17
Issues in monetary policy implementation.....................................................................................................18
Monetary policy implementation using an interest steering approach............................................................20
Foreign reserve management........................................................................................................................21
Monetary policy implementation in the Eurosystem......................................................................................22
Analytical tools for monetary policy..............................................................................................................23
Monetary policy implementation..................................................................................................................71
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank
Banking supervision................................................................................................................................. 24
Stress tests – methods and areas of application.............................................................................................26
Banking supervision within the Basel framework – Course level I...................................................................27
On-site banking supervision..........................................................................................................................28
Banking supervision within the Basel framework – Course level II..................................................................29
Banking supervision within the Basel framework...........................................................................................70
In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank
Financial and monetary system................................................................................................................ 30
Digital financial innovations..........................................................................................................................32
Financial stability, systemic risk and macroprudential policy – Course level I...................................................33
Recovery and resolution with a focus on credit institutions............................................................................34
Financial stability, systemic risk and macroprudential policy – Course level II..................................................36
Understanding the monetary and financial system........................................................................................37
Developing financial markets........................................................................................................................39
Cash management and payment systems................................................................................................ 40
Current challenges for cash management.....................................................................................................42
Cash management and combating counterfeit money..................................................................................43
ed
cancell
Combating counterfeit money by the National Analysis Centre.....................................................................44
Payment and securities settlement systems...................................................................................................45
Combating money laundering......................................................................................................................46
Good governance.................................................................................................................................... 48
Economic education – the role of central banks............................................................................................50
Public procurement......................................................................................................................................51
Auditing internal services and support functions at a central bank.................................................................52
Data sharing.................................................................................................................................................53
Operational risk management, continuity management and crisis management............................................54
Human resources management....................................................................................................................55
Public relations.............................................................................................................................................56
Central bank governance..............................................................................................................................57
Design and application of a quality assurance and improvement programme (QAIP) – best practices.............58
Document management...............................................................................................................................59
Controlling at central banks..........................................................................................................................61
Statistics.................................................................................................................................................. 62
Big data and central banking........................................................................................................................64
Seasonal adjustment of economic data.........................................................................................................65
Price and volume indices in official statistics – theory and practice.................................................................66
Courses in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank............... 68
Banking supervision within the Basel framework................................................................................................70
Monetary policy implementation........................................................................................................................71
Course impressions............................................................................................................................................72
Administrative information.................................................................................................................................74
Inside the Deutsche Bundesbank........................................................................................................................76
Our venues........................................................................................................................................................78
Foreword
Page 4
Foreword
In 2017, the Bundesbank celebrated its 60th anniver-
sary under the motto “Committed to a stable currency”.
This theme also reflects our awareness that it is not
sufficient to keep just our own house in order. As we
share responsibility for the euro and for ensuring a stable
financial system, we need to look beyond our own
Photo: DGaby Gerster
borders, especially − but not only − within Europe.
In fact, there is a long tradition of cooperation between
central banks. Its origins date back to the first half
of the 20th century. At that time, there was growing
recognition that autonomous monetary policy deci-
Dr Jens Weidmann sions have side effects on economic conditions in
President
Deutsche Bundesbank other countries (policy spillovers), which exacerbate
existing imbalances and in doing so can increase the
probability of crises. Conversely, living as we do in a
time of increasingly interconnected global markets,
there is little prospect of tackling the current chal-
lenges single-handedly anymore, as the response to
the economic and financial crisis has shown.
Over time, various types of institutionalised coopera-
tion have developed, eg in the committees of the Bank
for International Settlements or through membership
of the International Monetary Fund. In addition, the
role played by informal dialogue between central banks
at a lower level should not be underestimated. Not
only does this help broaden the shared knowledge
base and exchange experience, it also contributes to
building mutual understanding at all levels of the hier-
Foreword
Page 5
archy. This type of environment is particularly suitable
for fostering a shared understanding of “stability” in
the face of increasingly complex tasks.
Next year our international central banking courses
Photo: Frank Rumpenhorst
will once again provide a platform for our colleagues
at central banks outside the European Union and the
traditional group of industrial countries, in particular,
to exchange ideas and experiences. Depending on the
target group, we would like not only to help newcom-
ers “get on board” in the world of central banking,
but also to facilitate an in-depth exchange of ideas on Dr Andreas Dombret
Member of
cutting edge topics through expert panels.
the Executive Board
Deutsche Bundesbank
The monetary policy and regulatory response to the
economic and financial crisis will once again feature
prominently in the programme, alongside both tradi-
tional central banking topics related to our core busi-
ness activities and good governance. Furthermore,
the impact of technological development on the
world of central banking will continue to be a major
theme on the current agenda. Following this year’s
expert panel on blockchain, we will round off our
course programme next year with expert panels on
digital financial innovation and data sharing.
We hope that our programme for 2018 will be of
interest to you and we would be delighted to wel-
come you to the Bundesbank next year for one of our
international central banking courses.
Introduction
Page 6
Introduction
The Deutsche Bundesbank has been working with the Centre for Technical Central Bank Cooperation at
central banks worldwide since its foundation in 1957. the Central Office in Frankfurt.
The aim of central bank cooperation is to promote the
creation and development of central banking systems All international central banking courses are held in
appropriate to a market economy, to foster the pro- English. Each of these courses is open to individuals at
cess of monetary reform, and to enhance economic different stages of their professional career, depending
and financial stability in our partner countries. Training on the topic and type of the event. Central bank staff
programmes and advisory assistance for executives from all our partner countries are cordially invited to
and other members of staff of foreign central banks register as participants.
serve as a vehicle for exchanging knowledge and ex-
perience. The topics featured cover the entire range of The international central banking courses take place
economic, operational and legal instruments used in in Frankfurt, Munich, Mainz, Eltville and Vienna. The
modern central banking. Bundesbank provides accommodation to all participants
for the duration of the course. Meals taken with other
The Bundesbank adopts a variety of approaches to course members and excursions to places of interest
enhance this cooperation, including help to create an international atmosphere based on
mutual trust which, in turn, fosters an open exchange
– sending experts or project support to the countries of ideas.
concerned
– arranging study visits to the Bundesbank to discuss Details of the courses planned for 2018 can be found
specific issues with in-house experts on the following pages.
– running course programmes in Germany and
abroad. Finally, we encourage you to visit the Deutsche
Bundesbank’s website where you can watch our video
All these activities, which draw on the entire resources on Technical Central Bank Cooperation:
of the Bundesbank, are organised and coordinated by www.bundesbank.de/tcbc_film
Our team
Page 7
Our team
Photo: Bert Bostelmann
Back row (left to right):
Jens Fuhrmann, Daniel Januschka, Dr Sonja Juko, Jan Eckert, Jörn Flegler, Dr Martin Pontzen
Middle row (left to right):
Anika Hollmann, Ralf Hannemann, Silke Frühklug, Maximilian Paulus, Malte Vieth, Katja Hofmann
Front row (left to right):
Christoph Stute, Christa Lampe, Birgit Engelmann, Lisa Bauscher, Martin Dinkelborg (Director), Claudia Brune (Deputy Director), Dr Martine
Niederkorn, Silke Schrupp
At the Deutsche Bundesbank’s Centre for Technical Our team would be pleased to welcome you to one
Central Bank Cooperation, a dedicated team is re- of our international central banking courses due to be
sponsible for organising international central banking held mostly in Frankfurt in 2018.
courses. It not only plans and prepares the courses
but also provides advice and support for our foreign The course organisation team:
guests during their visits to the Deutsche Bundesbank. internationalcourses@bundesbank.de
Our range of international central banking courses
Page 8
Our range of international
central banking courses
Course level I
Content Our level I courses in 2018
Level I courses cover core aspects of central banking – Banking supervision within the Basel framework –
or supervision with the aim of offering a general over- Course level I
view and transmitting basic knowledge in major central – Financial stability, systemic risk and macroprudential
banking topics. They also provide a platform for dis- policy – Course level I
cussion and give participants an opportunity to ex- – Monetary policy frameworks
change views and ideas with central bankers from – Data Sharing
around the world. – Monetary policy implementation using an interest
steering approach
The various lectures, which are held by Bundesbank – Understanding the monetary and financial system
experts and external specialists, are supplemented – Seasonal adjustment of economic data
by workshops or exercises and the possibility for dis- – Price and volume indices in official statistics –
cussion. theory and practice
– Banking supervision within the Basel framework
Target group in cooperation with the Joint Vienna Institute
The courses are primarily targeted at young profes- and the Oesterreichische Nationalbank”
sionals with work experience of up to two years in the – Monetary policy implementation
designated central banking field or a central bank area in cooperation with the Joint Vienna Institute
that is related to the topic of the course. and the Oesterreichische Nationalbank”
Our range of international central banking courses
Page 9
Course level II
Content Our level II courses in 2018
Courses focus on specific subjects related to central – On-site banking supervision
bank tasks. These topics will be treated at an ad- – Macroeconomic analysis and forecasting
vanced level and shall facilitate an in-depth analysis. – Cash management and combating counterfeit
They are also designed to enable participants to ex- money
change their views and to deepen and broaden – Financial stability, systemic risk and macroprudential
knowledge or to generate new opinions and ideas. policy – Course level II
– Data Sharing
Courses involve lectures, group work, case studies or – Payment and securities settlement systems
discussions. The courses require an active contribution – Foreign reserve management
by participants. The lectures will be held by Bundes- – Monetary policy implementation in the Eurosystem
bank specialists and external experts. – Banking supervision within the Basel framework –
Course level II
Target group – Human resources management
The courses are primarily directed at experienced em- – Public relations
ployees with more than two years of work experience – Central bank governance
in the respective central banking field. Participants are – Analytical tools for monetary policy
expected to have a basic expertise and to be familiar – Developing financial markets
with general aspects in the working area which will be – Controlling at central banks
the focus of the course. – Combating money laundering
– Banking supervision within the Basel framework
in cooperation with the Joint Vienna Institute
and the Oesterreichische Nationalbank”Our range of international central banking courses
Page 10
Expert panels
Content Our expert panels in 2018
Expert panels are designed to provide central bank – Stress tests – methods and areas of application
employees with a discussion platform to share their – Current challenges for cash management
experience and knowledge about very specific central – Digital financial innovations
banking topics. – Economic education – the role of central banks
– Big data and central banking
Participants are expected to actively contribute to the – Public procurement
discussion. Experts are requested to submit a paper or – Auditing internal services and support functions at
a presentation in advance to be presented during the a central bank
panel. Expert panels require a considerable amount of – Combating counterfeit money by the National
active participation, high proficiency in English and a Analysis Centre
true interest in engaging in discussions with central – Issues in monetary policy implementation
bankers from around the world. – Recovery and resolution with a focus on credit
institutions
Target group – Operational risk management, continuity
Expert panels are aimed exclusively at experienced management and crisis management
employees, ideally with work experience of more than – Design and application of a quality assurance and
five years. Participants should have extensive and de- improvement programme (QAIP) – best practices
tailed knowledge of the respective subject area. While – Document management
the individual topics have already been set, the needs
of specific groups of participants can also be taken
into consideration.Our range of international central banking courses
Page 11
Ad hoc expert panels
In addition, the Deutsche Bundesbank’s Centre for If you have a suggestion for a possible ad hoc expert
Technical Central Bank Cooperation will organise ad hoc panel, please send us your proposal by e-mail:
expert panels on topics of special interest that arise
during the course of the year. These ad hoc expert internationalcourses@bundesbank.de
panels will be announced on our website and organ-
ised in the same way as our regular expert panels.
Content Target group
Course level I core aspects of central bank lectures, exercises, discussions young professionals with work
tasks or workshops experience up to two years
Course level II specific aspects of central bank lectures, exercises, discussions, experienced professionals with
tasks at an advanced level workshops, group work, case work experience of more than
studies two years
Expert panel specific aspects of central bank expert discussions, case studies/ experienced professionals in a
tasks at an advanced level country experience presented specific field of central banking
by panel participants, hands-on ideally with work experience of
exercises more than 5 yearsAnnual overview of our courses
Page 12
Annual overview of our courses
Date Title Course type Venue Page
January
15 – 17 Jan Stress tests – methods and areas of application Expert panel Frankfurt 26
22 – 26 Jan Banking supervision within the Basel framework – Course level I Level I Frankfurt 27
22 – 26 Jan Banking supervision within the Basel framework* Level I and Level II Vienna 70
29 – 31 Jan Current challenges for cash management Expert panel Frankfurt 42
February
5 – 9 Feb On-site banking supervision Level II Munich 28
19 – 21 Feb Digital financial innovations Expert panel Eltville 32
19 – 21 Feb Macroeconomic analysis and forecasting Level II Frankfurt 16
26 Feb – 2 Mar Cash management and combating counterfeit money Level II Frankfurt 43
March
12 – 14 Mar Economic education - the role of central banks Expert panel Frankfurt 50
12 – 16 Mar Monetary policy implementation* Level I Vienna 71
19 – 23 Mar Financial stability, systemic risk and macroprudential policy - Course Level I Frankfurt 33
level I
April
9 – 11 Apr Big data and central banking Expert panel Frankfurt 64
16 – 20 Apr Monetary policy frameworks Level I Frankfurt 17
23 – 25 Apr Public procurement Expert panel Eltville 51
24 – 26 Apr Auditing internal services and support functions at a central bank Expert panel Frankfurt 52
May
14 – 16 May Issues in monetary policy implementation Expert panel Frankfurt 18
14 – 17 May Combating counterfeit money by the National Analysis Centre Expert panel Mainz 44 cancelled
23 – 25 May Recovery and resolution with a focus on credit institutions Expert panel Frankfurt 34
June
4 – 8 June Financial stability, systemic risk and macroprudential policy – Level II Frankfurt 36
Course level II
11 –15 June Data sharing Level I and Level II Frankfurt 53
18 – 22 June Monetary policy implementation using an interest steering approach Level I Frankfurt 20Annual overview of our courses
Page 13
Date Title Course type Venue Page
July
2 – 6 July Payment and securities settlement systems Level II Frankfurt 46
16 – 20 July Foreign reserve management Level II Frankfurt 21
23 – 27 July Understanding the monetary and financial system Level I Frankfurt 37
August
6 – 10 Aug Monetary policy implementation in the Eurosystem Level II Frankfurt 22
14 – 16 Aug Operational risk management, continuity management and crisis Expert panel Frankfurt 54
management
27 – 31 Aug Banking supervision within the Basel framework – Course level II Level II Frankfurt 29
27 – 31 Aug Human resources management Level II Eltville 55
September
17 – 21 Sep Public relations Level II Frankfurt 56
October
8 – 12 Oct Seasonal adjustment of economic data Level I Frankfurt 65
15 – 19 Oct Central bank governance Level II Frankfurt 57
22 – 24 Oct Design and application of a quality assurance and improvement Expert panel Frankfurt 58
programme (QAIP) – best practices
24 – 26 Oct Document management Expert panel Frankfurt 59
29 – 31 Oct Analytical tools for monetary policy Level II Frankfurt 23
November
5 – 9 Nov Developing financial markets Level II Frankfurt 39
12 – 16 Nov Controlling at central banks Level II Frankfurt 61
26 – 30 Nov Price and volume indices in official statistics – theory and practice Level I Frankfurt 66
December
3 – 7 Dec Combating money laundering Level II Frankfurt 46
10 – 14 Dec Payment and securities settlement systems Level II Frankfurt 45
* in cooperation with the Joint Vienna Institute and the Oesterreichische NationalbankMonetary
Workshop policy
Photo: Dieter RosenMonetary policy
Page 15
Content
Macroeconomic analysis and forecasting ............................................................................................... 16
19 – 21 February 2018 (deadline for application: 29 December 2017)
Monetary policy frameworks................................................................................................................... 17
16 – 20 April 2018 (deadline for application: 23 February 2018)
Issues in monetary policy implementation............................................................................................... 18
14 – 16 May 2018 (deadline for application: 23 March 2018)
Monetary policy implementation using an interest rate steering approach.............................................. 20
18 – 22 June 2018 (deadline for application: 27 April 2018)
Foreign reserve management.................................................................................................................. 21
16 – 20 July 2018 (deadline for application: 25 May 2018)
Monetary policy implementation in the Eurosystem................................................................................ 22
6 – 10 August 2018 (deadline for application: 15 June 2018)
Analytical tools for monetary policy ....................................................................................................... 23
29 – 31 October 2018 (deadline for application: 7 September 2018)
Please apply online at www.bundesbank.de/courseregistrationMonetary policy
Page 16
Course level II
Macroeconomic analysis and forecasting
Duration Content
19 – 21 February 2018 (3 days) – Analysis and forecast of the international
environment
Deadline for application – Short-term macroeconomic projections
29 December 2017 – Macroeconometric model of the Bundesbank
– Macroeconomic forecasting at the Bundesbank
Venue – Simulation exercise and scenario analysis with
Frankfurt macroeconometric models
– Potential output and medium term projections
Objective – Analysis and projections of labour market and
Monetary policy decisions require a thorough analysis wage developments
of the national and international macroeconomic en- – Analysis of the housing market and projections of
vironment. Central banks have to develop sophisticated house prices
analytical skills in order to model complex macroeconomic – Analysis of price developments and inflation
relationships and forecast their underlying potential forecasting
to cause risks to price stability. This 3-day course pro- – Research projects related to macroeconomic
vides an overview of the modelling and forecasting forecasting
approach used by the Deutsche Bundesbank in the
context of the monetary policy decision-making pro- Target group
cess in the euro area. The focus is on the practical Junior to mid-level central bank officials working in
aspects of the macroeconomic analysis. Bundesbank the area of macroeconomic analysis.
experts will present and discuss key fundamentals of their
regular analytical work. The programme will begin with Please note:
a general discussion of the macroeconometric models The course does not cover topics related to the deeper
and forecasting tools used by Bundesbank experts, analysis of monetary and financial developments. There
distinguishing between short-term and medium-term is a separate course on this (see course on “Analytical
analysis. The course will then cover specific analytical tools for monetary policy”; page 23). What is more,
approaches that Bundesbank staff use to assess develop- the course does not provide an introduction to econo-
ments in the selected segments of the economy such metrics or specific modelling techniques. Potential
as the labour and the housing market. candidates who wish to apply for the course should
have a sound understanding of basic econometric
methods.Monetary policy
Page 17
Course level I
Monetary policy frameworks
Duration Content
16 – 20 April 2018 (5 days) – Review of theoretical basics of monetary policy
– Key elements of monetary policy frameworks
Deadline for application – Consistency and conflict of interests
23 February 2018 – Policy strategy vs implementation
– Monetary policy mandates and objectives
Venue – Monetary policy anchors / intermediate targets
Frankfurt – Policy analysis and decision making: rules vs
discretion
Objective – Operational targets and monetary policy
Central banks conduct monetary policy in the context instruments
of a country-specific policy framework. Despite their – The role of monetary policy communication
particularities, monetary policy frameworks consist of
a common set of key elements. This 5-day course aims Target group
to provide an introduction to monetary policy frame- The content level of the course is targeted at junior
works and an overview of their basic features. After central bankers with little to no knowledge and work
the course, participants should have a broad under- experience in the area of monetary policy who are
standing of the key aspects of monetary policy frame- interested in getting a general overview of monetary
works and be familiar with major issues related to policy frameworks and gaining a basic understanding
them. For this purpose, key elements that central of their key elements and issues related to them. The
banks have to establish in order to set up a monetary course is meant mainly for staff who have only re-
policy framework will be discussed individually to allow cently started working in the area of monetary policy.
for a deeper reflection of relevant issues. The content It may also be of interest for staff working in other
will be presented through a mixture of lectures intro- central bank areas that are somehow related to mon-
ducing key concepts. Lectures will be complemented etary policy such as communication, financial stability,
by moderated workshops in the form of case studies banking supervision, payment systems or statistics.
and group discussions in which participants are ex-
pected to contribute actively.Monetary policy
Page 18
Expert panel
Issues in monetary policy implementation
Duration – Liquidity analysis and forecasting
14 – 16 May 2018 (3 days) • How has your central bank improved the
liquidity analysis and forecasting over time?
Deadline for application • What specific techniques can you recommend to
23 March 2018 produce reliable forecasts?
– Optimal design of monetary policy instruments
Venue • What is the rationale behind the choice of
Frankfurt monetary policy instruments?
• What were the arguments to opt for specific
Objective design features of individual policy instruments?
Monetary policy implementation is not static. It has to • What are – based on your central bank’s
adjust to changes in the policy environment (eg develop- experience – advantages and disadvantages of
ments in the financial sector) and the evolution of the specific design features?
monetary policy stance that may cause new issues • How does your central bank assess and ensure
and create challenges for policy implementation. In consistency in the operational framework?
order to ensure a smooth transmission of their mone- • How does your central bank deal with external
tary policy stance into the financial and the real sector, criticism (eg of counterparties) regarding its
central banks have to regularly review and assess the monetary policy instruments?
functionality and effectiveness of their operational – Effectiveness of the operational framework and
frameworks and work out ways to address weaknesses changes to monetary policy instruments
in their implementation approach. Against this back- • How does your central bank monitor and assess
ground, central banks are permanently faced with the the effectiveness of the operational framework/
challenge of selecting and calibrating the way in individual monetary policy instruments?
which they implement their monetary policy without • What kind of internal analysis is prepared on a
becoming erratic, inconsistent and unpredictable in regular basis to review the need for adjustments?
their actions. The expert panel aims to bring together • What measures has the central bank introduced
central bank experts from around the world to discuss to make policy implementation more effective?
current issues and challenges related to the implemen- • What major changes has your central bank
tation of monetary policy and to exchange views, expe- introduced in order to promote the effectiveness
riences and innovative ideas on how to deal with them. of monetary policy instruments?
• What were the main reasons for these changes?
Content • How were operational changes introduced and
The specific topics that will be covered in the expert phased in?
panel depend largely on the input of participants. The • How did the central bank involve counterparties
list below contains topics that expert panel participants in the process or prepare them for upcoming
may choose to present in a case study. changes?Monetary policy
Page 19
Target group lar liquidity analysis and the management and the de-
The expert panel is targeted at mid and senior-level sign of operational frameworks. Participants will be
central bankers who are directly involved and have at expected to contribute actively to the panel by pre-
least 5 years of work experience in monetary policy senting a short country case study focusing on one
implementation. Candidates should have an extensive specific topic that offers useful insights and illuminat-
knowledge and sound understanding of different ing ideas for other central banks.
sub-dimensions of policy implementation, in particu-
Photo: Jan EckertMonetary policy
Page 20
Course level I
Monetary policy implementation using
an interest rate steering approach
Duration Content
18 – 22 June 2018 (5 days) – Review of key elements of monetary policy
frameworks
Deadline for application – Operational framework and monetary policy
27 April 2018 instruments
– Interest rate corridor and design of standing
Venue facilities
Frankfurt – Central bank liquidity: analysis and management
– Interbank (money) market and central bank open
Objective market operations: role and functioning
The financial crisis and the introduction of quantitative – Reserve requirements
easing have led numerous central banks to adopt an
implementation approach that relies on an active use Target group
of their balance sheets. Despite the operational The content level of the course is targeted at junior
changes that have taken place in recent years, interest central bankers with little to no prior knowledge and
rate steering remains the fundamental underlying work experience related to the course topic who are
concept of monetary policy implementation, not only interested in gaining a broad overview and a general
in developed economies. Under this approach, central understanding of how monetary policy is implemented
banks manage liquidity and their balance sheet in a using an interest rate steering approach. The course is
rather passive and market-oriented way in order to primarily designed for staff working in the area of
steer the interest rate level in the economy. This 5-day monetary policy, but could also be of interest for staff
course aims to provide an overview and a basic under- who work in central bank communication.
standing of monetary policy implementation following
an interest rate steering approach. After the course,
participants should have a good general understand-
ing of how central banks steer interest rates and the
key issues related to this approach. The content will be
presented through a mixture of lectures introducing
basic concepts and fundamental aspects. Lectures will
be complemented by moderated workshops in the
form of case studies, group discussions and simula-
tions in which participants are expected to contribute
actively.Monetary policy
Page 21
Course level ll
Foreign reserve management
Duration Content
16 – 20 July 2018 (5 days) – Management of the ECB’s and the Bundesbank’s
foreign reserves
Deadline for application – Reserve management service offered by the
25 May 2018 Bundesbank
– Level and adequacy of foreign reserves
Venue – Financial instruments used in reserve management,
Frankfurt eg repos, gold deposits and financial derivatives
– Portfolio management
Objective – Investment guidelines and strategic benchmarking
In recent years, foreign reserve managers have been – Market and credit risk control
challenged by low or negative interest rates. At the – Performance measurement
same time, counterparty and liquidity risk have in- – Gold management
creased.
Target group
This course aims to explain the current reserve manage- The course is aimed at employees responsible for re-
ment policies and practices of the Bundesbank and serve management at the policy making, operational
the ECB. Special attention will be paid to portfolio or risk control level. Participants should have a sound
management and diversification, as well as the attrac- knowledge of portfolio management to be able to
tiveness of the various financial instruments used in share their experience and contribute actively to dis-
reserve management. The course will also focus on cussions.
risk management issues and benchmarking.
To broaden the perspective, participants will be asked
to make an active contribution to discussions and to
share their national experience of selected aspects
relating to reserve management.Monetary policy
Page 22
Course level II
Monetary policy implementation in the
Eurosystem
Duration the context of monetary union. The course also pro-
6 – 10 August 2018 (5 days) vides a platform for participants to reflect on and dis-
cuss how monetary policy implementation in the euro
Deadline for application area differs from the way it is done in their countries. The
15 June 2018 content will be presented through a mix of lectures
that are supplemented by group discussions.
Venue
Frankfurt Content
– Macroeconomic and institutional context
Objective – General monetary policy framework
While the ultimate objectives of monetary policy are – Liquidity analysis and liquidity management in the
often fairly similar, central banks diverge in how they monetary union
operationalise and implement their monetary policy – General operational framework and set of policy
goal(s). The specification of operational frameworks instruments
and, more particularly, the choice of the operational – Evolution and use of non-standard measures
target, the selection and the design of policy instruments – Open market operations and associated
as well as the specific procedures and methods that procedures
central banks apply reveal significant differences. – Counterparty monitoring
Despite increased efforts to provide extensive public – Risk control framework
information and explain central bank actions in a – Collateral management
transparent way, it often remains difficult for outsiders
to fully understand how monetary policy is imple- Target group
mented in practice and the motives that explain a cen- The content level of the course is targeted at mid-
tral bank’s operational decisions. level central bankers working in the area of monetary
policy implementation who are interested in gaining
Against this background, this 5-day course aims to an overview and a deeper understanding of how
offer deeper insights and explain how monetary policy monetary policy is implemented in the context of
is implemented within the Eurosystem, ie the system European monetary union. Candidates should have a
of central banks responsible for the single monetary sound general understanding of key concepts as well
policy of the euro area. The focus of individual course as the various tasks related to monetary policy imple-
sessions will be on key aspects of monetary policy im- mentation and should have practical work experience
plementation in the Eurosystem, ie the general opera- of a minimum of two years in that area (eg design of
tional framework, the use and evolution of individual operational framework and monetary policy instruments,
policy instruments and the procedures applied within liquidity analysis, carrying out open market operations).Monetary policy
Page 23
Course level II
Analytical tools for monetary policy
Duration Content
29 – 31 October 2018 (3 days) – Money market analysis
– Monetary analysis
Deadline for application – Capital markets analysis
7 September 2018 – Monetary transmission analysis
– Current research projects related to monetary
Venue policy
Frankfurt
Target group
Objective Junior to mid-level central bank officials working in the
Monetary policy decision-making requires a thorough area of monetary analysis or financial market analysis.
analysis of economic, monetary and financial develop-
ments. Central banks have to construct an analytical Please note:
framework, ie a systematic and structured analysis The course does not cover topics related to broader
encompassing all aspects that are essential to support macroeconomic analysis. There is a separate course
the decision-making process and the formulation of a on this (see course on “Macroeconomic analysis and
monetary policy stance. The analytical framework forecasting”; page 16). What is more, the course
should be based on and tailored to meet the require- does not provide an introduction to econometrics or
ments of the underlying monetary policy strategy. This specific modelling techniques. Potential candidates
3-day course provides an overview of various analytical who wish to apply for the course should have a sound
tools used by the Deutsche Bundesbank in the context understanding of macroeconomic theory and econo-
of the monetary policy decision-making process in the metric methods.
euro area. The focus is on the practical aspects of the
monetary policy analysis. Bundesbank experts will
present and discuss key fundamentals of their regular
analytical work. The programme covers specific ap-
proaches that Bundesbank staff use to monitor and
assess developments in the money market, in the area
of money and credit, in capital markets as well as in
relation to the monetary transmission process.Banking
Workshop supervision
Photo: Justin LightleyBanking supervision
Page 25
Content
Stress tests – methods and areas of application....................................................................................... 26
15 – 17 January 2018 (deadline for application: 1 December 2017)
Banking supervision within the Basel framework – Course level I............................................................ 27
22 – 26 January 2018 (deadline for application: 8 December 2017)
On-site banking supervision..................................................................................................................... 28
5 – 9 February 2018 (deadline for application: 22 December 2017)
Banking supervision within the Basel framework – Course level II........................................................... 29
27 – 31 August 2018 (deadline for application: 6 July 2018)
Please apply online at www.bundesbank.de/courseregistrationBanking supervision
Page 26
Expert panel
Stress tests –
methods and areas of application
Duration Content
15 - 17 January 2018 (3 days) – Basic principles of stress testing
– Application of stress tests at banks
Deadline for application – Stress tests as an information source for
1 December 2017 supervisors
– The Bundesbank’s stress tests
Venue – Macro stress tests
Frankfurt – EU-wide stress testing exercises
Objective Target group
The importance of comprehensive risk management The course is aimed at experts in banking supervision
and its constant ongoing development has been or financial stability with a sound background in stress
made abundantly clear by recent developments in the testing. They should have a thorough understanding
financial markets. Stress tests are one of the instruments of the stress testing approaches used at their central
used by banks as well as by central banks and super- bank, and they should be prepared to share their
visory authorities to detect potential vulnerabilities. knowledge with the other participants in the group.
Consequently, banks have clearly expanded and re-
fined their methodology in this area. Banks are called
upon, not least by supervisors, to conduct regular
stress tests in order to ensure their capital adequacy.
Furthermore, stress tests are conducted by central
banks for stability studies.
The course aims to impart comprehensive expert
knowledge on stress testing. It will focus on both
theory and practice, where possible.Banking supervision
Page 27
Course level I
Banking supervision within the Basel
framework – Course level I
Duration Content
22 – 26 January 2018 (5 days) – Banking supervision in Germany
– The Single Supervisory Mechanism as a first step
Deadline for application towards a banking union in Europe
8 December 2017 – Motivation behind Basel III, scope of application,
implementation process
Venue – Capital – quality, quantity and transparency
Frankfurt – Risk coverage – credit risk, operational risk, market
risk
Objective – Macroprudential instruments – capital conservation
Basel III is a comprehensive set of reform measures buffer, countercyclical capital buffer, systemically
developed by the Basel Committee on Banking Super- important banks, systemic risk buffer
vision to strengthen the regulation and supervision of – Leverage ratio
the banking sector. In this context, the three pillars of – Liquidity – quantitative standards, monitoring
Basel II have been considerably updated and supple- tools, management principles
mented. Specifically, Basel III focuses on strengthening – Pillar 2: approaches and principles (overview)
the quality and quantity of the regulatory capital – Business model analysis
framework, introduces a global liquidity standard, – Supplemental Pillar 2 guidance
deploys measures to reduce cyclicality, introduces a – German implementation: ICAAP and SREP
leverage ratio and provides a basic approach to regu- – Supervision of IT risks including cyber risks
lating systemically important banks. The Basel frame- – Pillar 3: market discipline
work is also a major component of the regulatory
harmonisation process within the European Union Target group
and was transposed via the Capital Requirements This course is aimed at bank inspectors and employees
Directive IV package and implemented in 2014. working in the banking supervision department of
their central bank or supervisory authority. Basic
The course aims to impart comprehensive expert know- knowledge of the new regulations under Basel II and
ledge on major issues relating to the implementation III is essential for productive participation. Participants
of the Basel III framework in the EU and Germany. The should also be familiar with the supervisory policies
course will focus on both theory and practice, where and practices applied at their institution and should be
possible. A key focus of the course will be an introduc- prepared to take an active part in discussions.
tion to major Pillar 2 issues (supervisory review process).Banking supervision
Page 28
Course level II
On-site banking supervision
Duration – Introduction to on-site inspections
5 - 9 February 2018 (5 days) • Inspection approach
• Types of inspections
Deadline for application • Inspection planning and organisation
22 December 2017 • On-site inspection process
• Documentation and wrap-up
Venue – Introduction to the German qualitative regulations
Munich as laid out in the Minimum Requirements for Risk
Management
Objective – Qualitative and quantitative supervisory regulations
The course is designed to provide on-site examiners and review thereof
from central banks and supervisory authorities with an • General risk management requirements
understanding of how on-site inspections are carried • Risk management and risk-taking capacity
out at the Deutsche Bundesbank. The course will focus • Credit business and credit risk
on risk-based examination as well as on common • Trading business and market risk
analytical and supervisory topics and techniques. In • Liquidity risk
particular, supervisory experts from the Bundesbank • Operational risk
will provide policy background information and share • Information technology security, IT risk, and
hands-on experience about how Pillar 2 of Basel II is business continuity management
implemented via on-site inspections (eg for credit, • National experience with regard to on-site
market or liquidity risk). The course will include inter- inspections
active sessions in which participants will be invited to
give short presentations about specific aspects of Target group
on-site supervisory processes in their home country This course is aimed at bank inspectors and senior em-
and share their experience. ployees working in the banking supervision depart-
ment of their central bank or supervisory authority.
Content Basic knowledge of the new regulations under Basel
– The Single Supervisory Mechanism (SSM) as part of II and III is essential for productive participation. Par-
the European banking union, including new regu- ticipants should be familiar with the supervisory poli-
latory requirements such as Basel III cies and practices applied in their home country.
– Banking supervision in Germany Moreover, they are invited to take an active part in the
discussions and to make contributions with regard to
the on-site inspection processes in their jurisdictions.Banking supervision
Page 29
Course level II
Banking supervision within the Basel
framework – Course level II
Duration process). Unlike the level I course, the level II course
27 - 31 August 2018 (5 days) will look in depth at the new requirements for the
advanced approaches to covering credit and market
Deadline for application risk as well as the securitisation framework.
6 July 2018
Content
Venue – Banking supervision in Germany
Frankfurt – The Single Supervisory Mechanism as a first step
towards a banking union in Europe
Objective – Motivation behind Basel III, scope of application,
Basel III is a comprehensive set of reform measures, implementation process
developed by the Basel Committee on Banking Super- – Capital – quality, quantity and transparency
vision, to strengthen the regulation and supervision of – Risk coverage – credit risk, securitisation, counter-
the banking sector. In this context, the three pillars of party credit risk, market risk, operational risk
Basel II have been considerably updated and supple- – Macroprudential instruments – capital conservation
mented. Specifically, Basel III focuses on strengthening buffer, countercyclical capital buffer, systemic risk
the quality and quantity of the regulatory capital buffer
framework, introduces a global liquidity standard, – Leverage ratio
deploys measures to reduce cyclicality, introduces a – Liquidity – standards, monitoring tools,
leverage ratio and provides a basic approach to regu- management principles
lating systemically important banks. – Pillar 2: ICAAP, SREP – business model analysis
– Corporate governance
The Basel framework is a major component of the
regulatory harmonisation process within the European Target group
Union. It was transposed via the Capital Requirements The level II course is aimed at experts from central
Directive IV package and implemented in 2014. This banks and supervisory authorities involved in the im-
course aims to impart comprehensive expert know- plementation of Basel III. A sound knowledge of the
ledge on major issues relating to the implementation revised framework is essential for participation. Par-
of the Basel III framework in the EU and Germany. ticipants should also be familiar with the supervision
policies and practices of their financial system and
The course will focus on both theory and practice, should be prepared to take an active part in the dis-
where possible. A key focus of the course will be an cussions.
introduction to major Pillar 2 issues (supervisory reviewFinancial
Workshop and
monetary system
Photo: gettyimages/SusanneBFinancial and monetary system
Page 31
Content
Digital financial innovations..................................................................................................................... 32
19 – 21 February 2018 (deadline for application: 29 December 2017)
Financial stability, systemic risk and macroprudential policy – Course level I............................................ 33
19 – 23 March 2018 (deadline for application: 26 January 2018)
Recovery and resolution with a focus on credit institutions..................................................................... 34
23 – 25 May 2018 (deadline for application: 30 March 2018)
Financial stability, systemic risk and macroprudential policy – Course level II........................................... 36
4 – 8 June 2018 (deadline for application: 13 April 2018)
Understanding the monetary and financial system.................................................................................. 37
23 – 27 July 2018 (deadline for application: 1 June 2018)
Developing financial markets................................................................................................................... 39
5 – 9 November 2018 (deadline for application: 14 September 2018)
Please apply online at www.bundesbank.de/courseregistrationFinancial and monetary system
Page 32
Expert panel
Digital financial innovations
Duration the direction in which disintermediation might go. There
19 - 21 February 2018 (3 days) are already cases of fintechs and incumbent financial
intermediaries starting to cooperate, of fintechs being
Deadline for application bought up, and of established financial intermediaries
29 December 2017 developing new technologies themselves. In addition,
the expert panel will also discuss digitalisation in pay-
Venue ments, ie new products, new players and new chal-
Eltville lenges.
Objective This expert panel is designed to provide central bank
Providers of technically enabled innovations such as employees with a discussion platform to share their
crowdfunding platforms and of new digital technolo- experience and knowledge. We therefore expect par-
gies for the financial services industry – also called fin- ticipants to actively contribute. Participants might be
techs – have experienced significant growth in recent requested to submit a paper or presentation.
years. Benefits of these developments might include
efficiency improvements by reducing costs and facili- Content
tating competition, which contributes positively to – Fields of applications of technology-enabled
consumer welfare, innovation and economic develop- financial innovations
ment. Identifying and mitigating potential risks to finan- – Opportunities and risks of fintech-induced
cial stability and finding the right balance with the disintermediation
potential benefits of digital finance are key challenges, – Digital financial innovations and related systemic
also for central banks and regulators. Therefore, this risks
expert panel will first of all provide an overview of – Influence of digital financial innovations on the
fields of applications, opportunities and risks of tech- traditional banking landscape
nology-enabled financial innovations. It will be a plat- – Impact on financial and banking regulation
form to discuss possible risks to the financial system – Digitalisation in payments
and whether regulatory answers are necessary (and if
so, which ones). Secondly, the expert panel will also Target group
focus on the impact on the traditional banking industry Central bank experts in the following areas: financial
as fintechs may add further pressure to banks’ already stability, banking regulation, payment systems.
beleaguered profitability. The expert panel will discussYou can also read
