International Central Banking Courses 2019 - Centre for International Central Bank Dialogue - Deutsche Bundesbank
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Centre for International Central Bank Dialogue
International Central Banking
Courses 2019
Foto: Jan Eckert
Contents
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 implementation in the Eurosystem .....................................................................................17
Monetary policy frameworks .......................................................................................................................18
Foreign reserve management .......................................................................................................................19
Analytical tools for monetary policy ............................................................................................................20
In cooperation with other institutions:
Monetary policy implementation (JVI & OeNB)* ...........................................................................................21
Monetary policy communication (JVI & OeNB)* ............................................................................................22
Banking supervision................................................................................................................................ 24
Banking supervision within the Basel framework – Course level I ..................................................................26
On-site banking supervision .........................................................................................................................27
Stress tests – methods and areas of application............................................................................................28
Accounting for banking supervisors .............................................................................................................29
Banking supervision within the Basel framework – Course level II .................................................................30
Sustainable and green finance .....................................................................................................................31
In cooperation with other institutions:
Banking supervision within the Basel framework (JVI & OeNB)* – Course level I & level II ..............................32
Financial and monetary system ............................................................................................................... 34
Financial stability, systemic risk and macroprudential policy – Course level I ..................................................36
Financial stability, systemic risk and macroprudential policy – Course level II .................................................37
Recovery and resolution with a focus on credit institutions...........................................................................38
Understanding the monetary and financial system .......................................................................................40
Fintechs and their impact on central banking ...............................................................................................41
Cash management and payment systems ............................................................................................... 42
Current challenges for cash management ....................................................................................................44
Cash management and combating counterfeit money .................................................................................45
Payment and securities settlement systems ..................................................................................................46
Innovations in the field of cashless payments ...............................................................................................47
Combating counterfeit money by the National Analysis Centre ....................................................................48
Combating money laundering......................................................................................................................49
Good governance ................................................................................................................................... 50
Public procurement......................................................................................................................................53
Strategic planning ........................................................................................................................................54
Audits of support and compliance functions at a central bank......................................................................55
Data sharing – Expert panel .........................................................................................................................56
IT Service continuity .....................................................................................................................................58
Controlling at central banks .........................................................................................................................59
Money museum ..........................................................................................................................................60
Operational risk management, continuity management and crisis management ...........................................61
Document management ..............................................................................................................................62
Design and application of a quality assurance and improvement programme (QAIP) – best practices ............63
Central bank governance .............................................................................................................................64
Data sharing – Course level I & level II ..........................................................................................................65
Digital transformation – HR challenges at central banks ...............................................................................66
In cooperation with other institutions:
Economic education – the role of central banks (OeNB)* ..............................................................................67
Human resources issues and compliance (OeNB)* ........................................................................................68
Financial consumer protection (BaFin)*.........................................................................................................69
Statistics ................................................................................................................................................. 70
Machine learning, artificial intelligence and big data – the perspective of central banks ................................72
Seasonal adjustment of economic data ........................................................................................................73
Price and volume indices in official statistics – theory and practice................................................................74
Advanced topics in seasonal adjustment ......................................................................................................75
Administrative information ................................................................................................................................76
Inside the Deutsche Bundesbank .......................................................................................................................78
Our venues .......................................................................................................................................................80
Course impressions ...........................................................................................................................................83
*JVI: Joint Vienna Institute · OeNB: Oesterreichische Nationalbank (central bank of the Republic of Austria)
BaFin: Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority)
Foreword
Page 4
Foreword
The Deutsche Bundesbank traditionally works closely
with foreign central banks, liaising on various issues
and organisational matters. At the European and
global level, this cooperation is set within the institu-
tional framework provided by the European System of
Central Banks (ESCB), the committees of the Bank for
Photo: DGaby Gerster
International Settlements or membership of the Inter-
national Monetary Fund. But, moving down a layer,
the rapidly evolving setting in which we are operating
means that expert dialogue between central bank
staff around the world has a special role to play. It
helps build mutual understanding, paving the way for
Dr Jens Weidmann fruitful cooperation on the committees. In the wake
President
Deutsche Bundesbank of the economic and financial crisis, we have seen
rapid and far-reaching change, including develop-
ments to the liquidity policies of central banks, the
reform of traditional banking supervision and the
newly established monitoring of the financial markets
(“macroprudential policy”) as well as the creation of
the European Stability Mechanism. All of this is taking
place alongside a wave of technological change, the
full force of which will only become apparent in the
years to come.
When it established the Centre for International Cen-
tral Bank Dialogue (CiC) in early 2018, the Bundes-
bank created a new model to further its efforts in
promoting the exchange of ideas and experience
among central banks worldwide. The CiC fuses the
tradition of its predecessor, the Centre for Technical
Central Bank Cooperation, with the Bundesbank’s
network of representative offices in New York and
Foreword
Page 5
Tokyo and its representatives at German diplomatic
missions. This allows us to offer a variety of pathways
for cooperation “all under one roof” – an approach
which helps us to deepen bilateral and multilateral
dialogue.
Photo: Frank Rumpenhorst
Alongside individual bilateral formats such as study
visits, lectures, consultancy and joint practical pro-
jects, we shall be continuing to offer tried-and-tested
mainstays of central bank cooperation such as our in-
ternational central banking courses. As in past years
these will primarily be aimed at our colleagues from Burkhard Balz
Member of
central banks outside the European Union and the
the Executive Board
traditional grouping of industrial countries. They are Deutsche Bundesbank
designed not only to provide an introduction to the
world of central banking, but also, in particular, to
give participants the opportunity to discuss topical
issues.
With this in mind, extensive coverage will be given
to current developments in the central bank sphere,
going beyond the standard central banking topics
relating to our core business areas and good gover-
nance. The following courses are on offer for the first
time: “Innovations in the field of cashless payments”,
“Sustainable and green finance” and “Fintech and its
impact on central banking”.
We hope that our programme for 2019 will be of in-
terest to you and we would be delighted to welcome
you to the Bundesbank next year for one of our inter-
national central banking courses.
Introduction
Page 6
Introduction
The Deutsche Bundesbank has been working with the Centre for International Central Bank Dialogue 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, depend-
and financial stability in our partner countries. Training ing on the topic and type of 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 and Vienna. The Bundes-
modern central banking. bank 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 2019 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 Bun-
desbank’s website where you can watch our video on
All these activities, which draw on the entire resources International Central Bank Dialogue:
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 Internation- Our team would be pleased to welcome you to one
al Central Bank Dialogue, a dedicated team is respon- of our international central banking courses due to be
sible for organising international central banking held mostly in Frankfurt in 2019.
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 2019
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 cen- – Financial stability, systemic risk and macropruden-
tral banking topics. They also provide a platform for tial policy – Course level I
discussion and give participants an opportunity to – Understanding the monetary and financial system
exchange views and ideas with central bankers from – Monetary policy frameworks
around the world. – Seasonal adjustment of economic data
– Price and volume indices in official statistics – the-
The various lectures, which are held by Bundesbank ory and practice
experts and external specialists, are supplemented by – Data sharing – Course level I & level II
workshops or exercises and open discussions. In cooperation with other institutions:
– Banking supervision within the Basel framework
(JVI & OeNB)* – Course level I & level II
Target group – Monetary policy implementation (JVI & OeNB)*
The courses are primarily targeted at young profes- – Monetary policy communication (JVI & OeNB)*
sionals with work experience of up to two years in the
designated central banking field or a central bank area
that is related to the topic of the course.
*JVI: Joint Vienna Institute · OeNB: Oesterreichische Nationalbank (central bank of the Republic of Austria)
BaFin: Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority)
Our range of international central banking courses
Page 9
Course level II
Content Our level II courses in 2019
Courses focus on specific subjects related to central – Macroeconomic analysis and forecasting
bank tasks. These topics will be treated at an ad- – On-site banking supervision
vanced level and facilitate an in-depth analysis. They – Accounting for banking supervisors
are also designed to enable participants to exchange – Cash management and combating counterfeit
their views and to deepen and broaden knowledge or money
to generate new opinions and ideas. – Financial stability, systemic risk and macropruden-
tial policy – Course level II
Courses involve lectures, group work, case studies or – Monetary policy implementation in the Eurosystem
discussions. The courses require active contributions – Banking supervision within the Basel framework –
from participants. The lectures will be held by Bundes- Course level II
bank specialists and external experts. – Payment and securities settlement systems
– Controlling at central banks
Target group – Foreign reserve management
The courses are primarily directed at experienced em- – Analytical tools for monetary policy
ployees with more than two years of work experience – Central bank governance
in the respective central banking field. Participants are – Data sharing – Course level I & level II
expected to have basic expertise and to be familiar – Combating money laundering
with general aspects in the working area which will be – Advanced topics in seasonal adjustment
the focus of the course. In cooperation with other institutions:
– Banking supervision within the Basel framework
(JVI & OeNB)* – Course level I & level II
– Human resources issues and compliance (OeNB)
*JVI: Joint Vienna Institute ·OeNB: Oesterreichische Nationalbank (central bank of the Republic of Austria)
BaFin: Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority)
Our range of international central banking courses
Page 10
Expert panels
Content Our expert panels in 2019
Expert panels are designed to provide central bank – Public procurement
employees with a discussion platform to share their – Stress tests – methods and areas of application
experience and knowledge about very specific central – Current challenges for cash management
banking topics. – Strategic planning
– Audits of support and compliance functions at a
Participants are expected to actively contribute to the central bank
discussion. Experts are requested to submit a paper or – Machine learning, artificial intelligence and big
a presentation in advance to be presented during the data – the perspective of central banks
panel. Expert panels require a considerable amount of – Recovery and resolution with a focus on credit
active participation, high proficiency in English and a institutions
true interest in engaging in discussions with central – Data sharing – Expert panel
bankers from around the world. – Sustainable and green finance
– IT Service continuity
Target group – Fintechs and their impact on central banking
Expert panels are aimed exclusively at experienced – Money museum
employees, ideally with work experience of more than – Innovations in the field of cashless payments
five years. Participants should have extensive and de- – Operational risk management, continuity manage-
tailed knowledge of the respective subject area. While ment and crisis management
the individual topics have already been set, the needs – Document management
of specific groups of participants can also be taken – Design and application of a quality assurance and
into consideration. improvement programme (QAIP) – best practices
– Combating counterfeit money by the National
Analysis Centre
– Digital transformation – HR challenges at central
banks
In cooperation with other institutions:
– Economic education – the role of central banks
(OeNB)*
– Financial consumer protection (BaFin)*
*JVI: Joint Vienna Institute · OeNB: Oesterreichische Nationalbank (central bank of the Republic of Austria)
BaFin: Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority)Our range of international central banking courses
Page 11
Ad hoc expert panels
In addition, the Deutsche Bundesbank’s Centre for In- If you have a suggestion for a possible ad hoc expert
ternational Central Bank Dialogue will organise ad hoc panel, please send us your proposal by email:
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 of 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 Application deadline Title Course type Venue Page
January
14 – 16 Jan 30 Nov 2018 Public procurement Expert panel Frankfurt 53
21 – 25 Jan 21 Oct 2018 Banking supervision within the Basel framework (JVI & OeNB)* Level I & Level II Vienna 32
– Course level I & level II
February
4 – 8 Feb 14 Dec 2018 Banking supervision within the Basel framework – Course level I Level I Frankfurt 26
13 – 15 Feb 21 Dec 2018 Macroeconomic analysis and forecasting Level II Frankfurt 16
18 – 22 Feb 28 Dec 2018 On-site banking supervision Level II Munich 27
26 – 28 Feb 4 Jan 2019 Economic education – the role of central banks (OeNB)* Expert panel Frankfurt 67
March
4 – 8 Mar 2 Dec 2018 Human resources issues and compliance (OeNB)* Level II Vienna 68
11 – 13 Mar 18 Jan 2019 Stress tests – methods and areas of application Expert panel Frankfurt 28
11 – 15 Mar 2 Dec 2018 Monetary policy implementation (JVI & OeNB)* Level I Vienna 21
18 – 20 Mar 25 Jan 2019 Current challenges for cash management Expert panel Frankfurt 44
25 – 29 Mar 1 Feb 2019 Financial stability, systemic risk and macroprudential policy – Level I Frankfurt 36
Course level I
25 – 27 Mar 1 Feb 2019 Strategic planning Expert panel Frankfurt 54
April
1 – 4 Apr 8 Feb 2019 Audits of support and compliance functions at a central bank Expert panel Frankfurt 55
3 – 5 Apr 8 Feb 2019 Machine learning, artificial intelligence and big data – Expert panel Frankfurt 72
the perspective of central banks
8 – 12 Apr 15 Feb 2019 Accounting for banking supervisors Level II Frankfurt 29
May
6 – 10 May 15 Mar 2019 Cash management and combating counterfeit money Level II Frankfurt 45
13 – 17 May 22 Mar 2019 Financial stability, systemic risk and macroprudential policy – Level II Frankfurt 37
Course level II
14 – 16 May 22 Mar 2019 Recovery and resolution with a focus on credit institutions Expert panel Frankfurt 38
20 – 24 May 29 Mar 2019 Monetary policy implementation in the Eurosystem Level II Frankfurt 17
June
3 – 7 June 12 Apr 2019 Banking supervision within the Basel framework – Course level II Level II Frankfurt 30
12 – 14 June 19 Apr 2019 Data sharing – Expert panel Expert panel Frankfurt 56
17 – 19 June 26 Apr 2019 Sustainable and green finance Expert panel Frankfurt 31
24 – 28 June 3 May 2019 Payment and securities settlement systems Level II Frankfurt 46Annual overview of our courses
Page 13
Date Application deadline Title Course type Venue Page
July
1 – 5 July 10 May 2019 Understanding the monetary and financial system Level I Frankfurt 40
11 – 13 July 10 May 2019 IT Service continuity Expert panel Frankfurt 58
15 – 19 July 14 Apr 2019 Monetary policy communication (JVI & OeNB)* Level I Vienna 22
August
12 – 14 Aug 21 Jun 2019 Fintechs and their impact on central banking Expert panel Frankfurt 41
12 – 16 Aug 21 Jun 2019 Controlling at central banks Level II Frankfurt 59
19 – 23 Aug 28 Jun 2019 Monetary policy frameworks Level I Frankfurt 18
26 – 28 Aug 5 Jul 2019 Money museum Expert panel Frankfurt 60
28 – 29 Aug 5 Jul 2019 Innovations in the field of cashless payments Expert panel Frankfurt 47
September
2 – 6 Sep 12 Jul 2019 Foreign reserve management Level II Frankfurt 19
11 – 13 Sep 19 Jul 2019 Operational risk management, continuity management and Expert panel Frankfurt 61
crisis management
18 – 20 Sep 26 Jul 2019 Financial consumer protection (BaFin)* Expert panel Frankfurt 69
25 – 27 Sep 2 Aug 2019 Document management Expert panel Frankfurt 62
October
7 – 11 Oct 16 Aug 2019 Seasonal adjustment of economic data Level I Frankfurt 73
14 – 16 Oct 23 Aug 2019 Design and application of a quality assurance and improve- Expert panel Frankfurt 63
ment programme (QAIP) – best practices
21 – 24 Oct 30 Aug 2019 Combating counterfeit money by the National Analysis Centre Expert panel Mainz 48
28 – 30 Oct 6 Sep 2019 Analytical tools for monetary policy Level II Frankfurt 20
November
4 – 8 Nov 13 Sep 2019 Central bank governance Level II Frankfurt 64
11 – 15 Nov 20 Sep 2019 Price and volume indices in official statistics – theory and Level I Frankfurt 74
practice
18 – 22 Nov 27 Sep 2019 Data sharing – Course level I & level II Level I & Level II Frankfurt 65
20 – 22 Nov 27 Sep 2019 Digital transformation – HR challenges at central banks Expert panel Frankfurt 66
25 – 29 Nov 4 Oct 2019 Combating money laundering Level II Frankfurt 49
December
2 – 6 Dec 11 Oct 2019 Advanced topics in seasonal adjustment Level II Frankfurt 75
9 – 13 Dec 18 Oct 2019 Payment and securities settlement systems Level II Frankfurt 46
*JVI: Joint Vienna Institute · OeNB: Oesterreichische Nationalbank (central bank of the Republic of Austria)
BaFin: Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority)Page 14
Monetary policy
Photo: Dieter RosenMonetary policy
Page 15
Content
Macroeconomic analysis and forecasting................................................................................................ 16
13 – 15 February 2019 (deadline for application: 21 December 2018)
Monetary policy implementation in the Eurosystem ............................................................................... 17
20 – 24 May 2019 (deadline for application: 29 March 2019)
Monetary policy frameworks .................................................................................................................. 18
19 – 23 August 2019 (deadline for application: 28 June 2019)
Foreign reserve management ................................................................................................................. 19
2 – 6 September 2019 (deadline for application: 12 July 2019)
Analytical tools for monetary policy ...................................................................................................... 20
28 – 30 October 2019 (deadline for application: 6 September 2019)
In cooperation with other institutions:
Please apply online at www.jvi.org/training/application-forms/online-application-2019
Monetary policy implementation (JVI & OeNB) ....................................................................................... 21
11 – 15 March 2019 (deadline for application: 2 December 2018)
Monetary policy communication (JVI & OeNB) ........................................................................................ 22
15 – 19 July 2019 (deadline for application: 14 April 2019)
Please apply online at www.bundesbank.de/courseregistrationMonetary policy
Page 16
Course level II
Macroeconomic analysis and forecasting
Duration Content
13 – 15 February 2019 (3 days) – Analysis and forecasting of the international envi-
ronment
Deadline for application – Short-term macroeconomic projections
21 December 2018 – Macroeconometric model of the Bundesbank
– Macroeconomic forecasting at the Bundesbank
Venue – Potential output and medium-term projections
Frankfurt – Analysis and projections of labour market and
wage developments
Objective – Analysis of price developments and inflation fore-
Monetary policy decisions require a thorough analysis casting
of the national and international macroeconomic en- – Research projects related to macroeconomic fore-
vironment. This three-day course provides an over- casting
view of the modelling and forecasting work done by
the staff of the Deutsche Bundesbank in the context Target group
of the monetary policy decision-making process in the Mid-level central bank officials working in the area of
euro area. The focus is on the practical aspects of macroeconomic analysis. Potential candidates who
macroeconomic analysis. Bundesbank experts will wish to apply for the course should have a sound un-
present aspects of their ongoing regular work of ana- derstanding of macroeconomic theory and are ex-
lysing and forecasting macroeconomic developments. pected to have a good understanding of basic econo-
The course will give an overview of the macroecono- metrics and experience in the use of commonly used
metric models and forecasting tools used by Bundes- modelling techniques.
bank experts, distinguishing between short-term and
medium-term analysis. In addition, the course will il- Please note:
lustrate specific analytical approaches used by Bun- The course does not cover topics related to the deeper
desbank staff to assess developments in selected seg- analysis of monetary and financial developments.
ments of the economy such as the labour market. There is a separate course on this (see course on “Ana-
lytical tools for monetary policy”). Moreover, the
course does not provide an introduction to economet-
rics or specific modelling techniques. Potential candi-
dates 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 implementation
in the Eurosystem
Duration how monetary policy implementation in the Eurosys-
20 – 24 May 2019 (5 days) tem differs from that in their institutions. The content
will be presented through a mixture of lectures sup-
Deadline for application plemented by group discussions.
29 March 2019
Content
Venue – General operational framework, set and design of
Frankfurt monetary policy instruments used by the Eurosys-
tem
Objective – Liquidity analysis and liquidity management in the
Despite similar monetary policy mandates and thus monetary union
similar monetary policy objectives, central banks differ – Evolution and use of non-standard measures in the
in the way they implement their monetary policy. Op- Eurosystem
erational frameworks reveal significant differences – Open market operations and associated procedures
not only with regard to the choice of operational tar- applied by the Eurosystem
gets. Major variations can be observed especially with – Counterparty monitoring at the Deutsche Bundes-
regard to the selection and design of monetary policy bank
instruments as well as the specific procedures applied Risk control framework and collateral management in
in the context of the implementation of monetary the Eurosystem
policy. It is often difficult for outsiders to fully under-
stand exactly how monetary policy is implemented in Target group
practice and to comprehend individual operational The course is targeted at mid-level central bankers
decisions of central banks. who are working in the area of monetary policy im-
plementation and are interested in gaining an over-
Against this background, this 5-day course aims to view and a deeper understanding of how monetary
offer deeper insights and to explain how monetary policy is implemented in the context of European
policy is implemented within the Eurosystem, ie the monetary union. Candidates should have at least two
system of central banks responsible for the single years’ practical work experience in the area of mone-
monetary policy within the European monetary union. tary policy implementation. They should be involved
The focus of the course sessions will be on key aspects in designing operational frameworks and monetary
of monetary policy implementation in the Eurosystem. policy instruments, liquidity analysis, and in carrying
Topics to be discussed include the general operational out open market operations. Applicants are expected
framework, the use and evolution of individual policy to have a sound understanding of key concepts and
instruments and the procedures applied within the be familiar with the basic tasks related to monetary
context of monetary union. The course also provides policy implementation.
a platform for participants to reflect on and discussMonetary policy
Page 18
Course level I
Monetary policy frameworks
Duration Content
19 – 23 August 2019 (5 days) – Review of theoretical basics of monetary policy
(incl transmission mechanism)
Deadline for application – Key building blocks of monetary policy frameworks
28 June 2019 (strategic vs operational framework)
– Consistency and conflict of interests
Venue – Key elements of strategic frameworks
Frankfurt (monetary policy objectives, intermediate targets,
nominal anchors)
Objective – Key elements of operational frameworks
Central banks conduct monetary policy based on a (operational targets and monetary policy instru-
country-specific monetary policy framework. In some ments)
cases, these frameworks are subject to inconsistencies
which may undermine the success of monetary policy. Target group
A consistent monetary policy framework builds on a The content level of the course is targeted at junior
sound understanding and application of its key ele- central bankers with little to no knowledge and work
ments. experience in the area of monetary policy who are
interested in gaining a general overview of monetary
This 5-day course aims to provide an introduction to policy frameworks and a basic understanding of their
monetary policy frameworks. After the course, par- key elements and related issues. The course is de-
ticipants should have an overview of the key aspects signed mainly for staff that have only recently started
of monetary policy frameworks and a broad under- working in the area of monetary policy. It may also be
standing of major issues related to them. For this pur- of interest for staff working in other central bank ar-
pose, after reviewing a fundamental theoretical back- eas that are in some way related to monetary policy,
ground, strategic as well as operational matters of such as communication, financial stability, banking
monetary policy will be presented and discussed. The supervision, payment systems or statistics.
content will be covered through a mix of lectures that
will be complemented by workshops. Workshops aim
to apply the theoretical concepts of monetary policy
frameworks to the current practices adopted by the
central banks of participating countries. The work-
shops will take the form of case studies and group
discussions (where participants are expected to con-
tribute actively).Monetary policy
Page 19
Course level ll
Foreign reserve management
Duration Content
2 – 6 September 2019 (5 days) – Reserve management service offered by the
Bundesbank
Deadline for application – Level and adequacy of foreign reserves
12 July 2019 – Financial instruments used in reserve management,
eg repos, gold deposits and financial derivatives
Venue – Portfolio management
Frankfurt – Investment guidelines and strategic benchmarking
– Market and credit risk control
Objective – Performance measurement
In recent years, foreign reserve managers have been – Gold management
challenged by low or negative interest rates. At the
same time, counterparty and liquidity risk have in- Target group
creased. The course is aimed at employees responsible for re-
serve management at the policymaking, operational
This course aims to explain the current reserve man- or risk control level. Participants should have a sound
agement policies and practices of the Bundesbank and knowledge of portfolio management to be able to
the ECB. Special attention will be paid to portfolio share their experience and contribute actively to dis-
management and diversification, as well as to the at- cussions.
tractiveness of the various financial instruments used
in reserve management. The course will also focus on
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 re-
lating to reserve management.Monetary policy
Page 20
Course level ll
Analytical tools for monetary policy
Duration Content
28 – 30 October 2019 (3 days) – Money market analysis
– Monetary analysis
Deadline for application – Capital markets analysis
6 September 2019 – Monetary transmission analysis
– Current research projects related to monetary
Venue policy analysis
Frankfurt
Target group
Objective Mid-level central bank officials working in the area of
Monetary policy decision-making requires a thorough monetary analysis and / or financial market analysis.
analysis of economic, monetary and financial devel- Potential candidates who wish to apply for the course
opments. Central banks assess these developments should have a sound understanding of macroeco-
using a variety of analytical tools. The outcome of nomic theory and are expected to have a sound un-
their analysis provides key input for well-informed derstanding of basic econometrics as well as experi-
monetary policy decisions which allow the central ence in the use of commonly used modelling
bank to fulfill its monetary policy mandate. techniques.
This 3-day course provides an overview of different Please note:
analytical tools used by the staff of the Deutsche Bun- The course does not cover topics related to broader
desbank in the context of the monetary policy deci- macroeconomic analysis. There is a separate course
sion-making process in the monetary union. The focus on this (see course on “Macroeconomic analysis and
of the course is on the analysis of monetary and finan- forecasting”). What is more, the course does not pro-
cial developments, which represents an important vide an introduction to econometrics or specific mod-
part of the analytical approach adopted by the Euro- elling techniques.
system under the prevailing monetary policy strategy.
Bundesbank experts will present key aspects of their
regular analytical work. In particular, the course will
illustrate specific analytical approaches in order to
monitor and assess developments in the money mar-
ket, in the area of money and credit, in capital markets
as well as in relation to the monetary transmission
process.Monetary policy
Page 21
Course level I
Monetary policy implementation
In cooperation with the
Joint Vienna Institute and the Oesterreichische Nationalbank
Duration Content
11 – 15 March 2019 (5 days) – Principles for modern monetary policy and their im-
plications for monetary operations
Deadline for application – Monetary policy implementation using an interest
2 December 2018 rate steering approach
– Monetary policy implementation from a balance
Venue sheet perspective (liquidity analysis)
Vienna (JVI) – Reserve requirements
– Open market operations, auction mechanisms,
Objective repos and reverse repos
The implementation of monetary policy requires both – Foreign exchange interventions
well-defined goals and a consistent set of policy in- – Operational frameworks for steering short-term
struments used to achieve them. This one-week interest rates
course will begin by placing the central bank’s mon- – Monetary policy implementation in the Eurosystem
etary policy operations in the context of broader mon- – Case studies
etary policy strategy, emphasising the link between
policy formulation and implementation, as well as Target group
touching on monetary policy objectives and instru- (i) Junior to mid-level central bank officials working in
ments and the functioning of the monetary policy monetary policy operations and (ii) officials from cen-
transmission mechanism. The course will then focus tral banks or ministries of finance / economics whose
on the practicalities of implementing monetary policy, responsibilities require, or who have a strong interest in
including the interest rate steering approach and ef- acquiring, a thorough understanding of monetary pol-
fects on the central bank’s balance sheet. The remain- icy implementation.
der of the course will cover different aspects of mon-
etary operations: liquidity analysis, open market
operations, standing facilities, reserve requirements,
and the role of foreign exchange interventions. The
course will end by combining individual aspects of
monetary operations with consistent operational
frameworks, drawing on examples from leading cen-
tral banks, and a discussion of unconventional mon-
etary policy implemented by the Eurosystem.
Please apply online at www.jvi.org/training/application-forms/online-application-2019Monetary policy
Page 22
Course level I
Monetary policy communication
In cooperation with the
Joint Vienna Institute and the Oesterreichische Nationalbank
Duration Content
15 – 19 July 2019 – Central bank transparency – meaning and
measurement
Deadline for application – Communication strategy for central banks:
14 April 2019 CB target audiences, communication instruments
and channels
Venue – Instruments and content of monetary policy
Vienna (JVI) communication
– Monetary policy communication in a forward-
Objective looking environment
There is a broad consensus that transparency and – Central bank communication and foreign
communication are crucial for the credibility of a cen- exchange interventions
tral bank and the effectiveness of monetary policy. In – Press release writing
order to foster credibility, central banks need to – Press conferences as communication channel
strengthen transparency and should adopt a strategic – CB websites as communication channel
communication approach with clear communication – Communication practices of selected central banks
objectives, well targeted messages for different target
audiences and appropriate communication channels. Target group
This course will begin by reviewing the meaning and Junior to mid-level central bank officials working in the
role of communication and transparency for central area of central bank communication or monetary pol-
banks, clarifying its importance for monetary policy. icy, especially in central banks under or moving to-
Building on this general discussion, the course will fo- wards an inflation targeting regime, and officials from
cus on the practicalities of central bank communica- central banks whose responsibilities require, or who
tion in general and monetary policy communication in have a strong interest in acquiring, a thorough under-
particular by taking a closer look at the target audi- standing of central bank communication.
ences of central banks, the channels as well as spe-
cific content of monetary policy communication. Spe-
cial issues such as communication in a forward-looking
environment and communication on FX interventions
will also be addressed. The course will be highly inter-
active, offering a mix of presentations, country prac-
tices, workshops and group discussions.
Please apply online at www.jvi.org/training/application-forms/online-application-2019Monetary policy
Page 23
Photo: Jan EckertPage 24
Banking supervision
Photo: Justin LightleyBanking supervision
Page 25
Content
Banking supervision within the Basel framework – Course level I ........................................................... 26
4 – 8 February 2019 (deadline for application: 14 December 2018)
On-site banking supervision.................................................................................................................... 27
18 – 22 February 2019 (deadline for application: 28 December 2018)
Stress tests – methods and areas of application...................................................................................... 28
11 – 13 March 2019 (deadline for application: 18 January 2019)
Accounting for banking supervisors........................................................................................................ 29
8 – 12 April 2019 (deadline for application: 15 February 2019)
Banking supervision within the Basel framework – Course level II .......................................................... 30
3 – 7 June 2019 (deadline for application: 12 April 2019)
Sustainable and green finance ................................................................................................................ 31
17 – 19 June 2019 (deadline for application: 26 April 2019)
In cooperation with other institutions:
Please apply online at www.jvi.org/training/application-forms/online-application-2019
Banking supervision within the Basel framework (JVI & OeNB) – Course level I & level II ........................ 32
21 – 25 January 2019 (deadline for application: 21 October 2018)
Please apply online at www.bundesbank.de/courseregistrationBanking supervision
Page 26
Course level I
Banking supervision within the Basel
framework – Course level I
Duration will focus on both theory and practice, where possi-
4 – 8 February 2019 (5 days) ble.
Deadline for application Content
14 December 2018 – Overview of the institutional set-up of banking
supervision in Germany and Europe
Venue – General overview of the Basel framework, the mo-
Frankfurt tivation behind the revisions and the finalisation of
Basel III
Objective – Capital – quality, quantity and transparency
Basel III is a comprehensive set of reform measures – Capital conservation buffer, countercyclical capital
developed by the Basel Committee on Banking Super- buffer, systemically important banks, systemic risk
vision to strengthen the regulation and supervision of buffer
the banking sector. In this context, the three pillars of – Leverage ratio
Basel II have been considerably updated and supple- – Liquidity – quantitative standards, monitoring
mented. The full Basel III package was finalised in De- tools, management principles
cember 2017. Specifically, Basel III focuses on – Risk coverage – credit risk, operational risk, market
strengthening the quality and quantity of the regula- risk (including applicable and future law; different
tory capital framework, introduces a global liquidity types of modelling; case study)
standard, deploys measures to reduce cyclicality, in- – Pillar 2: Approaches and principles (overview)
troduces a leverage ratio and provides a basic ap- – Business model analysis
proach to regulating systemically important banks. – Supplemental Pillar 2 guidance
Moreover, an aggregate output floor, which com- – German and European implementation:
pares the calculated risk-weighted assets under the ICAAP and SREP
standardised approaches with the results under the – Pillar 3: Market discipline
internal models has also been introduced.
Target group
The course aims to give an overview of the Basel This course is aimed at bank inspectors and employ-
framework and the Basel III reforms. The Basel frame- ees working in the banking supervision department of
work is also a major component of the regulatory har- their central bank or supervisory authority. Basic
monisation process within the European Union and knowledge of the new regulations under Basel II and
was transposed via the Capital Requirements Directive III is essential for productive participation. Participants
IV package and implemented in 2014. It therefore should also be familiar with the supervisory policies
also imparts comprehensive expert knowledge on and practices applied at their institution and should be
major issues relating to the implementation of the Ba- prepared to take an active part in discussions.
sel III framework in the EU and Germany. The courseBanking supervision
Page 27
Course level II
On-site banking supervision
Duration • Documentation and wrap-up
18 – 22 February 2019 (5 days) – Introduction to the German qualitative regulations
as laid out in the Minimum Requirements for Risk
Deadline for application Management
28 December 2018 – Qualitative and quantitative supervisory regulations
and review thereof
Venue • General risk management requirements
Munich • Risk management and risk-taking capacity
• Credit business and credit risk
Objective • Trading business and market risk
The course is designed to provide on-site examiners • Liquidity risk
from central banks and supervisory authorities with an • Operational risk
understanding of how on-site inspections are carried • Information technology security, IT risk, and busi-
out at the Deutsche Bundesbank. The course will fo- ness continuity management
cus on risk-based examination as well as on common • National experience with regard to on-site inspec-
analytical and supervisory topics and techniques. In tions
particular, supervisory experts from the Bundesbank
will provide policy background information and share Target group
hands-on experience about how Pillar 2 of the Basel This course is aimed at bank inspectors and senior em-
framework is implemented via on-site inspections (eg ployees working in the banking supervision depart-
for credit, market or liquidity risk). The course will in- ment of their central bank or supervisory authority.
clude interactive sessions in which participants will be Basic knowledge of the new regulations under the
invited to give short presentations about specific as- Basel framework is essential for productive participa-
pects of on-site supervisory processes in their home tion. Participants should be familiar with the supervi-
country and share their experience. sory policies and practices applied in their home coun-
try. Moreover, they will be invited to take an active part
Content in the discussions and to make contributions regarding
– The Single Supervisory Mechanism (SSM) as part of the on-site inspection processes in their jurisdictions.
the European banking union, including new regula-
tory requirements such as Basel III
– Banking supervision in Germany
– Introduction to on-site inspections
• Inspection approach
• Types of inspections
• Inspection planning and organisation
• On-site inspection processBanking supervision
Page 28
Expert panel
Stress tests –
methods and areas of application
Duration Content
11 – 13 March 2019 (3 days) – Basic principles of stress testing
– Application of stress tests at banks
Deadline for application – Stress tests as an information source for supervisors
18 January 2019 – The Bundesbank’s stress tests
– Macro stress tests
Venue – EU-wide stress testing exercises
Frankfurt
Target group
Objective The course is aimed at experts in banking supervision
The importance of comprehensive risk management or financial stability with a sound background in stress
and its constant ongoing development has been testing. They should have a thorough understanding
made abundantly clear by recent developments in the of the stress testing approaches used at their central
financial markets. Stress tests are one of the instru- bank, and they should be prepared to share their
ments used by banks as well as by central banks and knowledge with the other participants in the group.
supervisory authorities to detect potential vulnerabili-
ties.
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 29
Course level II
Accounting for banking supervisors
Duration Content
8 – 12 April 2019 (5 days) – Forms and risk structure of financial instruments as
currently traded throughout world
Deadline for application – Accounting treatment according to IAS 32 and 39
15 February 2019 (the “old world”)
– Accounting treatment according to IFRS 9 (the
Venue “new world”)
Frankfurt – Hedge accounting according to IAS / IFRS
– Impairment testing under IFRS 9 and the Basel
Objective agreement
The treatment of financial instruments within the ac-
counting framework of IAS / IFRS is of particular inter- Target group
est for banking supervisors, who – in general – do not Mid to senior-level bank supervisors from central
have an educational background as accountants. banks and supervisory authorities.
Nevertheless, the financial crisis revealed a particular
weakness in banking supervision in this area, which is
a requirement of Pillar 3 of the Basel II agreement. The
course will cover both the old and new standards and
their implications for banking supervisors. Participants
of this course will gain insight into the general con-
struction of the most common financial instruments
and, in particular, into how they are combined to cre-
ate more advanced forms of financial investments.
Another focus of this seminar will be the risk structure
of financial instruments and its impact on accounting
treatment. The latest developments of IFRS align the
accounting regulations with requirements of Basel II
and III. How this alignment is achieved in practice will,
moreover, be covered by this course.You can also read
