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DTSTAMP:20260919T071642Z
DTSTART;VALUE=DATE:20260301
DTEND;VALUE=DATE:20260306
SUMMARY:Monetary policy implementation
TRANSP:TRANSPARENT
UID:2026_03_02_monetary_policy_881856
DESCRIPTION:Description \n\nThe implementation of monetary policy require
 s both well-defined goals and a consistent set of policy instruments to 
 achieve them. This one-week course will examine central banks’ monetary 
 policy operations in the context of the broader monetary policy strategy
 . It will emphasise the link between policy formulation and implementati
 on\, discuss monetary policy objectives and instruments and explain the 
 functioning of the monetary policy transmission mechanism. The focus wil
 l then move to the operational details of implementing monetary policy\,
  including the interest rate steering approach and the role of the centr
 al bank’s balance sheet. The course will also cover specific aspects of 
 monetary policy implementation: liquidity analysis\, the operational des
 ign of conventional and unconventional monetary policy instruments\, the
  role of foreign exchange interventions and the consistency of operation
 al frameworks. Finally\, there will be an opportunity to consider curren
 t challenges in monetary policy implementation\, including environmental
 \, social and governance (ESG) aspects.\n\nObjectives\n\nUpon completion
  of this course\, participants should be able to: formulate principles f
 or monetary policy and the implications for monetary operations\; descri
 be monetary policy implementation using an interest rate steering approa
 ch\, as well as the role of the central bank’s balance sheet\; conduct l
 iquidity analysis\; understand the operational design of monetary policy
  instruments\; analyse foreign exchange interventions\; assess the consi
 stency of operational frameworks\; understand monetary policy implementa
 tion in the Eurosystem\; understand ESG-related challenges.\n\nTarget Gr
 oup \n\n(i) Junior to mid-level central bank officials working in moneta
 ry policy operations\; and (ii) officials from central banks or ministri
 es of finance/economy whose responsibilities require\, or who have a str
 ong interest in acquiring\, a thorough understanding of monetary policy 
 implementation.
LOCATION:Joint Vienna Institute\, Mariahilferstrasse 97\, 1060 Vienna\, A
 ustria
CONTACT:Deutsche Bundesbank – CIC\, tzk@bundesbank.de\, +49 69 9566-36605
 
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