Monetary policy implementation In cooperation with the Oesterreichische Nationalbank (OeNB) and the Joint Vienna Institute (JVI)

Deadline for application

04 December 2023


The implementation of monetary policy requires both well-defined goals and a consistent set of policy instruments to achieve them. This one-week course will place central banks’ monetary policy operations in the context of the broader monetary policy strategy. It will emphasise the link between policy formulation and implementation, discuss monetary policy objectives and instruments and explain the functioning of monetary policy transmission mechanisms. The focus will then move to the operational details of implementing monetary policy, including the interest rate steering approach and the role played by a central bank’s balance sheet. The course will also cover specific aspects of monetary policy implementation: liquidity analysis, the operational design of conventional and unconventional monetary policy instruments, the role of foreign exchange interventions and the consistency of operational frameworks. Finally, attention will also be given to current challenges in monetary policy implementation, including the environmental, social and governance (ESG) aspects.


Upon completion of this course, participants should be able to:

  • Formulate principles for monetary policy and the implications for monetary operations.
  • Describe monetary policy implementation using an interest rate steering approach, as well as the role of the central bank’s balance sheet.
  • Conduct liquidity analysis.
  • Understand the operational design of monetary policy instruments.
  • Analyse foreign exchange interventions.
  • Assess the consistency of operational frameworks.
  • Understand monetary policy implementation in the Eurosystem.
  • Understand ESG-related challenges.

Target group

Junior to mid-level central bank officials working in monetary policy operations and officials from central banks or ministries of finance or economics whose responsibilities require, or who have a strong interest in acquiring, a thorough understanding of monetary policy implementation.

Registration deadline expired.