Monetary policy instruments and implementation

Application deadline

4 February 2022


The implementation of monetary policy requires both well-defined goals and a consistent set of policy instruments in order to achieve them. This course will begin by placing the central bank’s monetary policy operations in the context of broader monetary policy strategy, emphasising the link between policy formulation and implementation, as well as touching upon monetary policy objectives and instruments and the functioning of the monetary policy transmission mechanism.

The course will then focus on the practicalities of implementing monetary policy, including the interest rate steering approach and effects on the central bank’s balance sheet. The remainder of the course will cover different aspects of monetary 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 central banks, and a discussion of the non-standard monetary policy implemented by the Eurosystem.


Principles of modern monetary policy and their implications for monetary operations

  • Monetary policy implementation using an interest rate steering approach
  • Monetary policy implementation from a balance sheet perspective (liquidity analysis)
  • Reserve requirements
  • Open market operations, auction mechanisms, repos and reverse repos
  • Foreign exchange interventions
  • Operational frameworks for steering short-term interest rates
  • Monetary policy implementation in the Eurosystem
  • Case studies  

Target group

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

Technical requirements

Computer with microphone, camera, speakers or headphones; an up-to-date internet browser.

Online application

Please apply online by clicking on the registration button within the application period. 

Registration deadline: 04. February 2022, 23:59 p.m.