Monetary policy instruments and implementation Course level I

Application deadline

22 September 2023


The implementation of monetary policy requires both well-defined goals and a consistent set of policy instruments to achieve them. This course will begin by placing the central bank’s monetary policy operations within 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 collateral framework principles and challenges, credit assessment of non-marketable assets, monetary policy refinancing operations and monetary policy purchase programmes as well as an introduction to market intelligence at the Deutsche Bundesbank.


  • Recent issues in monetary policy implementation
  • Collateral framework – principle and challenges
  • Credit assessment of non-marketable assets
  • Monetary policy refinancing operations
  • Monitoring of monetary policy counterparties and Eurosystem’s ELA framework
  • Monetary policy purchase programmes
  • FX interventions in the Eurosystem

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 a thorough understanding of monetary policy implementation, or where there is a strong interest in acquiring such knowledge.

Please note

A nominating person is mandatory for the participation in our in-person courses.

Registration deadline expired.