Monetary policy instruments and implementation

Deadline for application

19 July 2024


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. It will also touch upon monetary policy objectives and instruments and the functioning of the monetary policy transmission mechanism. The focus will then move to the FX market and liquidity analysis and continue with the practicalities of implementing monetary policy, including refinancing operations, monitoring of monetary policy counterparties and monetary policy asset purchases. The course will also provide an introduction into market intelligence at the Deutsche Bundesbank and conclude with current challenges, such as greening the financial system.


  • Monetary policy mandate, strategy, operational framework 
  • Monetary policy instruments and their design
  • Official interventions in the FX market
  • Liquidity analysis
  • Monetary policy refinancing operations in practice
  • Monitoring of monetary policy counterparties and Eurosystem's ELA-Framework
  • Monetary policy purchase programmes in practice and current challenges
  • Market intelligence
  • Greening the financial system

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.

Registration deadline: 19. July 2024, 23:59 p.m.