Centre for Technical Central Bank Cooperation

International Central Banking

Courses 2018

Foto: Jan Eckert

Centre for Technical Central Bank Cooperation
International Central Banking
Courses 2018
 Content

Foreword ............................................................................................................................................................4
Introduction.........................................................................................................................................................6
Our team.............................................................................................................................................................7
Our range of international central banking courses...............................................................................................8
Annual overview of our courses.........................................................................................................................12

Monetary policy...................................................................................................................................... 14
Macroeconomic analysis and forecasting......................................................................................................16
Monetary policy frameworks........................................................................................................................17
Issues in monetary policy implementation.....................................................................................................18
Monetary policy implementation using an interest steering approach............................................................20
Foreign reserve management........................................................................................................................21
Monetary policy implementation in the Eurosystem......................................................................................22
Analytical tools for monetary policy..............................................................................................................23
Monetary policy implementation..................................................................................................................71
  In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank

Banking supervision................................................................................................................................. 24
Stress tests – methods and areas of application.............................................................................................26
Banking supervision within the Basel framework – Course level I...................................................................27
On-site banking supervision..........................................................................................................................28
Banking supervision within the Basel framework – Course level II..................................................................29
Banking supervision within the Basel framework...........................................................................................70
  In cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank

Financial and monetary system................................................................................................................ 30

Digital financial innovations..........................................................................................................................32
Financial stability, systemic risk and macroprudential policy – Course level I...................................................33
Recovery and resolution with a focus on credit institutions............................................................................34
Financial stability, systemic risk and macroprudential policy – Course level II..................................................36
Understanding the monetary and financial system........................................................................................37
Developing financial markets........................................................................................................................39
Cash management and payment systems................................................................................................ 40
Current challenges for cash management.....................................................................................................42
Cash management and combating counterfeit money..................................................................................43
Combating counterfeit money by the National Analysis Centre.....................................................................44
Payment and securities settlement systems...................................................................................................45
Combating money laundering......................................................................................................................46

Good governance.................................................................................................................................... 48
Economic education – the role of central banks............................................................................................50
Public procurement......................................................................................................................................51
Auditing internal services and support functions at a central bank.................................................................52
Data sharing.................................................................................................................................................53
Operational risk management, continuity management and crisis management............................................54
Human resources management....................................................................................................................55
Public relations.............................................................................................................................................56
Central bank governance..............................................................................................................................57
Design and application of a quality assurance and improvement programme (QAIP) – best practices.............58
Document management...............................................................................................................................59
Controlling at central banks..........................................................................................................................61

Statistics.................................................................................................................................................. 62
Big data and central banking........................................................................................................................64
Seasonal adjustment of economic data.........................................................................................................65
Price and volume indices in official statistics – theory and practice.................................................................66

Courses in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank............... 68
Banking supervision within the Basel framework................................................................................................70
Monetary policy implementation........................................................................................................................71

Course impressions............................................................................................................................................72
Administrative information.................................................................................................................................74
Inside the Deutsche Bundesbank........................................................................................................................76
Our venues........................................................................................................................................................78
 Foreword
Page 4

Foreword

In 2017, the Bundesbank celebrated its 60th anniver-

sary under the motto “Committed to a stable currency”.
This theme also reflects our awareness that it is not
sufficient to keep just our own house in order. As we
share responsibility for the euro and for ensuring a stable
financial system, we need to look beyond our own
Photo: DGaby Gerster

borders, especially − but not only − within Europe.

In fact, there is a long tradition of cooperation between

central banks. Its origins date back to the first half
of the 20th century. At that time, there was growing
recognition that autonomous monetary policy deci-
Dr Jens Weidmann sions have side effects on economic conditions in
President
Deutsche Bundesbank other countries (policy spillovers), which exacerbate
existing imbalances and in doing so can increase the
probability of crises. Conversely, living as we do in a
time of increasingly interconnected global markets,
there is little prospect of tackling the current chal-
lenges single-handedly anymore, as the response to
the economic and financial crisis has shown.

Over time, various types of institutionalised coopera-

tion have developed, eg in the committees of the Bank
for International Settlements or through membership
of the International Monetary Fund. In addition, the
role played by informal dialogue between central banks
at a lower level should not be underestimated. Not
only does this help broaden the shared knowledge
base and exchange experience, it also contributes to
building mutual understanding at all levels of the hier-
 Foreword
Page 5

archy. This type of environment is particularly suitable

for fostering a shared understanding of “stability” in
the face of increasingly complex tasks.

Next year our international central banking courses

Photo: Frank Rumpenhorst

will once again provide a platform for our colleagues
at central banks outside the European Union and the
traditional group of industrial countries, in particular,
to exchange ideas and experiences. Depending on the
target group, we would like not only to help newcom-
ers “get on board” in the world of central banking,
but also to facilitate an in-depth exchange of ideas on Dr Andreas Dombret
Member of
cutting edge topics through expert panels.
the Executive Board
Deutsche Bundesbank

The monetary policy and regulatory response to the

economic and financial crisis will once again feature
prominently in the programme, alongside both tradi-
tional central banking topics related to our core busi-
ness activities and good governance. Furthermore,
the impact of technological development on the
world of central banking will continue to be a major
theme on the current agenda. Following this year’s
expert panel on blockchain, we will round off our
course programme next year with expert panels on
digital financial innovation and data sharing.

We hope that our programme for 2018 will be of

interest to you and we would be delighted to wel-
come you to the Bundesbank next year for one of our
international central banking courses.
 Introduction
Page 6
Introduction
The Deutsche Bundesbank has been working with
central banks worldwide since its foundation in 1957.
The aim of central bank cooperation is to promote the
creation and development of central banking systems
appropriate to a market economy, to foster the pro-
cess of monetary reform, and to enhance economic
and financial stability in our partner countries. Training
programmes and advisory assistance for executives
and other members of staff of foreign central banks
serve as a vehicle for exchanging knowledge and ex-
perience. The topics featured cover the entire range of
economic, operational and legal instruments used in
modern central banking.
The Bundesbank adopts a variety of approaches to
enhance this cooperation, including
– sending experts or project support to the countries
concerned
– arranging study visits to the Bundesbank to discuss
specific issues with in-house experts
– running course programmes in Germany and
abroad.
All these activities, which draw on the entire resources
of the Bundesbank, are organised and coordinated by
the Centre for Technical Central Bank Cooperation at
the Central Office in Frankfurt.
All international central banking courses are held in
English. Each of these courses is open to individuals at
different stages of their professional career, depending
on the topic and type of the event. Central bank staff
from all our partner countries are cordially invited to
register as participants.
The international central banking courses take place
in Frankfurt, Munich, Mainz, Eltville and Vienna. The
Bundesbank provides accommodation to all participants
for the duration of the course. Meals taken with other
course members and excursions to places of interest
help to create an international atmosphere based on
mutual trust which, in turn, fosters an open exchange
of ideas.
Details of the courses planned for 2018 can be found
on the following pages.
Finally, we encourage you to visit the Deutsche
Bundesbank’s website where you can watch our video
on Technical Central Bank Cooperation:
www.bundesbank.de/tcbc_film
 Our team
Page 7

Our team

Photo: Bert Bostelmann

Back row (left to right):

Jens Fuhrmann, Daniel Januschka, Dr Sonja Juko, Jan Eckert, Jörn Flegler, Dr Martin Pontzen
Middle row (left to right):
Anika Hollmann, Ralf Hannemann, Silke Frühklug, Maximilian Paulus, Malte Vieth, Katja Hofmann
Front row (left to right):
Christoph Stute, Christa Lampe, Birgit Engelmann, Lisa Bauscher, Martin Dinkelborg (Director), Claudia Brune (Deputy Director), Dr Martine
Niederkorn, Silke Schrupp

At the Deutsche Bundesbank’s Centre for Technical Our team would be pleased to welcome you to one
Central Bank Cooperation, a dedicated team is re- of our international central banking courses due to be
sponsible for organising international central banking held mostly in Frankfurt in 2018.
courses. It not only plans and prepares the courses
but also provides advice and support for our foreign The course organisation team:
guests during their visits to the Deutsche Bundesbank. internationalcourses@bundesbank.de
 Our range of international central banking courses
Page 8
Our range of international
central banking courses
Course level I
Content
Level I courses cover core aspects of central banking
or supervision with the aim of offering a general over-
view and transmitting basic knowledge in major central
banking topics. They also provide a platform for dis-
cussion and give participants an opportunity to ex-
change views and ideas with central bankers from
around the world.
The various lectures, which are held by Bundesbank
experts and external specialists, are supplemented
by workshops or exercises and the possibility for dis-
cussion.
Target group
The courses are primarily targeted at young profes-
sionals with work experience of up to two years in the
designated central banking field or a central bank area
that is related to the topic of the course.
Our level I courses in 2018
– Banking supervision within the Basel framework –
Course level I
– Financial stability, systemic risk and macroprudential
policy – Course level I
– Monetary policy frameworks
– Data Sharing
– Monetary policy implementation using an interest
steering approach
– Understanding the monetary and financial system
– Seasonal adjustment of economic data
– Price and volume indices in official statistics –
theory and practice
– Banking supervision within the Basel framework
in cooperation with the Joint Vienna Institute
and the Oesterreichische Nationalbank”
– Monetary policy implementation
in cooperation with the Joint Vienna Institute
and the Oesterreichische Nationalbank”
 Our range of international central banking courses
Page 9

Course level II
Content Our level II courses in 2018
Courses focus on specific subjects related to central – On-site banking supervision
bank tasks. These topics will be treated at an ad- – Macroeconomic analysis and forecasting
vanced level and shall facilitate an in-depth analysis. – Cash management and combating counterfeit
They are also designed to enable participants to ex- money
change their views and to deepen and broaden – Financial stability, systemic risk and macroprudential
knowledge or to generate new opinions and ideas. policy – Course level II
– Data Sharing
Courses involve lectures, group work, case studies or – Payment and securities settlement systems
discussions. The courses require an active contribution – Foreign reserve management
by participants. The lectures will be held by Bundes- – Monetary policy implementation in the Eurosystem
bank specialists and external experts. – Banking supervision within the Basel framework –
Course level II
Target group – Human resources management
The courses are primarily directed at experienced em- – Public relations
ployees with more than two years of work experience – Central bank governance
in the respective central banking field. Participants are – Analytical tools for monetary policy
expected to have a basic expertise and to be familiar – Developing financial markets
with general aspects in the working area which will be – Controlling at central banks
the focus of the course. – Combating money laundering
– Banking supervision within the Basel framework
in cooperation with the Joint Vienna Institute
and the Oesterreichische Nationalbank”
 Our range of international central banking courses
Page 10
Expert panels
Content
Expert panels are designed to provide central bank
employees with a discussion platform to share their
experience and knowledge about very specific central
banking topics.
Participants are expected to actively contribute to the
discussion. Experts are requested to submit a paper or
a presentation in advance to be presented during the
panel. Expert panels require a considerable amount of
active participation, high proficiency in English and a
true interest in engaging in discussions with central
bankers from around the world.
Target group
Expert panels are aimed exclusively at experienced
employees, ideally with work experience of more than
five years. Participants should have extensive and de-
tailed knowledge of the respective subject area. While
the individual topics have already been set, the needs
of specific groups of participants can also be taken
into consideration.
Our expert panels in 2018
– Stress tests – methods and areas of application
– Current challenges for cash management
– Digital financial innovations
– Economic education – the role of central banks
– Big data and central banking
– Public procurement
– Auditing internal services and support functions at
a central bank
– Combating counterfeit money by the National
Analysis Centre
– Issues in monetary policy implementation
– Recovery and resolution with a focus on credit
institutions
– Operational risk management, continuity
management and crisis management
– Design and application of a quality assurance and
improvement programme (QAIP) – best practices
– Document management
 Our range of international central banking courses
Page 11

Ad hoc expert panels

In addition, the Deutsche Bundesbank’s Centre for If you have a suggestion for a possible ad hoc expert
Technical Central Bank Cooperation will organise ad hoc panel, please send us your proposal by e-mail:
expert panels on topics of special interest that arise
during the course of the year. These ad hoc expert internationalcourses@bundesbank.de
panels will be announced on our website and organ-
ised in the same way as our regular expert panels.

Content Target group

Course level I core aspects of central bank lectures, exercises, discussions young professionals with work
tasks or workshops experience up to two years

Course level II specific aspects of central bank lectures, exercises, discussions, experienced professionals with
tasks at an advanced level workshops, group work, case work experience of more than
studies two years

Expert panel specific aspects of central bank expert discussions, case studies/ experienced professionals in a
tasks at an advanced level country experience presented specific field of central banking
by panel participants, hands-on ideally with work experience of
exercises more than 5 years
 Annual overview of our courses
Page 12

Annual overview of our courses

Date Title Course type Venue Page

January

15 – 17 Jan Stress tests – methods and areas of application Expert panel Frankfurt 26

22 – 26 Jan Banking supervision within the Basel framework – Course level I Level I Frankfurt 27

22 – 26 Jan Banking supervision within the Basel framework* Level I and Level II Vienna 70

29 – 31 Jan Current challenges for cash management Expert panel Frankfurt 42

February

5 – 9 Feb On-site banking supervision Level II Munich 28

19 – 21 Feb Digital financial innovations Expert panel Eltville 32

19 – 21 Feb Macroeconomic analysis and forecasting Level II Frankfurt 16

26 Feb – 2 Mar Cash management and combating counterfeit money Level II Frankfurt 43

March

12 – 14 Mar Economic education - the role of central banks Expert panel Frankfurt 50

12 – 16 Mar Monetary policy implementation* Level I Vienna 71

19 – 23 Mar Financial stability, systemic risk and macroprudential policy - Course Level I Frankfurt 33
level I

April

9 – 11 Apr Big data and central banking Expert panel Frankfurt 64

16 – 20 Apr Monetary policy frameworks Level I Frankfurt 17

23 – 25 Apr Public procurement Expert panel Eltville 51

24 – 26 Apr Auditing internal services and support functions at a central bank Expert panel Frankfurt 52

May

14 – 16 May Issues in monetary policy implementation Expert panel Frankfurt 18

14 – 17 May Combating counterfeit money by the National Analysis Centre Expert panel Mainz 44

23 – 25 May Recovery and resolution with a focus on credit institutions Expert panel Frankfurt 34

June

4 – 8 June Financial stability, systemic risk and macroprudential policy – Level II Frankfurt 36
Course level II

11 –15 June Data sharing Level I and Level II Frankfurt 53

18 – 22 June Monetary policy implementation using an interest steering approach Level I Frankfurt 20
 Annual overview of our courses
Page 13

Date Title Course type Venue Page

July

2 – 6 July Payment and securities settlement systems Level II Frankfurt 46

16 – 20 July Foreign reserve management Level II Frankfurt 21

23 – 27 July Understanding the monetary and financial system Level I Frankfurt 37

August

6 – 10 Aug Monetary policy implementation in the Eurosystem Level II Frankfurt 22

14 – 16 Aug Operational risk management, continuity management and crisis Expert panel Frankfurt 54
management

27 – 31 Aug Banking supervision within the Basel framework – Course level II Level II Frankfurt 29

27 – 31 Aug Human resources management Level II Eltville 55

September

17 – 21 Sep Public relations Level II Frankfurt 56

October

8 – 12 Oct Seasonal adjustment of economic data Level I Frankfurt 65

15 – 19 Oct Central bank governance Level II Frankfurt 57

22 – 24 Oct Design and application of a quality assurance and improvement Expert panel Frankfurt 58
programme (QAIP) – best practices

24 – 26 Oct Document management Expert panel Frankfurt 59

29 – 31 Oct Analytical tools for monetary policy Level II Frankfurt 23

November

5 – 9 Nov Developing financial markets Level II Frankfurt 39

12 – 16 Nov Controlling at central banks Level II Frankfurt 61

26 – 30 Nov Price and volume indices in official statistics – theory and practice Level I Frankfurt 66

December

3 – 7 Dec Combating money laundering Level II Frankfurt 46

10 – 14 Dec Payment and securities settlement systems Level II Frankfurt 45

* in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank
 Monetary
Workshop policy

Photo: Dieter Rosen

 Monetary policy
Page 15

Content

Macroeconomic analysis and forecasting ............................................................................................... 16

19 – 21 February 2018 (deadline for application: 29 December 2017)

Monetary policy frameworks................................................................................................................... 17

16 – 20 April 2018 (deadline for application: 23 February 2018)

Issues in monetary policy implementation............................................................................................... 18

14 – 16 May 2018 (deadline for application: 23 March 2018)

Monetary policy implementation using an interest rate steering approach.............................................. 20

18 – 22 June 2018 (deadline for application: 27 April 2018)

Foreign reserve management.................................................................................................................. 21

16 – 20 July 2018 (deadline for application: 25 May 2018)

Monetary policy implementation in the Eurosystem................................................................................ 22

6 – 10 August 2018 (deadline for application: 15 June 2018)

Analytical tools for monetary policy ....................................................................................................... 23

29 – 31 October 2018 (deadline for application: 7 September 2018)

Please apply online at www.bundesbank.de/courseregistration

 Monetary policy
Page 16
Course level II
Macroeconomic analysis and forecasting
Duration
19 – 21 February 2018 (3 days)
Deadline for application
29 December 2017
Venue
Frankfurt
Objective
Monetary policy decisions require a thorough analysis
of the national and international macroeconomic en-
vironment. Central banks have to develop sophisticated
analytical skills in order to model complex macroeconomic
relationships and forecast their underlying potential
to cause risks to price stability. This 3-day course pro-
vides an overview of the modelling and forecasting
approach used by the Deutsche Bundesbank in the
context of the monetary policy decision-making pro-
cess in the euro area. The focus is on the practical
aspects of the macroeconomic analysis. Bundesbank
experts will present and discuss key fundamentals of their
regular analytical work. The programme will begin with
a general discussion of the macroeconometric models
and forecasting tools used by Bundesbank experts,
distinguishing between short-term and medium-term
analysis. The course will then cover specific analytical
approaches that Bundesbank staff use to assess develop-
ments in the selected segments of the economy such
as the labour and the housing market.
Content
– Analysis and forecast of the international
environment
– Short-term macroeconomic projections
– Macroeconometric model of the Bundesbank
– Macroeconomic forecasting at the Bundesbank
– Simulation exercise and scenario analysis with
macroeconometric models
– Potential output and medium term projections
– Analysis and projections of labour market and
wage developments
– Analysis of the housing market and projections of
house prices
– Analysis of price developments and inflation
forecasting
– Research projects related to macroeconomic
forecasting
Target group
Junior to mid-level central bank officials working in
the area of macroeconomic analysis.
Please note:
The course does not cover topics related to the deeper
analysis of monetary and financial developments. There
is a separate course on this (see course on “Analytical
tools for monetary policy”; page 23). What is more,
the course does not provide an introduction to econo-
metrics or specific modelling techniques. Potential
candidates who wish to apply for the course should
have a sound understanding of basic econometric
methods.

Course level I
Monetary policy frameworks
Duration
16 – 20 April 2018 (5 days)
Deadline for application
23 February 2018
Venue
Frankfurt
Objective
Central banks conduct monetary policy in the context
of a country-specific policy framework. Despite their
particularities, monetary policy frameworks consist of
a common set of key elements. This 5-day course aims
to provide an introduction to monetary policy frame-
works and an overview of their basic features. After
the course, participants should have a broad under-
standing of the key aspects of monetary policy frame-
works and be familiar with major issues related to
them. For this purpose, key elements that central
banks have to establish in order to set up a monetary
policy framework will be discussed individually to allow
for a deeper reflection of relevant issues. The content
will be presented through a mixture of lectures intro-
ducing key concepts. Lectures will be complemented
by moderated workshops in the form of case studies
and group discussions in which participants are ex-
pected to contribute actively.
Monetary policy
Page 17
Content
– Review of theoretical basics of monetary policy
– Key elements of monetary policy frameworks
– Consistency and conflict of interests
– Policy strategy vs implementation
– Monetary policy mandates and objectives
– Monetary policy anchors / intermediate targets
– Policy analysis and decision making: rules vs
discretion
– Operational targets and monetary policy
instruments
– The role of monetary policy communication
Target group
The content level of the course is targeted at junior
central bankers with little to no knowledge and work
experience in the area of monetary policy who are
interested in getting a general overview of monetary
policy frameworks and gaining a basic understanding
of their key elements and issues related to them. The
course is meant mainly for staff who have only re-
cently started working in the area of monetary policy.
It may also be of interest for staff working in other
central bank areas that are somehow related to mon-
etary policy such as communication, financial stability,
banking supervision, payment systems or statistics.
 Monetary policy
Page 18
Expert panel
Issues in monetary policy implementation
Duration
14 – 16 May 2018 (3 days)
Deadline for application
23 March 2018
Venue
Frankfurt
Objective
Monetary policy implementation is not static. It has to
adjust to changes in the policy environment (eg develop-
ments in the financial sector) and the evolution of the
monetary policy stance that may cause new issues
and create challenges for policy implementation. In
order to ensure a smooth transmission of their mone-
tary policy stance into the financial and the real sector,
central banks have to regularly review and assess the
functionality and effectiveness of their operational
frameworks and work out ways to address weaknesses
in their implementation approach. Against this back-
ground, central banks are permanently faced with the
challenge of selecting and calibrating the way in
which they implement their monetary policy without
becoming erratic, inconsistent and unpredictable in
their actions. The expert panel aims to bring together
central bank experts from around the world to discuss
current issues and challenges related to the implemen-
tation of monetary policy and to exchange views, expe-
riences and innovative ideas on how to deal with them.
Content
The specific topics that will be covered in the expert
panel depend largely on the input of participants. The
list below contains topics that expert panel participants
may choose to present in a case study.
– Liquidity analysis and forecasting
• How has your central bank improved the
liquidity analysis and forecasting over time?
• What specific techniques can you recommend to
produce reliable forecasts?
– Optimal design of monetary policy instruments
• What is the rationale behind the choice of
monetary policy instruments?
• What were the arguments to opt for specific
design features of individual policy instruments?
• What are – based on your central bank’s
experience – advantages and disadvantages of
specific design features?
• How does your central bank assess and ensure
consistency in the operational framework?
• How does your central bank deal with external
criticism (eg of counterparties) regarding its
monetary policy instruments?
– Effectiveness of the operational framework and
changes to monetary policy instruments
• How does your central bank monitor and assess
the effectiveness of the operational framework/
individual monetary policy instruments?
• What kind of internal analysis is prepared on a
regular basis to review the need for adjustments?
• What measures has the central bank introduced
to make policy implementation more effective?
• What major changes has your central bank
introduced in order to promote the effectiveness
of monetary policy instruments?
• What were the main reasons for these changes?
• How were operational changes introduced and
phased in?
• How did the central bank involve counterparties
in the process or prepare them for upcoming
changes?

Target group
The expert panel is targeted at mid and senior-level
central bankers who are directly involved and have at
least 5 years of work experience in monetary policy
implementation. Candidates should have an extensive
knowledge and sound understanding of different
sub-dimensions of policy implementation, in particu-
Monetary policy
Page 19
lar liquidity analysis and the management and the de-
sign of operational frameworks. Participants will be
expected to contribute actively to the panel by pre-
senting a short country case study focusing on one
specific topic that offers useful insights and illuminat-
ing ideas for other central banks.
Photo: Jan Eckert
 Monetary policy
Page 20

Course level I

Monetary policy implementation using

an interest rate steering approach
Duration
18 – 22 June 2018 (5 days)
Deadline for application
27 April 2018
Venue
Frankfurt
Objective
The financial crisis and the introduction of quantitative
easing have led numerous central banks to adopt an
implementation approach that relies on an active use
of their balance sheets. Despite the operational
changes that have taken place in recent years, interest
rate steering remains the fundamental underlying
concept of monetary policy implementation, not only
in developed economies. Under this approach, central
banks manage liquidity and their balance sheet in a
rather passive and market-oriented way in order to
steer the interest rate level in the economy. This 5-day
course aims to provide an overview and a basic under-
standing of monetary policy implementation following
an interest rate steering approach. After the course,
participants should have a good general understand-
ing of how central banks steer interest rates and the
key issues related to this approach. The content will be
presented through a mixture of lectures introducing
basic concepts and fundamental aspects. Lectures will
be complemented by moderated workshops in the
form of case studies, group discussions and simula-
tions in which participants are expected to contribute
actively.
Content
– Review of key elements of monetary policy
frameworks
– Operational framework and monetary policy
instruments
– Interest rate corridor and design of standing
facilities
– Central bank liquidity: analysis and management
– Interbank (money) market and central bank open
market operations: role and functioning
– Reserve requirements
Target group
The content level of the course is targeted at junior
central bankers with little to no prior knowledge and
work experience related to the course topic who are
interested in gaining a broad overview and a general
understanding of how monetary policy is implemented
using an interest rate steering approach. The course is
primarily designed for staff working in the area of
monetary policy, but could also be of interest for staff
who work in central bank communication.

Course level ll
Foreign reserve management
Duration
16 – 20 July 2018 (5 days)
Deadline for application
25 May 2018
Venue
Frankfurt
Objective
In recent years, foreign reserve managers have been
challenged by low or negative interest rates. At the
same time, counterparty and liquidity risk have in-
creased.
This course aims to explain the current reserve manage-
ment policies and practices of the Bundesbank and
the ECB. Special attention will be paid to portfolio
management and diversification, as well as the attrac-
tiveness of the various financial instruments used in
reserve management. The course will also focus on
risk management issues and benchmarking.
To broaden the perspective, participants will be asked
to make an active contribution to discussions and to
share their national experience of selected aspects
relating to reserve management.
Monetary policy
Page 21
Content
– Management of the ECB’s and the Bundesbank’s
foreign reserves
– Reserve management service offered by the
Bundesbank
– Level and adequacy of foreign reserves
– Financial instruments used in reserve management,
eg repos, gold deposits and financial derivatives
– Portfolio management
– Investment guidelines and strategic benchmarking
– Market and credit risk control
– Performance measurement
– Gold management
Target group
The course is aimed at employees responsible for re-
serve management at the policy making, operational
or risk control level. Participants should have a sound
knowledge of portfolio management to be able to
share their experience and contribute actively to dis-
cussions.
 Monetary policy
Page 22
Course level II
Monetary policy implementation in the
Eurosystem
Duration
6 – 10 August 2018 (5 days)
Deadline for application
15 June 2018
Venue
Frankfurt
Objective
While the ultimate objectives of monetary policy are
often fairly similar, central banks diverge in how they
operationalise and implement their monetary policy
goal(s). The specification of operational frameworks
and, more particularly, the choice of the operational
target, the selection and the design of policy instruments
as well as the specific procedures and methods that
central banks apply reveal significant differences.
Despite increased efforts to provide extensive public
information and explain central bank actions in a
transparent way, it often remains difficult for outsiders
to fully understand how monetary policy is imple-
mented in practice and the motives that explain a cen-
tral bank’s operational decisions.
Against this background, this 5-day course aims to
offer deeper insights and explain how monetary policy
is implemented within the Eurosystem, ie the system
of central banks responsible for the single monetary
policy of the euro area. The focus of individual course
sessions will be on key aspects of monetary policy im-
plementation in the Eurosystem, ie the general opera-
tional framework, the use and evolution of individual
policy instruments and the procedures applied within
the context of monetary union. The course also pro-
vides a platform for participants to reflect on and dis-
cuss how monetary policy implementation in the euro
area differs from the way it is done in their countries. The
content will be presented through a mix of lectures
that are supplemented by group discussions.
Content
– Macroeconomic and institutional context
– General monetary policy framework
– Liquidity analysis and liquidity management in the
monetary union
– General operational framework and set of policy
instruments
– Evolution and use of non-standard measures
– Open market operations and associated
procedures
– Counterparty monitoring
– Risk control framework
– Collateral management
Target group
The content level of the course is targeted at mid-
level central bankers working in the area of monetary
policy implementation who are interested in gaining
an overview and a deeper understanding of how
monetary policy is implemented in the context of
European monetary union. Candidates should have a
sound general understanding of key concepts as well
as the various tasks related to monetary policy imple-
mentation and should have practical work experience
of a minimum of two years in that area (eg design of
operational framework and monetary policy instruments,
liquidity analysis, carrying out open market operations).

Course level II
Analytical tools for monetary policy
Duration
29 – 31 October 2018 (3 days)
Deadline for application
7 September 2018
Venue
Frankfurt
Objective
Monetary policy decision-making requires a thorough
analysis of economic, monetary and financial develop-
ments. Central banks have to construct an analytical
framework, ie a systematic and structured analysis
encompassing all aspects that are essential to support
the decision-making process and the formulation of a
monetary policy stance. The analytical framework
should be based on and tailored to meet the require-
ments of the underlying monetary policy strategy. This
3-day course provides an overview of various analytical
tools used by the Deutsche Bundesbank in the context
of the monetary policy decision-making process in the
euro area. The focus is on the practical aspects of the
monetary policy analysis. Bundesbank experts will
present and discuss key fundamentals of their regular
analytical work. The programme covers specific ap-
proaches that Bundesbank staff use to monitor and
assess developments in the money market, in the area
of money and credit, in capital markets as well as in
relation to the monetary transmission process.
Monetary policy
Page 23
Content
– Money market analysis
– Monetary analysis
– Capital markets analysis
– Monetary transmission analysis
– Current research projects related to monetary
policy
Target group
Junior to mid-level central bank officials working in the
area of monetary analysis or financial market analysis.
Please note:
The course does not cover topics related to broader
macroeconomic analysis. There is a separate course
on this (see course on “Macroeconomic analysis and
forecasting”; page 16). What is more, the course
does not provide an introduction to econometrics or
specific modelling techniques. Potential candidates
who wish to apply for the course should have a sound
understanding of macroeconomic theory and econo-
metric methods.
 Banking
Workshop supervision

Photo: Justin Lightley

 Banking supervision
Page 25

Content

Stress tests – methods and areas of application....................................................................................... 26

15 – 17 January 2018 (deadline for application: 1 December 2017)

Banking supervision within the Basel framework – Course level I............................................................ 27

22 – 26 January 2018 (deadline for application: 8 December 2017)

On-site banking supervision..................................................................................................................... 28

5 – 9 February 2018 (deadline for application: 22 December 2017)

Banking supervision within the Basel framework – Course level II........................................................... 29

27 – 31 August 2018 (deadline for application: 6 July 2018)

Please apply online at www.bundesbank.de/courseregistration

 Banking supervision
Page 26

Expert panel

Stress tests –
methods and areas of application
Duration Content
15 - 17 January 2018 (3 days) – Basic principles of stress testing
– Application of stress tests at banks
Deadline for application – Stress tests as an information source for
1 December 2017 supervisors
– The Bundesbank’s stress tests
Venue – Macro stress tests
Frankfurt – EU-wide stress testing exercises

Objective Target group

The importance of comprehensive risk management
and its constant ongoing development has been
made abundantly clear by recent developments in the
financial markets. Stress tests are one of the instruments
used by banks as well as by central banks and super-
visory authorities to detect potential vulnerabilities.
The course is aimed at experts in banking supervision
or financial stability with a sound background in stress
testing. They should have a thorough understanding
of the stress testing approaches used at their central
bank, and they should be prepared to share their
knowledge with the other participants in the group.

Consequently, banks have clearly expanded and re-

fined their methodology in this area. Banks are called
upon, not least by supervisors, to conduct regular
stress tests in order to ensure their capital adequacy.
Furthermore, stress tests are conducted by central
banks for stability studies.

The course aims to impart comprehensive expert

knowledge on stress testing. It will focus on both
theory and practice, where possible.

Course level I
Banking supervision within the Basel
framework – Course level I
Duration
22 – 26 January 2018 (5 days)
Deadline for application
8 December 2017
Venue
Frankfurt
Objective
Basel III is a comprehensive set of reform measures
developed by the Basel Committee on Banking Super-
vision to strengthen the regulation and supervision of
the banking sector. In this context, the three pillars of
Basel II have been considerably updated and supple-
mented. Specifically, Basel III focuses on strengthening
the quality and quantity of the regulatory capital
framework, introduces a global liquidity standard,
deploys measures to reduce cyclicality, introduces a
leverage ratio and provides a basic approach to regu-
lating systemically important banks. The Basel frame-
work is also a major component of the regulatory
harmonisation process within the European Union
and was transposed via the Capital Requirements
Directive IV package and implemented in 2014.
The course aims to impart comprehensive expert know-
ledge on major issues relating to the implementation
of the Basel III framework in the EU and Germany. The
course will focus on both theory and practice, where
possible. A key focus of the course will be an introduc-
tion to major Pillar 2 issues (supervisory review process).
Banking supervision
Page 27
Content
– Banking supervision in Germany
– The Single Supervisory Mechanism as a first step
towards a banking union in Europe
– Motivation behind Basel III, scope of application,
implementation process
– Capital – quality, quantity and transparency
– Risk coverage – credit risk, operational risk, market
risk
– Macroprudential instruments – capital conservation
buffer, countercyclical capital buffer, systemically
important banks, systemic risk buffer
– Leverage ratio
– Liquidity – quantitative standards, monitoring
tools, management principles
– Pillar 2: approaches and principles (overview)
– Business model analysis
– Supplemental Pillar 2 guidance
– German implementation: ICAAP and SREP
– Supervision of IT risks including cyber risks
– Pillar 3: market discipline
Target group
This course is aimed at bank inspectors and employees
working in the banking supervision department of
their central bank or supervisory authority. Basic
knowledge of the new regulations under Basel II and
III is essential for productive participation. Participants
should also be familiar with the supervisory policies
and practices applied at their institution and should be
prepared to take an active part in discussions.
 Banking supervision
Page 28
Course level II
On-site banking supervision
Duration
5 - 9 February 2018 (5 days)
Deadline for application
22 December 2017
Venue
Munich
Objective
The course is designed to provide on-site examiners
from central banks and supervisory authorities with an
understanding of how on-site inspections are carried
out at the Deutsche Bundesbank. The course will focus
on risk-based examination as well as on common
analytical and supervisory topics and techniques. In
particular, supervisory experts from the Bundesbank
will provide policy background information and share
hands-on experience about how Pillar 2 of Basel II is
implemented via on-site inspections (eg for credit,
market or liquidity risk). The course will include inter-
active sessions in which participants will be invited to
give short presentations about specific aspects of
on-site supervisory processes in their home country
and share their experience.
Content
– The Single Supervisory Mechanism (SSM) as part of
the European banking union, including new regu-
latory requirements such as Basel III
– Banking supervision in Germany
– Introduction to on-site inspections
• Inspection approach
• Types of inspections
• Inspection planning and organisation
• On-site inspection process
• Documentation and wrap-up
– Introduction to the German qualitative regulations
as laid out in the Minimum Requirements for Risk
Management
– Qualitative and quantitative supervisory regulations
and review thereof
• General risk management requirements
• Risk management and risk-taking capacity
• Credit business and credit risk
• Trading business and market risk
• Liquidity risk
• Operational risk
• Information technology security, IT risk, and
business continuity management
• National experience with regard to on-site
inspections
Target group
This course is aimed at bank inspectors and senior em-
ployees working in the banking supervision depart-
ment of their central bank or supervisory authority.
Basic knowledge of the new regulations under Basel
II and III is essential for productive participation. Par-
ticipants should be familiar with the supervisory poli-
cies and practices applied in their home country.
Moreover, they are invited to take an active part in the
discussions and to make contributions with regard to
the on-site inspection processes in their jurisdictions.

Course level II
Banking supervision within the Basel
framework – Course level II
Duration
27 - 31 August 2018 (5 days)
Deadline for application
6 July 2018
Venue
Frankfurt
Objective
Basel III is a comprehensive set of reform measures,
developed by the Basel Committee on Banking Super-
vision, to strengthen the regulation and supervision of
the banking sector. In this context, the three pillars of
Basel II have been considerably updated and supple-
mented. Specifically, Basel III focuses on strengthening
the quality and quantity of the regulatory capital
framework, introduces a global liquidity standard,
deploys measures to reduce cyclicality, introduces a
leverage ratio and provides a basic approach to regu-
lating systemically important banks.
The Basel framework is a major component of the
regulatory harmonisation process within the European
Union. It was transposed via the Capital Requirements
Directive IV package and implemented in 2014. This
course aims to impart comprehensive expert know-
ledge on major issues relating to the implementation
of the Basel III framework in the EU and Germany.
The course will focus on both theory and practice,
where possible. A key focus of the course will be an
introduction to major Pillar 2 issues (supervisory review
Banking supervision
Page 29
process). Unlike the level I course, the level II course
will look in depth at the new requirements for the
advanced approaches to covering credit and market
risk as well as the securitisation framework.
Content
– Banking supervision in Germany
– The Single Supervisory Mechanism as a first step
towards a banking union in Europe
– Motivation behind Basel III, scope of application,
implementation process
– Capital – quality, quantity and transparency
– Risk coverage – credit risk, securitisation, counter-
party credit risk, market risk, operational risk
– Macroprudential instruments – capital conservation
buffer, countercyclical capital buffer, systemic risk
buffer
– Leverage ratio
– Liquidity – standards, monitoring tools,
management principles
– Pillar 2: ICAAP, SREP – business model analysis
– Corporate governance
Target group
The level II course is aimed at experts from central
banks and supervisory authorities involved in the im-
plementation of Basel III. A sound knowledge of the
revised framework is essential for participation. Par-
ticipants should also be familiar with the supervision
policies and practices of their financial system and
should be prepared to take an active part in the dis-
cussions.
 Financial
Workshop and
monetary system

Photo: gettyimages/SusanneB
 Financial and monetary system
Page 31

Content

Digital financial innovations..................................................................................................................... 32

19 – 21 February 2018 (deadline for application: 29 December 2017)

Financial stability, systemic risk and macroprudential policy – Course level I............................................ 33
19 – 23 March 2018 (deadline for application: 26 January 2018)

Recovery and resolution with a focus on credit institutions..................................................................... 34

23 – 25 May 2018 (deadline for application: 30 March 2018)

Financial stability, systemic risk and macroprudential policy – Course level II........................................... 36
4 – 8 June 2018 (deadline for application: 13 April 2018)

Understanding the monetary and financial system.................................................................................. 37

23 – 27 July 2018 (deadline for application: 1 June 2018)

Developing financial markets................................................................................................................... 39

5 – 9 November 2018 (deadline for application: 14 September 2018)

Please apply online at www.bundesbank.de/courseregistration

 Financial and monetary system
Page 32
Expert panel
Digital financial innovations
Duration
19 - 21 February 2018 (3 days)
Deadline for application
29 December 2017
Venue
Eltville
Objective
Providers of technically enabled innovations such as
crowdfunding platforms and of new digital technolo-
gies for the financial services industry – also called fin-
techs – have experienced significant growth in recent
years. Benefits of these developments might include
efficiency improvements by reducing costs and facili-
tating competition, which contributes positively to
consumer welfare, innovation and economic develop-
ment. Identifying and mitigating potential risks to finan-
cial stability and finding the right balance with the
potential benefits of digital finance are key challenges,
also for central banks and regulators. Therefore, this
expert panel will first of all provide an overview of
fields of applications, opportunities and risks of tech-
nology-enabled financial innovations. It will be a plat-
form to discuss possible risks to the financial system
and whether regulatory answers are necessary (and if
so, which ones). Secondly, the expert panel will also
focus on the impact on the traditional banking industry
as fintechs may add further pressure to banks’ already
beleaguered profitability. The expert panel will discuss
the direction in which disintermediation might go. There
are already cases of fintechs and incumbent financial
intermediaries starting to cooperate, of fintechs being
bought up, and of established financial intermediaries
developing new technologies themselves. In addition,
the expert panel will also discuss digitalisation in pay-
ments, ie new products, new players and new chal-
lenges.
This expert panel is designed to provide central bank
employees with a discussion platform to share their
experience and knowledge. We therefore expect par-
ticipants to actively contribute. Participants might be
requested to submit a paper or presentation.
Content
– Fields of applications of technology-enabled
financial innovations
– Opportunities and risks of fintech-induced
disintermediation
– Digital financial innovations and related systemic
risks
– Influence of digital financial innovations on the
traditional banking landscape
– Impact on financial and banking regulation
– Digitalisation in payments
Target group
Central bank experts in the following areas: financial
stability, banking regulation, payment systems.

Course level I
Financial stability, systemic risk and
macroprudential policy – Course level I
Duration
19 – 23 March 2018 (5 days)
Deadline for application
26 January 2018
Venue
Frankfurt
Objective
As the guardian of price stability, the Bundesbank has
an inherent interest in ensuring a stable financial system.
As an integral part of the European System of Central
Banks, it also has an explicit mandate to contribute to
financial stability.
Through its involvement in banking supervision, the
Bundesbank has in-depth knowledge of German
credit institutions’ business situation. However, today
financial institutions and financial markets are inter-
connected across the world by means of modern
technology and a multitude of financial products. The
current crisis, in particular, has shown that monitoring
individual institutions does not reveal all the risks that
potentially threaten a financial system. Looking, ad-
ditionally, at the financial system as a whole in its full
complexity is therefore essential. What is known as
macroprudential supervision is closely interlinked with
traditional banking supervision and – besides banks –
also analyses insurance companies, financial markets
and financial infrastructures. The course aims to
strengthen participants’ theoretical and practical
knowledge of central banks’ role in safeguarding the
stability of the financial system. The course also focuses
on improving participants’ skills in assessing and mon-
Financial and monetary system
Page 33
itoring risks to financial stability. The course will in-
clude interactive sessions in which participants will be
invited to give short presentations on specific aspects
of financial stability in their home country and share
their experience with colleagues.
Content
– Current Financial Stability Board (FSB) issues
– European Systemic Risk Board
– Financial stability at the Bundesbank
– Financial Stability Review
– Macroprudential surveillance of the banking
system
– Macroprudential policies and housing prices
– Early warning models
– International financial linkages and spillovers
– Data foundations for financial stability and macro-
prudential analyses
– Stress testing the banking system
– Stability issues for the insurance sector
– Stability issues for financial infrastructure
– The shadow banking system
– National experience with regard to financial
stability analysis
Target group
The course is intended for central bankers who wish
to enhance their knowledge of the various aspects of
financial stability analysis and macroprudential policy.
They should have a special interest in financial stability
issues but do not necessarily need to be experts in this
field. Participants are invited to take an active part in the
discussions and to provide contributions on financial
stability work in their jurisdiction.
 Financial and monetary system
Page 34
Expert panel
Recovery and resolution with a focus on
credit institutions
Duration
23 – 25 May 2018 (3 days)
Deadline for application
30 March 2018
Venue
Frankfurt
Background
One of the key lessons learned from the financial crisis
starting in 2007-08 is that the existing legal framework
proved insufficient and a set of adequate tools was
required to deal effectively with unsound or failing
credit institutions. To this end, the European Union
enacted the Bank Recovery and Resolution Directive
(BRRD) in May 2014, establishing a new set of harmo-
nised recovery and resolution instruments and powers
within all EU member states as of 1 January 2015.
While the BRRD leaves the powers over and applica-
tion of these tools in the hands of national authorities,
a centralised European decision-making mechanism
in the form of the Single Resolution Mechanism (SRM),
operational since 2016, was adopted for those insti-
tutions subject to the Single Supervisory Mechanism
(SSM), generally transferring the authority to resolve
credit institutions from the national level to the Euro-
pean Union level. The SRM forms an integral part of
the European Banking Union and complements the
SSM, which confers upon the European Central Bank
(ECB) specific tasks in the prudential supervision of
euro-area credit institutions and credit institutions of
non-euro-area states which participate voluntarily
through close cooperation between the ECB and the
national competent authority.
Objective
The course will focus not only on the newly enacted
recovery and resolution regime at the international,
European and national level, but will also cover how
it ties in with prudential supervision under the SSM
and its function as part of the European banking union.
Attention will also be given to possible conflicts of
interest that institutions involved in the resolution
process may face and that might impact on their role
in monetary policy, banking supervision and/or com-
petition.
The expert panel will not only provide information, it
will also create a platform for participants to discuss
the recovery and resolution regime as well as related
initiatives for improved crisis management in other
jurisdictions and to share experiences in this field. To
this end, participants will be expected to prepare con-
tributions.
Content
– Historic development of the recovery and resolution
regime for financial institutions at the international
level and in the European Union, including the
Financial Stability Board’s “Key Attributes”
– Overview of the European Banking Union: Single
Supervisory Mechanism (SSM), Single Resolution
Mechanism (SRM) and deposit guarantee scheme
(DGS)
– The recovery and resolution tools and powers under
the EU Bank Recovery and Resolution Directive
(BRRD), its implementation in Germany and further
national legislation on crisis management
– The Single Resolution Mechanism with a focus on
decision-making procedures
– Current supervisory structure and resolution

powers in Germany: the role of the German
Federal Financial Supervisory Authority (BaFin), and
the Bundesbank
– National experience in crisis management and
resolution, particularly with regard to the
restructuring and resolution of credit institutions
– Reflections on a future recovery and resolution
regime for CCPs
Financial and monetary system
Page 35
Target group
This expert panel is aimed at experts from the legal,
supervisory or international areas of their respective
central bank or supervisory authority. Participants
should be familiar with the current international dis-
cussion on resolution policies and frameworks or with
the legislation adopted or under consideration in their
own jurisdiction. Central banks in developing or
emerging economies, in particular, are encouraged to
nominate staff members.
Photo: Jan Eckert
 Financial and monetary system
Page 36
Course level II
Financial stability, systemic risk and
macroprudential policy – Course level II
Duration
4 – 8 June 2018 (5 days)
Deadline for application
13 Aprill 2018
Venue
Frankfurt
Objective
The Bundesbank, as the guardian of price stability, has
an inherent interest in ensuring a stable financial system.
As an integral part of the European System of Central
Banks, it also has an explicit mandate to contribute to
financial stability.
Through its involvement in banking supervision, the
Bundesbank has gained in-depth knowledge of German
credit institutions’ business situation. However, today
financial institutions and financial markets are inter-
connected across the world by means of modern
technology and a multitude of financial products. The
current crisis, in particular, has shown that monitoring
individual institutions does not reveal all the risks that
potentially threaten a financial system. Looking, ad-
ditionally, at the financial system as a whole in its full
complexity is therefore essential. What is known as
macroprudential supervision is closely interlinked with
traditional banking supervision and – besides banks –
also analyses insurance companies, financial markets
and financial infrastructures.
The course aims to offer high-quality training and to
familiarise participants with best practices and new
developments in financial stability and macroprudential
policy. Participants will be invited to join the discussion
and share their experience with others. Active partici-
pation will be encouraged, in particular, by an inter-
active case study, which will serve as the common
thread for the entire course.
Content
– Current Financial Stability Board (FSB) issues
– European Systemic Risk Board
– Financial stability at the Bundesbank
– Financial Stability Review
– Macroprudential surveillance of the banking
system
– Macroprudential policies and housing prices
– Early warning models
– International financial linkages and spillovers
– Stability issues for financial infrastructure
– Stability issues for the insurance sector
– The shadow banking system
– Case study on financial stability and macro stress
testing
Target group
The course is intended for central bankers who wish
to deepen their knowledge of the various aspects of
financial stability and macroprudential oversight. Par-
ticipants should have a special interest in financial sta-
bility issues but do not necessarily need to be experts
in this field. Participants are invited to take an active
part in the discussions and in the case study.

Course level I
Understanding the monetary and
financial system
Duration
23 - 27 July 2018 (5 days)
Deadline for application
1 June 2018
Venue
Frankfurt
Objective
Central banks are an integral part and a key player
within the monetary and financial system. By conduc-
ting monetary policy, they interact with other stake-
holders and influence monetary and financial develop-
ments. Against this background, central bank staff
working in the area of monetary policy require a good
understanding of how the monetary and financial
system functions. This 5-day course aims to provide a
general overview and a basic framework to promote
a broad understanding of the monetary and financial
system. After the course, participants should be familiar
with the key elements and be able to analyse and
assess basic interaction mechanisms of the monetary
and financial system and resulting monetary develop-
ments by applying the concept of financial accounts
(ie sectoral balance sheets capturing financial assets
and liabilities). During the course, a major focus will
be on the analysis of financial transactions and their
impact on money and liquidity. The content will be
presented through a mixture of lectures introducing
key concepts and fundamental issues. Lectures will be
complemented by moderated workshops in the form
of case studies and group discussions in which par-
ticipants are expected to contribute actively.
Financial and monetary system
Page 37
Content
– Financial assets and liabilities in the sectoral bal-
ance sheets
– Money, money creation and the functioning of do-
mestic monetary systems
– Banking systems: role and functioning
– Financial markets: role, players and functioning of
capital markets
– Financial markets: role, players and functioning of
money/interbank markets
– Financial market analysis for monetary policy
purposes
– Special issues: benchmarks, yield curve, reference
rates
– The role of the central bank in the monetary and
financial system
– The interaction of the monetary and financial
system and monetary policy
Target group
The content level of the course is targeted at junior
central bankers with little to no prior knowledge and
work experience related to the course topic who are
interested in gaining a general understanding of the
monetary and financial system and the impact of finan-
cial transactions through the lens of financial accounts.
The course is primarily designed for staff working in
the area of monetary policy, but could also be of inter-
est for staff working in other central bank areas such
as financial stability, statistics or communication.
Financial and monetary system
Page 38

Photo: Michael Bodmann


Course level II
Developing financial markets
Duration
5 – 9 November 2018 (5 days)
Deadline for application
14 September 2018
Venue
Frankfurt
Objective
There is a broad consensus that the development of
domestic financial markets – in particular the market
for government debt – offers broad benefits for the
economic development and stability of a country.
Developed financial markets not only promote alter-
natives to traditional financing via the banking sector,
thus improving resource allocation and risk diversifica-
tion. Studies show that the development of domestic
financial markets increases macroeconomic stability
by lowering inflation and increasing savings and growth.
In addition, functioning domestic financial markets
(most notably the money market and the market for
government bonds) are crucial for a smooth trans-
mission of monetary policy and an effective use of
market-based monetary policy instruments under an
interest rate steering approach. Against this back-
ground, the emancipation of domestic financial mar-
kets ranks high on the agenda of many developing
and emerging countries. This 5-day course aims to
bring together central bankers from around the world
to discuss the need for market development and to
review key principles and elements as well as practical
approaches. The content will be covered through a
mix of presentations and group discussions.
Financial and monetary system
Page 39
Content
– Characteristics of developed financial markets
– Benefits of developed domestic financial markets
– Role/importance of different market segments
– Fundamental principles/basic elements of
developed financial markets
– Development of government bond market
(primary vs secondary market)
– Development of money market: reference rates,
code of conduct etc.
– Development of repo market
– Role of different players in market development
– Role and tasks of central bank in market
development
– Role and functioning of primary dealer system
– Role and functioning of market making activities
Target group
The course is targeted at mid-level central bankers
with general knowledge and work experience related
to the course topic who are interested in reviewing
and discussing how financial market development can
be promoted and what role the central bank and
other agents can or should play. The course is primarily
designed for staff working in the area of monetary
policy, but could also be of interest for staff working
in the field of financial stability.
 Cash management
Workshop and
payment systems

Photo: Masterfile (Royalty-Free Division)

 Cash management and payment systems
Page 41

Content

Current challenges for cash management . ............................................................................................. 42

29 – 31 January 2018 (deadline for application: 15 December 2017 )

Cash management and combating counterfeit money............................................................................. 43

26 February – 2 March 2018 (deadline for application: 5 January 2018)

Combating counterfeit money by the National Analysis Centre............................................................... 44

14 – 17 May 2018 (deadline for application: 23 March 2018 )

Payment and securities settlement systems............................................................................................. 45

I 2– 6 July 2018 (deadline for application: 11 May 2018)
II 10 – 14 December 2018 (deadline for application: 19 October 2018)

Combating money laundering ................................................................................................................ 46

3 – 7 December 2018 (deadline for application: 12 October 2018)

Please apply online at www.bundesbank.de/courseregistration

 Cash management and payment systems
Page 42

Expert panel

Current challenges
for cash management
Duration Target group
29 - 31 January 2018 (3 days) The expert panel aims to give managers and experts
from the cash areas of participating central banks the
Deadline for application opportunity to exchange views and ideas with col-
15 December 2017 leagues from other central banks through debate and
presentations on their specialist areas.
Venue
Frankfurt Participants should prepare a 15-minute presentation
covering, if possible, the following topics:
Objective
The purpose of this panel is to discuss current chal- – Short description of the national cash cycle
lenges in relation to the national cash cycle. The expert – Function of the central bank in the cash cycle
panel will serve as a platform for central bankers to – The role of private cash recycling in the cash cycle
discuss recent occurrences in cash management with – Current challenges
a view to exchanging experiences and opinions. The – Vision for the future
payment behaviour of the general public, what deter- – Conclusion
mines it and how it is likely to develop will form a
further topic for discussion. Please feel free to use charts in your cash cycle pres-
entation.
Participants are invited to provide the expert panel
with their own presentations on this subject in order
to promote debate.
 Cash management and payment systems
Page 43

Course level II

Cash management and combating

counterfeit money
Duration
26 February – 2 March 2018 (5 days)
Deadline for application
5 January 2018
Venue
Frankfurt
Objective
Participants will learn about modern central bank cash
management methods, the changing framework for
these methods and the requirements for combating
counterfeit money. They will be expected to take an
active part in discussions and to exchange their opin-
ions and views during the course.
– Automation of cash processing
– Cash recycling: testing of banknote recycling
machines
– Cash recycling and the ECB decision
– The NAC: tasks, activities and legal aspects
– International aspects of combating counterfeit
money (in cooperation with the State Criminal
Police Office)
– Counterfeit prevention measures
– Processing damaged money
– Visit to the Bundesbank’s Frankfurt branch
– Payment and withdrawal behaviour in Germany
– Foreign demand for euro banknotes issued in
Germany
– The relationship between banknote quality and
detection of counterfeits

Content Target group

– Current topics in cash management
– The role of the Bundesbank in the cash cycle
– BMS – the cash management system of the
Deutsche Bundesbank
– Workshop: inside BMS
– CashEDI – Electronic Data Interchange for cash
payments
– Issuance policy for banknotes and coins, cash
requirement planning
The course is designed for mid-level and senior em-
ployees involved in issuing and processing banknotes
and coins or in dealing with counterfeit money, espe-
cially in developing countries and emerging econo-
mies. Participants should have a sound background in
cash management.
 Cash management and payment systems
Page 44
Expert panel
Combating counterfeit money by the
National Analysis Centre
Duration
14 – 17 May 2018 (4 days)
Deadline for application
23 March 2018
Venue
Mainz
Objective
Participants in the panel will have the opportunity
to gain an inside view of how the Bundesbank has
organised its activities to combat counterfeiting. The
panel will serve as a platform for discussions with
experts from the Bundesbank, for sharing experience
as well as for highlighting new trends and current
challenges. Participants will be expected to make an
active contribution to the discussions, and will be in-
vited to present and discuss their own topics or cases.
Content
– Organisation of the National Analysis Centre
– Practical issues: getting a feel for the day-to-day
work of the experts
– Discussion forum on new trends and current
challenges
– Sharing experience: technical central bank coop-
eration as key to the realisation of specific projects
– Group work on specific topics and hands-on
exercises with technical equipment
– Presentation of national perspectives in the fight
against counterfeiting of money
– Simulation game
Target group
This expert panel is directed at managers and experts
from the anti-counterfeiting unit.
Participants should prepare a 15-minute presentation
setting out the counterfeiting situation in your country,
focusing on the following aspects:
– Organisation of activities to combat counterfeiting
– Current situation regarding counterfeiting in your
country
– Significant challenges
– Vision for the future
 Cash management and payment systems
Page 45

Course level II

Payment and securities settlement systems

Duration Content
I 2 – 6 July 2018 (5 days) – Role of the Bundesbank in payment and
II 10 – 14 December 2018 (5 days) settlement systems
– Payment system analysis
Deadline for application – Retail payments: current developments,
I 11 May 2018 innovations and secure retail payments
II 19 October 2018 – TARGET2: individual payment services at the
Bundesbank
Venue – TARGET2-Securities (T2S)
Frankfurt – Collateral management system
– Oversight of payment systems and instruments
Objective – Workshops on T2S, innovations and oversight
In this course, participants will be able to deepen their
knowledge of payment and securities settlement Target group
systems and will be introduced to the current state-of The course is designed for employees of central banks
the-art technology in the EU. The course is designed in new EU member states, in EU accession countries
to help participants enhance and refine the payment or in developing countries or emerging economies
and securities settlement systems in their countries in who have a solid background in payment clearing and
a targeted manner (ie with a view to converge with settlement issues.
the EU).
 Cash management and payment systems
Page 46

Course level II

Combating money laundering

Duration Target group

3 – 7 December 2018 (5 days) The course is designed for employees working at cen-
tral banks or other state institutions who are involved
Deadline for application in combating money laundering at an operational
12 October 2018 level.

Venue Participants should prepare a 15-minute presentation

Frankfurt setting out the money laundering situation in your
country. The focus should lie on the following aspects:
Objective
Combating money laundering is an area which has – Institutions involved in fighting money laundering
been steadily gaining in importance in recent years. and their functions
Participants will acquire a greater insight into the – The role of your institution in AML
problems associated with money laundering and the – Current situation regarding ML in your country
obligations deriving from statutory regulations. – Significant challenges
– Options for improvement
Content
– International regulations and the legal framework
in Germany
– Combating the financing of terrorism
– Discussion of case studies highlighting money
laundering mechanisms
– AML supervision in Germany
– AML measures at the Bundesbank
– Criminal justice measures/law enforcement and
prosecution authorities
– The role of the FIU
– How financial institutions fight money laundering
Photo: Jan Eckert

Photo: Jan Eckert

Workshop

Good governance
Photo: Dieter Rosen
 Good governance
Page 49

Content

Economic education – the role of central banks...................................................................................... 50

12 – 14 March 2018 (deadline for application: 19 January 2018)

Public procurement................................................................................................................................. 51
23 – 25 April 2018 (deadline for application: 2 March 2018)

Auditing internal services and support functions at a central bank.......................................................... 52

24 – 26 April 2018 (deadline for application: 2 March 2018)

Data sharing............................................................................................................................................ 53
11 – 15 June 2018 (deadline for application: 20 April 2018)

Operational risk management, continuity management and crisis management...................................... 54

14 – 16 August 2018 (deadline for application: 22 June 2018)

Human resources management............................................................................................................... 55

27 – 31 August 2018 (deadline for application: 6 July 2018)

Public relations........................................................................................................................................ 56
17 – 21 September 2018 (deadline for application: 27 July 2018)

Central bank governance......................................................................................................................... 57

15 – 19 October 2018 (deadline for application: 24 August 2018)

Design and application of a quality assurance and improvement programme (QAIP) – best practices...... 58
22 – 24 October 2018 (deadline for application: 31 August 2018)

Document management.......................................................................................................................... 59
24 – 26 October 2018 (deadline for application: 31 August 2018)

Controlling at central banks..................................................................................................................... 61

12 – 16 November 2018 (deadline for application: 21 September 2018)

Please apply online at www.bundesbank.de/courseregistration

 Good governance
Page 50

Expert panel

Economic education –
the role of central banks
Duration
12 – 14 March 2018 (3 days)
Deadline for application
19 January 2018
Venue
Frankfurt
Objective
In the past few years, particularly in the wake of the
financial crisis, many educational initiatives have been
launched across the globe to strengthen the general
public’s financial competence and knowledge of eco-
nomics. Government bodies, central banks, membership
organisations (eg consumer protection organisations)
and other institutions have made considerable efforts
to enhance the public’s understanding of macroeco-
nomics and make them more aware of money and
financial issues.
Central banks around the world devote significant re-
sources to fostering economic education. For example,
the Bundesbank’s range of educational services avail-
able to the public is designed to impart basic knowledge
in the areas of money, currency and central banking
as part of its general economic activities. The aim is to
give both young people and the wider general public
an opportunity to understand and appreciate the im-
portance of a stable currency and the Bundesbank’s
long-term commitment to stability.
Content
– Economic education: concepts, goals and target
groups
– Why do central banks support economic
education?
– Economic educational activities offered by the
Bundesbank
– Economic education programmes that work –
experience from different providers
Target group
The expert panel is aimed at central bankers as well as
regulators and supervisors with expertise in the area
of economic education. Candidates should be well
versed in their institution’s approach and are expected
to make an active contribution to the discussions. Par-
ticipants will be invited to give a presentation relating
to their field of expertise/their jurisdiction’s experience
in this area.
In this context, it would also make sense to discuss
whether a central bank should apply its energies to
promoting financial literacy and, if so, on which legal
basis this would occur.

This expert panel is geared towards sharing expe-

rience and providing a forum for central bankers from
around the world to present their strategies in the
area of economic education.
 Good governance
Page 51

Expert panel

Public procurement

Duration Content
23 - 25 April 2018 (3 days) – Corporate controlling
– Procurement procedures
Deadline for application – Legal acts and regulations governing procurement
2 March 2018 procedures (Germany and Europe)
– Back office
Venue – Asset management – outsourcing
Eltville
Target group
Objective The expert panel is designed for central bank staff
This course presents the procurement and contract from developing countries or emerging markets who
management process at the Deutsche Bundesbank work in a leading position in organisation, controlling
and describes the location and function of the Pro- or procurement at their institution. Participants should
curement Centre in the Bundesbank’s organisational have knowledge of central bank contract manage-
structure. ment.

To facilitate a discussion, participants are invited to

briefly present how procurement is organised at their
institution.
 Good governance
Page 52

Expert panel

Auditing internal services and support

functions at a central bank
Duration Content
24 - 26 April 2018 (3 days) The expert panel will consist of a combination of
presentations, round-table discussions and workshops
Deadline for application covering the following topics:
2 March 2018
– Creating a generic audit universe by identifying
Venue typical internal service and support functions at a
Frankfurt central bank and the main inherent risks resulting
out of these functions
Objective – Identifying major key controls and exchanging
The general purpose of this expert panel is to facilitate points of view on audit approaches, including
the exchange of experiences and points of view re- project management audits, in the area of develop-
garding methodological approaches in the auditing of ment projects, anti-fraud and anti-corruption
internal service and support processes. Participants activities, human resources management and
will learn about different approaches regarding the environment protection
implementation of internal service and support pro-
cesses and how different internal audit functions cov- Target group
er specific risk situations. Senior auditors who regularly carry out audits of internal
service and support processes. Participants are en-
couraged to prepare short presentations on existing
internal service and support functions at their respec-
tive central bank as well as their internal audit’s
approaches in that area and be ready to present these
in the group.
 Good governance
Page 53

Course level I and course level II

Data sharing

Duration
11 – 15 June 2018 (5 days)
Deadline for application
20 April 2018
Venue
Frankfurt
Objective
In 2009, the finance ministers and central bank gover-
nors of the G20 set up the Data Gaps Initiative (DGI)
in response to the data gaps that came to light in the
wake of the global financial and economic crisis that
emerged in 2008. One key recommendation aims at
improving access to data (and data sharing), particu-
larly with regard to granular data.
Better accessibility and sharing of granular data and/
or micro data would open up new possibilities for
analysis by providing new insights into the effects of
policies. Granular data are necessary to understand
global developments and, in particular, differences
across countries. One key issue is to harmonise und
combine data in central banks, but also across central
banks. The greater disaggregation of data implies an
increased need for data protection. The overriding
principle when working with micro data is compliance
with the respective statutory secrecy and data protec-
tion requirements, and thus maintaining the confiden-
tiality of the information submitted by the reporting
agents.
Content
– Definition of granular data/micro data and their
need for central banks
– Organising micro data at a central bank: the value
chain of micro data
• Describing the data: meta data (SDMX, DDI)
• Data quality
• Harmonising
• Tools for analysing the data
– Providing access to data in compliance with data
protection requirements: the work of a research
data centre (RDC)
– Harmonising micro data across central banks
Target group
This course is aimed at economists and statisticians
who work in the area of micro data or would like to
start working with micro data or want to open their
micro data to external researchers.
There are no prerequisites for participation except for
basic academic knowledge of statistics and economics.

The objective of this course is to introduce participants

to data sharing and data access and how this can be
organised at a central bank.
 Good governance
Page 54

Expert panel

Operational risk management, continuity

management and crisis management
Duration Content
14 – 16 August 2018 (3 days) – Organisation and structure of the Deutsche Bun-
desbank
Deadline for application – Framework, procedure and instruments for con-
22 June 2018 ducting operational risk management
– Approach to business continuity planning for core
Venue business areas of the Bundesbank
Frankfurt – Concept of crisis management
– TARGET2/TARGET2-Securities operations
Objective
Operational risk management (ORM), business conti- Target group
nuity planning (BCP) and crisis management (CM) are Managers and experts in ORM, BCP and CM.
crucial elements of good governance at a central
bank. During the expert panel, the Bundesbank’s
framework and its methodology for ORM, BCP and
CM will be presented and discussed. The panel will
also serve as a platform for exchanging experiences
and sharing information within and across these
disciplines.
 Good governance
Page 55

Course level II

Human resources management

Duration Content
27 – 31 August 2018 (5 days) – HR strategy and corporate culture
– Organisation and the role of the HR Directorate
Deadline for application General
6 July 2018 – HR instruments (recruitment, training, staff
development, appraisal system, employee feed-
Venue back meetings, performance bonuses, promotion,
Eltville job evaluation)
– Compensation and benefits
Objective – Health management
Managing human resources (HR) properly is essential – Pension systems
for successful central banking because employees are – Case studies on change management
a key factor in every organisation. This course aims to – HR information systems
provide an insight into all aspects of HR management
at the Deutsche Bundesbank. Participants are invited Target group
to discuss their experiences and views. The course is aimed at staff from the HR units of cen-
tral banks, especially those from developing countries
or emerging markets. Participants should have good
knowledge of the system and procedures used at
their bank to manage HR issues and are expected to
play an active role in the discussions, drawing on their
own experience.
 Good governance
Page 56

Course level II

Public relations

Duration
17 – 21 September 2018 (5 days)
Deadline for application
27 July 2018
Venue
Frankfurt
Objective
This course provides an introduction to the Bundesbank’s
activities in the areas of internal communications, press
and public relations work, and educational services.
The course gives the participants the opportunity to
exchange their experiences with experts from the
Deutsche Bundesbank and other central banks. To
do this, we provide time slots for all participants to
present their work and discuss ideas and questions
with the audience. The topics that can be chosen for
the presentations are:
Content
– Central bank communication
– Communication within the Eurosystem
– Campaigns, projects and surveys
– Media relations (press conferences etc) and media
evaluation
– The Deutsche Bundesbank on the web
– Political communication
– In-house communication systems and media
– Concept and content of the
Deutsche Bundesbank’s Money Museum
– Educational services
– Visitor services and conference management
Target group
The course is designed for staff working in public rela-
tions or the press office at their central bank, especially
banks in developing countries and emerging economies.
Participants are expected to make an active contribution
to the discussion, drawing on their own experience.

– Press and public relations work

– Educational services
– Internal communication
– Communication strategy
 Good governance
Page 57

Course level II

Central bank governance

Duration Content
15 – 19 October 2018 (5 days) – Basics of corporate governance
• Governance in the Eurosystem:
Deadline for application IT project organisation and control policy
24 August 2018 – Code of conduct
– Board-related rules, anti-fraud, staff behaviour,
Venue prevention of corruption
Frankfurt – Financial controlling
– Auditor scrutiny
Objective – Strategic aspects of HR work
The integrity and credibility of public institutions have – HR instruments
recently become increasingly important issues. Cen- – Strategic planning
tral banks, in particular, are frequently in the public • Risk management
eye on account of their independence. This course is • Analytical and automated procedures for
therefore designed to provide an insight into the assessing headcount
Deutsche Bundesbank’s tools and rules for good gov-
ernance. Target group
The course is aimed at central bank staff who are in-
volved in interdisciplinary tasks and the preparation of
strategic decisions.
 Good governance
Page 58

Expert panel

Design and application of a quality assurance and

improvement programme (QAIP) – best practices
Duration Content
22 – 24 October 2018 (3 days) The expert panel starts with a brief introduction and
an overview of general concepts of quality assurance
Deadline for application and improvement programmes. In a second step, the
31 August 2018 participants will give a brief overview of the QAIP used
at their central banks. Based on the discussion and
Venue best practices (eg IIA Quality Assessment Manual), we
Frankfurt will develop a synopsis of different QAIP approaches.

Objective Target group

According to the standards 1300ff of the Institute of Senior auditors with responsibilities and experience in
Internal Auditors (IIA), the “chief audit executive must audit methodologies and quality management.
develop and maintain a quality assurance and im-
provement program (QAIP) that covers all aspects of
the internal audit activity.” Our expert panel focuses
on different approaches to implementing and adopting
a QAIP and the different approaches that have been
developed by practitioners or established in best
practice frameworks.
 Good governance
Page 59

Expert panel

Document management

Duration
24 – 26 October 2018 (3 days)
Deadline for application
31 August 2018
Venue
Frankfurt
Objective
According to the definition used by the Institute of
Internal Auditors (IIA), the task of an internal audit
function is to help its “organization accomplish its
objectives by bringing a systematic, disciplined ap-
proach to evaluate and improve the effectiveness of
risk management, control and governance processes.”
In this context, “systematic” can be interpreted as
meaning “risk-oriented” or “risk-centric”.
Content
The expert panel starts with a brief introduction and
an overview of general concepts of risk-oriented/risk-
centric audit approaches. In a second step, the par-
ticipants will give a brief overview of the audit ap-
proaches used at their central banks. Based on the
discussion and best practices (eg COSO Framework),
we will develop a synopsis of risk-oriented/risk-centric
audit approaches.
Target group
Senior auditors with responsibilities and experience in
audit methodologies.

Our expert panel focuses on different approaches to

implementing and adopting risk-oriented/risk-centric
audit approaches that have been developed by prac-
titioners or established in best practice frameworks.
Photo: Jan Eckert
 Good governance
Page 61

Course level II

Controlling at central banks

Duration Content
12 – 16 November 2018 (5 days) – Corporate controlling
– Controlling in the ESCB
Deadline for application – Strategic planning
21 September 2018 – Cost accounting
– Budgeting
Venue – Project controlling
Frankfurt – Personnel controlling
– Provision of information to top-level management
Objective and external addresses
The main goal of this course is to discuss ways of
developing a controlling function in a central bank, Target group
starting with an overview of corporate controlling. The course is designed for high-level employees from
Participants will discuss the connection between stra- non-EU countries who work in controlling at their central
tegic planning and budgeting. Special attention will banks. The nominated staff members should be familiar
be paid to project management. with cost accounting and budgeting. Participants will
be expected to make an active contribution to the
discussions, drawing on their own experiences.
Workshop
Statistics

Photo: gettyimages/Kick Images

 Statistics
Page 63

Content

Big data and central banking................................................................................................................... 64

9 – 11 April 2018 (deadline for application: 16 February 2018)

Seasonal adjustment of economic data................................................................................................... 65

8 – 12 October 2018 (deadline for application: 17 August 2018)

Price and volume indices in official statistics – theory and practice ......................................................... 66
26 – 30 November 2018 (deadline for application: 5 October 2018)

Please apply online at www.bundesbank.de/courseregistration

 Statistics
Page 64
Expert panel
Big data and central banking
Duration
9 – 11 April 2018 (3 days)
Deadline for application
16 February 2018
Venue
Frankfurt
Objective
Big data includes both structured and unstructured
information, which can consist of a large variety of data
sources and types (eg demographic, social or financial).
It is basically about combining different volumes of
data with new datasets, using software programs to
detect possible patterns in these cumulated data and
then drawing the right conclusions from the results.
An increasing number of important topics for central
banks and supervisory authorities, such as forecasting,
high-frequency trading and statistics, necessitate the
evaluation of these enormous and constantly growing
volumes of data.
Big data is therefore likely to become a topic of in-
creasing interest to central banks and supervisory
authorities in the years ahead. A key question will be
how big data can help central banks to take timely
policy measures and to extract information on the
impact of their actions within the financial system and
the economy at large.
The expert panel aims to address such issues. It will
provide a forum for central bankers across the globe to
present the strategies they use to develop the collec-
tion and analysis of big data and enable an exchange
of knowledge among countries on this increasingly
important topic.
Content
– Collection, analysis and use of big data
– Data governance and management
– Case studies from central bankers, regulators and
supervisors as well as other industries
– Data protection and data access issues
Target group
The expert panel is aimed at central bankers as well as
regulators and supervisors with an interest in helping
develop best practices in big data mining and manage-
ment. Participants will be expected to make an active
contribution to the discussions and will be invited to
present and discuss current big-data issues in their
own jurisdictions.
 Statistics
Page 65

Course level I

Seasonal adjustment of economic data

Duration Content
8 – 12 October 2018 (5 days) The course covers fundamental aspects of X-13ARIMA-
SEATS and JDemetra+, a new open-source time series
Deadline for application software co-developed by the National Bank of Belgium
17 August 2018 (main developer) and the Deutsche Bundesbank. It is
recommended for use in official statistics by Eurostat
Venue and the European Central Bank and complies with the
Frankfurt European Statistical System Guidelines on Seasonal
Adjustment. Various exercises illustrate the capabilities
Objective of the two programs, using examples provided by the
The course is designed to enable all participants to lecturer. In this regard, participants are invited to apply
understand the basic principles of the X 11 filter- the two programs to their own time series and to dis-
based and ARIMA model-based approaches to sea- cuss their findings with the lecturer and the group.
sonal adjustment, work with the JDemetra+ and X-
13ARIMA-SEATS seasonal adjustment software Target group
packages which include both methods and interpret The course is aimed at economists and statisticians
the results in economic terms. who are interested in seasonal adjustment and, in
particular, in the application of JDemetra+ and X-
13ARIMA-SEATS. Prior knowledge and/or experience
of time series analysis in general and seasonal adjustment
in particular is welcomed but is not a prerequisite for
participation.
 Statistics
Page 66
Course level I
Price and volume indices in official
statistics – theory and practice
Duration
26 – 30 November 2018 (5 days)
Deadline for application
5 October 2018
Venue
Frankfurt
Objective
Key macroeconomic indicators, such as consumer
prices and gross domestic product (at previous-year
prices), are widely used in monitoring the state and
development of the economy. Movements of such
price and volume measures are used in short-term
business cycle analysis, not least in central banks. The
most recent financial crisis highlights again the need
for high-quality data to inform monetary policy makers
and macroprudential authorities.
The objective of this course is to introduce participants
to price and volume measurements in official statistics.
Both index theory and its application in practice will
be covered.
Content
A range of topics will be covered by way of empirical
examples using Microsoft Excel. These include ap-
proaches, elementary and aggregate indices, quality
adjustment, and chain indices. Inter alia, this course
enables participants to calculate index numbers from
price and quantity data, to work with indices including
unit values and unit labour costs, to rebase and chain
link indices, to aggregate quarterly figures to annual
results, to analyse sub indices and their contributions
to the total, to handle infra-annual chain indices, and
to impute/quality-adjust prices. The CPI Manual and the
supplementary practical guide are used as reference
material.
Target group
This course is aimed at economists and statisticians
working in the area of price statistics and national ac-
counts. There are no prerequisites for participation
except for a basic academic knowledge of statistics
and economics.
Photo: Jan Eckert
Courses in cooperation
with the Joint Vienna Institute
and the Oesterreichische
Nationalbank

Photo: Antje Meichsner-Armbrust

 Courses in cooperation with other institutions
Page 69

Content

Banking supervision within the Basel framework..................................................................................... 70

22 – 26 January 2018 (deadline for application: 29 October 2017 )

Monetary policy implementation............................................................................................................. 71

12 – 16 March 2018 (deadline for application: 3 December 2017)

For courses which are held in cooperation with the Joint Vienna Institute and the Oesterreichische Nationalbank,
please apply online at www.jvi.org/training/online-application-2018.
 Courses in cooperation with other institutions
Page 70

Course level I and course level II

Banking supervision within the Basel framework

In cooperation with the
Joint Vienna Institute and the Oesterreichische Nationalbank
Duration
22 – 26 January 2018 (5 days)
Deadline for application
29 October 2017
Venue
Vienna (JVI)
Objective
Basel III is a comprehensive set of reform measures
developed by the Basel Committee on Banking Super-
vision to strengthen the regulation and supervision of
risk management in the banking sector. In this context,
the Basel II rules have been supplemented and, in part,
further developed. This one-week course aims to im-
part comprehensive expert knowledge on major issues
relating to the implementation of the Basel frame-
work, focusing on countries in the EU, emerging
Europe, and the Caucasus, and drawing significantly
on the experience of Germany and Austria.
Content
– The Single Supervisory Mechanism in Europe
– Banking supervision in Germany and in Austria
– Overview of Basel III and latest developments with
regard to the Basel framework
– Objectives and processes of on-site supervision
– Examination of credit, market and liquidity risk
– Internal Capital Adequacy Assessment Process
(ICAAP) and Supervisory Review and Evaluation
Process (SREP)
– Interaction of micro and macroprudential policies
– Stress testing and its use in supervision
– National experience with regard to off-site and
on-site supervision
Target group
Mid to senior-level bank supervisors from central
banks and supervisory authorities. Basic knowledge of
the new Basel II and III regulations is essential.

The course will focus on both theory and practice with

special attention given to introducing the Internal
Capital Adequacy Assessment Process (ICAAP) and
the Supervisory Review and Evaluation Process (SREP).
Furthermore, the objectives and processes of on-site
inspections will be covered, including the examination
of credit, market and liquidity risk. Participants will be
invited to share their experience by giving short presen-
tations on specific aspects of banking supervision in
their home country.

Please apply online at www.jvi.org/training/online-application-2018

 Courses in cooperation with other institutions
Page 71

Course level I

Monetary policy implementation

In cooperation with the
Joint Vienna Institute and the Oesterreichische Nationalbank
Duration
12 – 16 March 2018 (5 days)
Deadline for application
3 December 2017
Venue
Vienna (JVI)
Objective
The implementation of monetary policy requires both
a well-defined system of monetary policy goals and a
developed set of policy instruments. This one-week
course will begin by placing the central bank’s mon-
etary operations in the context of its broader mone-
tary policy strategy, touching on the choice of the
monetary policy/exchange rate regime, monetary
policy objectives and instruments, operational goals,
and the functioning of the monetary policy transmis-
sion mechanism. Then the course will focus on the
practicalities of implementing monetary policy, includ-
ing its effects on the central bank’s balance sheet. It
will discuss monetary policy instruments, factors af-
fecting short-term money market liquidity, forecasting
liquidity, the carrying out of open market operations,
the role of required reserves, standing facilities, and
foreign exchange interventions.
Content
– Monetary policy principles, strategies and their
implications for monetary operations
– Monetary policy implementation and impact on
the central bank’s balance sheet
– Open market operations, auction mechanisms,
repos and reverse repos, foreign exchange inter-
ventions
– Operational frameworks for steering short-term
interest rates
– Case studies
Target group
(i) Junior to mid-level central bank officials working in
monetary policy operations and (ii) officials from cen-
tral banks or ministries of finance/economy whose
responsibilities require, or who have a strong interest
in acquiring, a thorough understanding of monetary
policy implementation.

Please apply online at www.jvi.org/training/online-application-2018

Courses impressions
Page 72

Course impressions

Photo: Jan Eckert Photo: Jan Eckert

Photo: Jan Eckert Photo: Jan Eckert

Photo: Jan Eckert Photo: Katharina Ebert

Photo: Jan Eckert
 Administrative information
Page 74
Administrative information
Thank you for your interest in the courses offered in
the Deutsche Bundesbank’s central bank cooperation
programme. Please read the important information
below for participating institutions and prospective
attendees.
Accommodation
Participants are provided with accommodation for the
entire duration of the course plus the days of arrival
and departure. The Bundesbank cannot offer accom-
modation for any additional days.
Accompanying persons
Under no circumstances can the Deutsche Bundes-
bank provide accommodation for family members or
other accompanying persons. Furthermore, as accom-
panying persons cannot be considered as official guests,
the Bundesbank cannot assist in obtaining a visa.
Costs
No fee is charged for attending the courses.
During the courses, participants will receive breakfast
and lunch at the Bundesbank. The Bundesbank also
bears the costs of the social events which are planned
as part of the course programme.
The Bundesbank has also taken out appropriate health
insurance to cover the costs of any emergency treatment
that may be needed.
However, the Bundesbank does not cover travel costs
to and from course venues.
Course language
All courses will be held in English. Participants are
therefore expected to have a good command of the
English language. The Deutsche Bundesbank does not
provide translation services for participants.
Dress code
Normal business attire is recommended when attending
the course.
Internet access
Free Wi-Fi access is available in all of the guest houses
of the Deutsche Bundesbank, and you can use your
own laptop in your room.
Invitation letter
The official letters of invitation are e-mailed to the par-
ticipants approximately five weeks before the seminar
begins. Any further correspondence will be conducted
directly with the participants. We regret that we are
unable to confirm acceptance sooner. Please refrain
from making any queries in this regard.
Length of course
Our courses start with an official welcome lunch on
Monday and end with a farewell lunch on the final
day. Three-day courses start during the morning of
the first day and finish during the afternoon of the last
day. Lectures normally last from 9.00 until 17.00. Par-
ticipants are expected to attend the entire course and
should not schedule appointments during course
times.
 Administrative information
Page 75

Number of participants
The general rule applies that only one person per
country may be invited. In many cases, the number of
applications will exceed the availability of places.
Therefore, a selection will be made on the basis of the
questionnaires completed and returned by the appli-
cants.

Questionnaire
The questionnaires are evaluated as a basis for selecting
suitable participants in the event that more applications
are received than there are places available.

Registration procedure
To register a member of your staff for a course, please
fill in the online application form and questionnaire at
www.bundesbank.de/courseregistration. If you have
any problems applying online, please contact a mem-
ber of the International Central Banking Courses Team
(internationalcourses@bundesbank.de). Please note
that applications received after the stated deadlines
will not be processed. For courses which are held in
cooperation with the Joint Vienna Institute and the
Oesterreichische Nationalbank, please apply online at
www.jvi.org/training/online-application-2018.
 Inside the Deutsche Bundesbank
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Inside the Deutsche Bundesbank

Photo: Bert Bostelmann

The Executive Board of the Deutsche Bundesbank

Dr Johannes Beermann, Prof Dr Joachim Wuermeling, Prof Dr Claudia M Buch (Vice-president), Dr Jens Weidmann (President),
Dr Andreas Dombret, Carl-Ludwig Thiele

The Deutsche Bundesbank was founded in 1957 as
the successor to the federal central banking system
established in Germany after World War II. That system
comprised the Bank Deutscher Länder and the Land
Central Banks, which shared responsibility for the
Deutsche Mark when it was introduced in 1948.
Today the “Buba”, as the Bundesbank is sometimes
affectionately called, has retained something of the
decentralised structure which reflects the composition
of Germany itself. In addition to its Central Office in
Frankfurt am Main, it has nine Regional Offices located
in Berlin, Düsseldorf, Frankfurt am Main, Hamburg,
Hanover, Leipzig, Mainz, Munich and Stuttgart.
Through their network of branches in the major towns
in each region, the Regional Offices are often the first
point of contact between the Deutsche Bundesbank
and the local banks and public authorities. The Re-
gional Offices report to the Executive Board of the
Bundesbank.
The recent changes to the structure of the Deutsche
Bundesbank reflect its role as an integral part of the
European System of Central Banks (ESCB). In 2002,
the task of governing and managing the Bundesbank’s
operations was conferred on its decision-making
body, the Executive Board. The appointment system
again reflects Germany’s federal structure: the President,
the Deputy President and one other member are
Inside the Deutsche Bundesbank
Page 77
nominated by the Federal Government, while the
remaining members are nominated by the Bundesrat
(the upper house of Parliament representing the
federal states) in agreement with the Federal Govern-
ment. Members of the Executive Board are normally
appointed for eight years.
Today, the Deutsche Bundesbank is a key player at the
international level. The President is a member of the
Governing Council of the European Central Bank and
is thus involved in shaping the single monetary policy
in the euro area. The Bundesbank is represented on
numerous international committees and is a member,
for example, of the International Monetary Fund (IMF)
and the Bank for International Settlements (BIS). It
also works with other central bank governors in the
Group of Twenty (G20), the Group of Ten (G10) and
the Group of Seven (G7), and is involved in the activities
of the OECD. Bundesbank staff members are active
on the various ESCB committees and in numerous
working groups. As part of the ESCB, the Bundesbank
shares responsibility with the other national central banks
for maintaining price stability in Europe and implements
the Governing Council’s decisions in Germany. Its
many and varied tasks include holding and managing
Germany’s foreign reserves, putting banknotes and
coins into circulation, arranging for domestic and
cross-border payments to be made and contributing
to the stability of payment and clearing systems.
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Our venues

Deutsche Bundesbank
Central Office in Frankfurt am Main Photo: Deutsche Bundesbank

Frankfurt am Main
Both the Bundesbank’s Central Office and its Regional the seat of the European Central Bank and the loca-
Office in Hesse are located in Frankfurt am Main. tion of one of the world’s largest stock exchanges.

Frankfurt jealously guards its reputation as a financial
hub. Its banking heritage, and perhaps even its inter-
national outlook, owe much to financiers such as
Johann Philipp Bethmann and Amschel Rothschild, the
founder of the Rothschild dynasty, who lived in the
city’s former Jewish quarter. In 1798, the Rothschilds
opened their first bank in the city, successfully laying
the foundation stone of “Bankfurt’s” importance. The
city is now home to many German and foreign banks,
Frankfurt has an international character. Today, nearly
29 % of its 736,000 inhabitants is non-German, rep-
resenting more than 150 different countries and all ex-
isting religious communities. Frankfurt’s rich cultural
life is certainly worthy of its most famous resident and
Germany’s most revered writer, Johann Wolfgang von
Goethe.

Deutsche Bundesbank
Regional Office in Bavaria – Munich Regional Office in Rhineland-Palatinate and Saarland – Mainz Photo: Deutsche Bundesbank
Munich
The Bundesbank has nine Regional Offices. Within the
framework of banking supervision, the Regional Offices
monitor credit institutions and financial services pro-
viders in their respective regions. Furthermore, banks
can use the Bundesbank for refinancing purposes. In
order to do so, they are required to deposit collateral,
eg credit claims of enterprises. The Regional Offices
analyse the creditworthiness of these enterprises.
Banking supervision constitutes one of the most im-
portant tasks for the Bundesbank’s Regional Office in
Bavaria. Bavaria is home to almost one in four of the
financial institutions in the German financial sector
that are subject to supervisory oversight. The banking
supervisors of the Regional Office monitor around
760 of the roughly 3,300 institutions in Germany. Of
these, around 420 are credit institutions and 340 are
financial services providers.
Munich is located in the south of Germany. It is well
connected thanks to its international airport (MUC)
and a large central railway station.
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Deutsche Bundesbank
Mainz
The Regional Office in Rhineland-Palatinate and Saar-
land is located in Mainz. There are four branches in
this region, located in Mainz, Koblenz, Saarbrücken
and Ludwigshafen. The branches supply the economy
with euro banknotes and coins, and offer private cus-
tomers the opportunity to exchange Deutsche Mark
banknotes and coins free of charge and with no fixed
deadline.
The National Analysis Centre (NAC) of the Deutsche
Bundesbank, with its experts on combating counter-
feit money, is also located in Mainz.
Mainz is situated about 40 km from Frankfurt. The
train from Frankfurt takes roughly 40 minutes.
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Deutsche Bundesbank
Training and Conference Centre in Eltville am Rhein Photo: Deutsche Bundesbank
Eltville
At the Deutsche Bundesbank, the town of Eltville is
synonymous with training and education, and in these
rapidly changing times, these are of utmost impor-
tance. Eltville is the venue for training courses and
seminars for Bundesbank employees. It also hosts
international and national conferences. Both the ar-
chitecture and the facilities have been designed to
create a pleasant atmosphere in which guests can
work efficiently.
Eltville has almost 17,000 inhabitants and is well
known for wine, sparkling wine and roses.
The Conference Centre is on the western outskirts of
Eltville am Rhein and is about 50 km from Frankfurt
am Main. Eltville is served by the Frankfurt am Main/
Wiesbaden/Koblenz train line. The Conference Centre
is 1.2 km from Eltville train station. There is a taxi
stand in front of the station.
Joint Vienna Institute Residence – Vienna Photo: Joint Vienna Institute
Vienna
The Joint Vienna Institute (JVI) was established in
1992 by Austria (represented by the Federal Ministry
of Finance and the Oesterreichische Nationalbank),
the International Monetary Fund, and several other
international organisations.
It is a regional training centre, primarily for public
sector officials from countries in central, eastern and
south-eastern Europe, the Caucasus and central Asia,
as well as other selected countries.
Vienna is the capital and largest city of Austria. It is
Austria’s primary city, with a population of about
1.8  million, and its cultural, economic and political
centre.
Deutsche Bundesbank
Centre for Technical Central Bank Cooperation
Wilhelm-Epstein-Strasse 14
60431 Frankfurt am Main, Germany
E-mail: tzk@bundesbank.de
Internet: www.bundesbank.de/tzk