We will place the monetary policy operations in the context of broader monetary policy strategy, emphasizing the link between the policy formulation and its implementation. Thus, we will discuss concrete experience of local implementation of monetary policy.

During the workshop, we will review monetary policy instruments, including their effects on the central bank’s balance sheet and the liquidity of the banking system. Furthermore, we will discuss non-standard measures in the environment of low interest rates and low inflation.

The workshop is organized in cooperation with the Bank of Slovenia and the European Central Bank.

What will you learn?

Participants will be able to learn and discuss about the following:

• Overview of Eurosystem monetary policy implementation: primary objective, monetary policy strategy, ECB's Governing Council decisions, forward guidance, monetary policy in low interest rate environment, current and possible future policy challenges;
• Monetary policy implementation: operational target, transmission mechanism, legal base, guiding principles;
• Counterparty framework;
• Monetary policy instruments: minimum reserves, open market operations, standing facilities and non-standard measures;
• Evolution of Eurosystem's balance sheet;
• Liquidity analysis and liquidity management;
• Eurosystem's collateral framework: eligible marketable and non-marketable assets, credit assessment, risk control measures, valuation, current and future infrastructure;
• Financial market monitoring;
• Monetary policy implementation in the Bank of Slovenia with examples and local specifics.

 

Who should attend

• officials working in monetary policy and banking operations, or financial markets departments in central banks

• ministry of finance and treasuries officials

• others interested in the Eurosystem monetary policy implementation

Participants are encouraged to actively intervene in the discussion, raise questions and share insight of relevance to their country cases.

Key Experts

Arthur Saint Guilhem, Principal Economist, Monetary Policy Strategy Division, Directorate General Monetary Policy, European Central Bank

Arthur has been involved in preparing, assessing, and communicating ECB’s non-standard monetary policy measures, in relation to their transmission through financial markets and the macroeconomy. He joined the ECB in 2006, after working at the Banque de France as an economist. He graduated from the École Nationale de la Statistique et de l’Administration Économique (ENSAE) and holds a Master’s degree in Economics from the Panthéon-Sorbonne University in Paris. He has written and published in several reviews on monetary, macroeconomic, and international issues related to central banking.

Daniel Kapp, Principal Economist, Capital Markets Division, Directorate General Monetary Policy, European Central Bank

Daniel joined the ECB in 2013 and has contributed to preparing, presenting and analyzing the ECB’s Governing Council decisions and standard and non-standard monetary policy measures, especially regarding their transmission through financial markets. Prior to that, he has worked at a number of Central Banks and asset managers. Daniel holds a Ph.D. in Economics from the Paris School of Economics and the Panthéon-Sorbonne University in Paris, and has written and published on financial and macro-prudential topics related to central banking.

Cilka Ferjančič, Consultant analyst, Liquidity Management and Collateral Division, Banking Operations Department, Bank of Slovenia

Cilka is a senior analyst with more than 20 years' work experience at the central bank. Skilled in monetary policy implementation, collateral management, emergency liquidity assistance procedures, and monitoring financial markets. She is also an expert in interest rate benchmarks reforms. She is a Member of the "Working Group on Monetary and Exchange Rate Policy Instruments and Procedures" and "Collateral Management Network" at the European Central Bank. She studied at the Faculty of Economics at the University of Ljubljana and graduated in 1993, specialized in finance. She is the author of several articles on money market, government securities, collateral management and interest rate benchmarks reforms published in the Journal of Money and Banking.

Tina Ritonja, Head of Monetary Policy Operations Desk, Banking Operations Department, Bank of Slovenia

Tina has been working at the Monetary Policy Operations Desk since 2008, specialized in the implementation of monetary policy instruments and monitoring of developments in financial markets. She is a member of the "Subgroup of the Analytical Framework and Indicators for the Non-Standard Measures" at the European Central Bank. She is also a presenter in the Education days of the Bank of Slovenia covering the topic of monetary policy implementation at Banka Slovenije. She graduated from the Faculty of Economics, University of Ljubljana.

Andreja Hiti Kužnik, Head of Liquidity Management and Collateral, Banking Operations Department, Bank of Slovenia

Andreja joined the Bank of Slovenia in 1992. She is skilled in monetary policy implementation analysis, liquidity management, collateral issues and emergency liquidity assistance procedures. She is a Member of the "Working Group on Monetary and Exchange Rate Policy Instruments and Procedures" at the European Central Bank. She is also active in the Education days of the Bank of Slovenia covering the topic of monetary policy implementation. She graduated from the Faculty of Economics, University of Ljubljana.

Špela Mraz, Senior Assets Manager, Monetary Policy Operations Desk, Banking Operations Department, Bank of Slovenia

Špela has been working at the Monetary Policy Operations Desk since 2014. Besides the execution of all regular monetary policy operations, she has been involved in the implementation of the Eurosystem's non-standard measures and the assessment of their impact on financial markets. She is also responsible for coordination of securities lending programme for the monetary policy portfolio. She holds a Master degree in Bank and Financial Management from the Faculty of Economics, University of Ljubljana.

Nina Jukić, Consultant analyst, Liquidity Management and Collateral Division, Banking Operations Department, Bank of Slovenia

Nina is a consultant analyst in the Liquidity Management and Collateral Division. She joined the Bank of Slovenia in 2008. Her focus is liquidity analysis and liquidity management. She is a member of the "Liquidity Management Network" at the European Central Bank. She graduated from the Faculty of Mathematics and Physics and holds a Master of Science degree in Management Information Sciences from the Faculty of Economics, both at the University of Ljubljana.

Martin Podgornik, Head of Back Office, Banking Operations Department, Bank of Slovenia

Martin joined Bank of Slovenia in 2005. First, he held the position of an analyst in the Payment System Department and then he moved to the Banking Operations Department. From 2010 to 2012, he worked as a market infrastructure expert at the European Central Bank. Currently, his main responsibilities as head of back office include securities settlements, collateral management, nostro accounts management, IT system maintenance, etc. He is a Member of the "Task Force on Eurosystem’s Collateral Management System" at the European Central Bank. He graduated from the Faculty of Economics, University of Ljubljana.

Partners

This learning initiative was supported by: