Eurosystem Monetary Policy

Webinar: April 24, 2018I10:00-11:30 CESTICentral Banking

This was the first of the two webinars on Eurosystem Monetary Policy Implementation and Collateral Management. It aimed to raise the understanding of the conduct of the monetary policy within the Eurosystem and the role of the national central banks and their operations.

The aim of the webinar was to explain the monetary policy operational framework of the Eurosystem. During this webinar we discussed:

  • Monetary policy operational framework of the Eurosystem
  • Eurosystem liquidity management
  • Eligible counterparties for monetary policy operations
  • Monetary policy instruments:
    • Standard measures – open market operations, standing facilities, minimum reserves
    • Non-standard measures – Targeted longer-term refinancing operations (TLTRO), asset purchase programs, forward guidance
    • Eurosystem balance sheet
  • Monetary policy implementation in national central banks

Target audience

The webinar was primarily designed for policymakers and staff in banking operations of non-Eurosystem central banks, as well as those involved in supporting and developing the financial infrastructure. Officials at ministries of finance, line ministries, and other government bodies in South East Europe were also invited to take part, as it is designed as to provide an informative overview of central bank operations.

The webinar was held in English. It was designed to be partaking by combining subject matter presentations with question and answer sessions. This way, it will support active engagement of the attendees.


Cilka Ferjančič, Bank of Slovenia

In 1993 she graduated at the Faculty of Economics, University of Ljubljana. At first, she was working in a financial company where she was licensed as a broker at the Ljubljana Stock Exchange. Since 1994 she has been employed at the Bank of Slovenia. She worked at different monetary policy instruments such as issuing certificates of deposits and liquidity providing/absorbing operations. In years 2002 - 2004 she was involved, together with the Ministry of finance, in the project of developing Slovenian money market. In the period before adoption of the euro she was mainly responsible for the collateral management system. Currently, she is working on different monetary policy issues: legal base (national documentation), collateral, instruments and emergency liquidity assistance. She is a member of the "Working Group on Monetary and Exchange Rate Policy Instruments and Procedures" at the European Central Bank.  During her work at the central bank she attended different central banking seminars organised by other central banks and International Monetary Fund.


This learning initiative was supported by:

Slovenia's Development Cooperation Bank of Slovenia