Central Banking Program for Finance Officials in South East Europe

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<strong>for</strong> <strong>F<strong>in</strong>ance</strong> <strong>Officials</strong><br />

<strong>in</strong> <strong>South</strong> <strong>East</strong> <strong>Europe</strong>

Learn<strong>in</strong>g<br />

Agenda<br />


MARCH<br />

<strong>Bank<strong>in</strong>g</strong> Recovery, Non-per<strong>for</strong>m<strong>in</strong>g<br />

Loans Resolution, and Stress Test<strong>in</strong>g<br />

Retail Payments<br />

<strong>Central</strong> banks are an <strong>in</strong>tegral part<br />

of the CEF’s learn<strong>in</strong>g activities. We<br />

consider the operations per<strong>for</strong>med<br />

by central banks with<strong>in</strong> the overall<br />

framework <strong>for</strong> the conduct of economic<br />

policy, highlight<strong>in</strong>g the importance of<br />

coord<strong>in</strong>ation with other entities, such<br />

as m<strong>in</strong>istries of f<strong>in</strong>ance and f<strong>in</strong>ancial<br />

supervisory authorities.<br />

Our program <strong>in</strong>corporates a variety of topics, reflect<strong>in</strong>g<br />

the press<strong>in</strong>g issues of our constituent central banks.<br />

In 2016, we are widen<strong>in</strong>g the scope by prom<strong>in</strong>ently<br />

focus<strong>in</strong>g on f<strong>in</strong>ancial stability and how to establish<br />

a sound f<strong>in</strong>ancial sector. It thus puts upfront topics<br />

that address the stability of the f<strong>in</strong>ancial and bank<strong>in</strong>g<br />

sector with workshops on prudential supervision<br />

and regulation, stress test<strong>in</strong>g of banks and their<br />

capitalization, bank recovery and resolution of nonper<strong>for</strong>m<strong>in</strong>g<br />

loans, and prudential on-site <strong>in</strong>spections.<br />

We also want to emphasize the importance of cross<strong>in</strong>stitutional<br />

and policy coord<strong>in</strong>ation <strong>in</strong> ensur<strong>in</strong>g<br />

f<strong>in</strong>ancial stability. Further to that, we are aware of<br />

the importance of communication and <strong>for</strong>ecast<strong>in</strong>g<br />

by central banks, concentrat<strong>in</strong>g on the design and<br />

strategic communication.<br />

Follow<strong>in</strong>g from last year’s re<strong>in</strong>troduction of statisticsoriented<br />

<strong>in</strong>itiatives, we are deliver<strong>in</strong>g an event on<br />

monetary and f<strong>in</strong>ancial statistics. We also cont<strong>in</strong>ue<br />

to design learn<strong>in</strong>g solutions target<strong>in</strong>g payment and<br />

settlement systems as suggested by the constituency.<br />


APRIL<br />

MAY<br />




Policy Coord<strong>in</strong>ation <strong>for</strong><br />

F<strong>in</strong>ancial Stability<br />

Prudential On-site Inspections With<strong>in</strong><br />

the S<strong>in</strong>gle Supervisory Mechanism<br />

Prudential Regulation and Supervision<br />

and Capital Requirements<br />

Risk-based Audit<strong>in</strong>g <strong>in</strong> <strong>Central</strong> Banks<br />

Monetary and F<strong>in</strong>ancial Statistics<br />

Strategic <strong>Central</strong> Bank<br />

Communication and Report<strong>in</strong>g<br />

You can f<strong>in</strong>d more on www.cef-see.org/central-bank<strong>in</strong>g

Our<br />

<strong>Central</strong> <strong>Bank<strong>in</strong>g</strong> Team<br />

Marie-Therese Camilleri<br />

Senior <strong>Program</strong> Advisor on external<br />

assignment from the IMF<br />

Center of Excellence <strong>in</strong> <strong>F<strong>in</strong>ance</strong><br />

Advis<strong>in</strong>g Matija and the CEF Management on the<br />

design and delivery of the central bank<strong>in</strong>g learn<strong>in</strong>g<br />

program is an immensely reward<strong>in</strong>g assignment.<br />

I have the privilege of <strong>in</strong>teract<strong>in</strong>g with talented<br />

enthusiastic colleagues <strong>in</strong> a dynamic and <strong>in</strong>novative<br />

environment, where teamwork and drive <strong>for</strong><br />

results take pride of place. Witness<strong>in</strong>g real handson<br />

knowledge shar<strong>in</strong>g between central bankers,<br />

f<strong>in</strong>ance m<strong>in</strong>istries and supervisory staff, it is clear<br />

that the CEF’s approach strikes at the very heart<br />

of the region’s capacity development needs, with<br />

a direct impact on buy-<strong>in</strong> and implementation, so<br />

critical <strong>for</strong> successful re<strong>for</strong>ms.<br />

Matija Čarman<br />

<strong>Central</strong> <strong>Bank<strong>in</strong>g</strong> <strong>Program</strong> Facilitator<br />

Center of Excellence <strong>in</strong> <strong>F<strong>in</strong>ance</strong><br />

Work<strong>in</strong>g closely with professionals from different<br />

fields adds to the richness of the central bank<strong>in</strong>g<br />

learn<strong>in</strong>g program. Their help and the one from<br />

our central bank coord<strong>in</strong>ators has enabled us to<br />

expand the scope of learn<strong>in</strong>g <strong>in</strong>itiatives on the<br />

topic area <strong>in</strong> 2016. The re<strong>in</strong><strong>for</strong>cement of Marie<br />

jo<strong>in</strong><strong>in</strong>g the CEF has allowed me to get valuable<br />

advice and guidance. I believe that jo<strong>in</strong>tly we<br />

have succeeded to make a big step <strong>in</strong> strengthen<strong>in</strong>g<br />

the program.

Tailor<strong>in</strong>g the <strong>Program</strong><br />

to the Region’s Needs<br />

<strong>Central</strong> banks <strong>in</strong> our constituency have learn<strong>in</strong>g needs<br />

that vary based on their extent of <strong>in</strong>tegration with the<br />

<strong>Europe</strong>an Union, as they range from potential candidates<br />

to members of the Eurozone/Eurosystem.<br />

We work closely with coord<strong>in</strong>ators at<br />

national central banks of our constituency<br />

and consult them regularly on<br />

their challenges and learn<strong>in</strong>g needs.<br />

To complement the learn<strong>in</strong>g needs,<br />

identified through direct feedback from<br />

coord<strong>in</strong>ators and conducted learn<strong>in</strong>g<br />

needs survey exercises, we are distill<strong>in</strong>g<br />

<strong>in</strong><strong>for</strong>mation from previous CEF learn<strong>in</strong>g<br />

events and desk reviews of country reports.<br />

In the phases of captur<strong>in</strong>g and design<strong>in</strong>g<br />

the learn<strong>in</strong>g program, we also consult the<br />

<strong>Central</strong> <strong>Bank<strong>in</strong>g</strong> <strong>Program</strong> Development<br />

Committee represented by experts from<br />

both the Eurosystem and EU candidate<br />

country central banks. The consultative<br />

approach we follow <strong>in</strong> design<strong>in</strong>g our<br />

program ensures that our <strong>in</strong>itiatives are<br />

fully aligned with learn<strong>in</strong>g needs.<br />

Stanka Vizi<br />

Director of Human Resource<br />

Management Directorate<br />

<strong>Central</strong> Bank of Montenegro<br />

It has been my pleasure to cooperate with the CEF <strong>for</strong><br />

all these years, to participate <strong>in</strong> its programs <strong>in</strong> various<br />

capacities, and to see it grow and develop the way it does.<br />

People work<strong>in</strong>g <strong>for</strong> the CEF, their attitude and competence<br />

coupled with goals and organizational structure, have<br />

made a significant impact on upgrad<strong>in</strong>g the level of fieldspecific<br />

knowledge and awareness <strong>in</strong> the region of ga<strong>in</strong><strong>in</strong>g<br />

and <strong>in</strong>novat<strong>in</strong>g knowledge throughout the entire career of<br />

employees.<br />

The CEF’s most relevant trait is that they have their own<br />

experts and they network with other <strong>in</strong>stitutions and experts,<br />

with donors and beneficiaries of their services,<br />

organiz<strong>in</strong>g meet<strong>in</strong>gs, conduct<strong>in</strong>g polls, do<strong>in</strong>g research,<br />

study<strong>in</strong>g reports on the needs to develop adm<strong>in</strong>istrative<br />

capacities and developments <strong>in</strong> the region, and deliver<strong>in</strong>g<br />

a good product.<br />

<strong>Central</strong> bank<strong>in</strong>g courses, as well as the other tra<strong>in</strong><strong>in</strong>g<br />

programs, have been designed on the basis of reported<br />

needs, <strong>in</strong> close cooperation with central banks and their<br />

experts, to cover the areas where there are new regulations<br />

and processes to be <strong>in</strong>troduced and studied. Their<br />

soft skills programs and certificate programs, like the one<br />

<strong>in</strong> the field of <strong>in</strong>ternal audit, are assessed equally highly<br />

by our employees who have participated <strong>in</strong> them or plan<br />

to do so.

Our<br />

Participants<br />



Cross-<strong>in</strong>stitutional engagement <strong>in</strong> discussions and knowledge shar<strong>in</strong>g<br />

rema<strong>in</strong> a focal <strong>for</strong>te of the CEF’s learn<strong>in</strong>g <strong>in</strong>itiatives. We encourage and<br />

facilitate <strong>in</strong>terlac<strong>in</strong>g across f<strong>in</strong>ance officials from countries of <strong>South</strong> <strong>East</strong><br />

<strong>Europe</strong> and wider to allow <strong>for</strong> exchange of practices.<br />

A multi-beneficiary approach comb<strong>in</strong>ed with this cross-<strong>in</strong>stitutional<br />

perspective provides an ideal plat<strong>for</strong>m <strong>for</strong> practical knowledge-shar<strong>in</strong>g<br />

and the exchange of operational experience on policy <strong>for</strong>mulation and<br />

implementation.<br />


BANKS<br />




1% MOLDOVA OTHER 20%<br />

3% CROATIA<br />

SLOVENIA 16%<br />

4% MACEDONIA<br />

5% ROMANIA<br />


6% SERBIA<br />


6% ALBANIA<br />


BULGARIA 9%<br />

7% KOSOVO<br />

TURKEY 8%<br />

Participation<br />

at the CEF’s<br />

central<br />

bank<strong>in</strong>g<br />

learn<strong>in</strong>g<br />

<strong>in</strong>itiatives from<br />

2010 to 2015<br />

OTHER COUNTRIES: Armenia, Czech Republic, Estonia, Hungary, Jordan, Lithuania, Poland, Russian Federation, Ukra<strong>in</strong>e

Who Supports Us<br />

Our 2016 <strong>Central</strong> <strong>Bank<strong>in</strong>g</strong> <strong>Program</strong> <strong>for</strong> f<strong>in</strong>ance officials of <strong>South</strong> <strong>East</strong> <strong>Europe</strong><br />

is supported by the Bank of Slovenia. Their <strong>in</strong>volvement <strong>in</strong> the program and<br />

sponsorship of the IMF <strong>Central</strong> <strong>Bank<strong>in</strong>g</strong> expert <strong>for</strong> secondment at the CEF has<br />

allowed us to step up our ef<strong>for</strong>ts <strong>in</strong> program design and delivery.<br />

We also partner with experts from many other <strong>in</strong>stitutions, such as the Dutch <strong>Central</strong> Bank, the <strong>Europe</strong>an<br />

Bank <strong>for</strong> Reconstruction and Development, the <strong>Europe</strong>an <strong>Central</strong> Bank, the World Bank Vienna F<strong>in</strong>ancial<br />

Sector Advisory Center, the International Monetary Fund, and the National Bank of Belgium.<br />

This strong and reliable partner network creates valuable synergies. The partners share our commitment<br />

to the region’s re<strong>for</strong>m ef<strong>for</strong>ts. They draw upon our knowledge of the region’s needs to leverage their<br />

resources, and work<strong>in</strong>g with us helps expand the reach and impact of their ef<strong>for</strong>ts. Partners, <strong>in</strong> turn,<br />

contribute resources and top-quality expertise to the CEF’s programs.<br />

The Center of Excellence <strong>in</strong> <strong>F<strong>in</strong>ance</strong> is an <strong>in</strong>ternational organization<br />

with the key mission to support capacity development <strong>for</strong> f<strong>in</strong>ance<br />

officials <strong>in</strong> <strong>South</strong> <strong>East</strong> <strong>Europe</strong> through learn<strong>in</strong>g. We attribute great<br />

importance to this vital mission – shar<strong>in</strong>g of knowledge and, <strong>in</strong><br />

particular, of specialist f<strong>in</strong>ancial knowledge. In 2016, the Bank<br />

of Slovenia will support implementation of learn<strong>in</strong>g activities <strong>in</strong><br />

central bank<strong>in</strong>g. The latest developments <strong>in</strong> the world economy<br />

have additionally reshaped the position and role of central banks,<br />

affirm<strong>in</strong>g the importance of their functions, especially supervisory<br />

function. <strong>Central</strong> banks are and will stay key players <strong>in</strong> ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g<br />

and ensur<strong>in</strong>g f<strong>in</strong>ancial stability and growth of national economies.<br />

They are fac<strong>in</strong>g many challenges as new rules and practices are<br />

be<strong>in</strong>g established <strong>in</strong> many fields of central banks’ operations. This is<br />

why shar<strong>in</strong>g expert knowledge and skills is crucial.<br />

The Bank of Slovenia as a partner to the Center of Excellence <strong>in</strong><br />

<strong>F<strong>in</strong>ance</strong> shares its goals and fully supports its ef<strong>for</strong>ts. We have<br />

been cooperat<strong>in</strong>g and conduct<strong>in</strong>g technical assistance <strong>in</strong> SEE on a<br />

bilateral basis. This is why we see an added value to follow up on our<br />

ongo<strong>in</strong>g activities across the region through the CEF as a plat<strong>for</strong>m<br />

<strong>for</strong> shar<strong>in</strong>g experience. We would like to thank to all who fulfill the<br />

CEF’s mission, <strong>for</strong> their ef<strong>for</strong>ts and <strong>for</strong> strengthen<strong>in</strong>g the <strong>in</strong>stitution,<br />

which is work<strong>in</strong>g <strong>in</strong> a field extremely important <strong>for</strong> all of us.<br />

Govern<strong>in</strong>g Board of the Bank of Slovenia

CEF at a Glance<br />


We support capacity development <strong>for</strong> f<strong>in</strong>ance officials <strong>in</strong> <strong>South</strong> <strong>East</strong><br />

<strong>Europe</strong> through learn<strong>in</strong>g.<br />

OUR WORK<br />

We work with our constituency by directly contribut<strong>in</strong>g to the design and<br />

implementation of their public f<strong>in</strong>ancial management, tax policy and<br />

adm<strong>in</strong>istration, and central bank<strong>in</strong>g re<strong>for</strong>m ef<strong>for</strong>ts. We do this through<br />

<strong>in</strong>novative, participatory, and practical learn<strong>in</strong>g solutions. The CEF<br />

serves as a knowledge hub <strong>for</strong> the region: we comb<strong>in</strong>e topical expertise<br />

and <strong>in</strong>-depth knowledge of countries <strong>in</strong> the region with a good grasp of<br />

leadership skills required to manage re<strong>for</strong>ms. We know how to nurture<br />

and deepen learn<strong>in</strong>g among <strong>in</strong>dividuals and <strong>in</strong>stitutions.<br />


We were established <strong>in</strong> 2001 under the Stability Pact <strong>for</strong> <strong>South</strong> <strong>East</strong><br />

<strong>Europe</strong> by the Slovenian Government, at the <strong>in</strong>itiative of the Slovenian<br />

M<strong>in</strong>istry of <strong>F<strong>in</strong>ance</strong> and <strong>in</strong> close cooperation with other m<strong>in</strong>istries of<br />

f<strong>in</strong>ance of <strong>for</strong>mer Yugoslav countries and Albania. In 2015, the CEF<br />

became an <strong>in</strong>ternational organization after 14 very successful years as<br />

a regional <strong>in</strong>stitution.<br />

Cankarjeva 18<br />

1000 Ljubljana<br />

Slovenia<br />

T: +386 1 369 6190<br />

F: +386 1 369 6244<br />

<strong>in</strong>fo@cef-see.org<br />

www.cef-see.org<br />


We primarily serve m<strong>in</strong>istries of f<strong>in</strong>ance, tax adm<strong>in</strong>istrations, and<br />

central banks <strong>in</strong> Albania, Bosnia and Herzegov<strong>in</strong>a, Bulgaria, Croatia,<br />

Kosovo, Macedonia, Moldova, Montenegro, Romania, Serbia, Slovenia,<br />

and Turkey. We also address capacity development needs of other key<br />

stakeholders and are present <strong>in</strong> some other countries.<br />

Subscribe to our<br />

newsletter at<br />


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