Comparative Central Banking
I recommend this programme to any finance, or central banking professional whose aim is to develop the real-life skills necessary to navigate the industry and take it to the next level.
Module overview Explore and discover why central banks have different mandates, objectives, governance and operating procedures and gain an understanding of the scope of possible policy choices across the broad range of central bank activities. You will learn to draw comparisons between the US, Europe, Japan and EMEs (including fixed exchange rate regimes), and explore case studies on how central bank operations – to support both monetary and financial stability – have evolved to meet the needs of economic crises such as the Great Financial Crisis and the Covid-19 pandemic. The module will touch on all of a central bank’s typical roles including monetary policy; financial stability; balance sheet and reserves management; market operations; banknotes; lender of last resort, supervision and regulation; and other regulatory issues such as market conduct, payments, resolution and digital currencies. Who would benefit from this module? This module would benefit those working in or with central banks who are looking to gain a fundamental understanding of central banking policy and processes and how they relate to current and future career roles.
Faculty On this module you will hear from a diverse and global pool of speakers.
Key benefits
Sector understanding Gain a fundamental and holistic view of the central banking sector Latest tools and best practice Immediately apply the latest tools and best practice to your role Insight into policy Insight into why central banks around the world differ in their policies to the economy and to financial regulation Award Gain a Postgraduate Award upon successful completion
Kechewia Charles Global Central Banking and Financial Regulations qualifications participant
This module is led by Paul Fisher (Former Executive Director, Bank of England) and Diarmuid Murphy (Former Central Bank of Ireland, IMF, ECB and European Commission, currently Director, IOB) and features insights from a range of speakers including former Governors Patrick Honohan (Ireland), Grant Spencer (New Zealand) and Brian Wynter (Jamaica); Deputy Governors such as Sir Andrew Large (UK), Archil Mestvirishvili (Georgia) Nakaso (Japan) and Fernando Restoy (Spain) plus a wide range of other senior central bankers, regulators, academics and market participants. Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Key topics covered
Hot topics Central banking independence, conduct regulation
Role of central banks Should banking supervision be part of a central bank?
Balance sheet issues Liabilities ■ Banknotes ■ Commercial bank reserves ■ Central bank profits, losses and capital
Different policy regimes Different targets: exchange rate regimes, inflation target regimes, monetary control regimes corresponding to different nominal anchors
Key information
The module will run between October 2025 and February 2026
Payment systems, developments in digital currencies, financial market, infrastructure issues
What is the role of central banks in climate change? ■ Secondary objective
■ Assets ■ Outright asset
Different instruments: interest rates, monetary
holdings: financial risk, political economy considerations
This module features a two-week induction period
control, exchange rate intervention
■ Lending/Draining: scale, term, price, frequency, etc ■ Collateral considerations: haircuts, financial
Watch the film
W wbs.ac.uk/go/ ComparativeCB
stability implications
Challenges from the Covid-19 pandemic, disintermediation of the banking system, fintech developments
■ Policy co-ordination: monetary policy vs macroprudential vs microprudential
Foreign exchange and reserves management: Who? Why? How?
Financial stability and lender of last resort operations
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
wbs.ac.uk/go/banking
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Global Central Banking & Financial Regulation qualification
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