Message from the Director

It gives me great pleasure to present the JVI’s 2018 training program. This is my second year at the JVI, and if anything the last twelve months have only strengthened my sense of respect for its founders. Their vision for the institute was anchored in a desire for collaboration among the many countries and international institutions which shared—and still share—the goal of strengthening the capacity of institutions throughout the JVI target region.

2017 was certainly a busy year. We celebrated our 25th Anniversary in June with an important international conference that was addressed by Austrian Finance Minister Schelling, Austrian National Bank Governor Nowotny, IMF Deputy Managing Director Furusawa, IMF Chief Economist Obstfeld, and high-level representatives from our Contributing Members. The theme of the conference, “Globalization, Technology, and Lifelong Learning,” reflected well the JVI’s mission in a rapidly changing world. 

The JVI strives to be an adaptive, learning organization, and to that end we convened training directors from ministries and central banks throughout the region to a meeting in March 2017. This event gave us an opportunity to hear from our partners about their training priorities, and to hear their feedback on the JVI’s operations. Training directors voiced strong support for the JVI’s mission, and expressed gratitude to the Austrian Authorities, the IMF, and our Contributing Members, for continued capacity building efforts across the full range of economic topics taught here.

Looking to 2018, our goal is once again to offer a diverse set of courses that meet the evolving needs of our clients—public officials in the central banks, ministries and economic agencies of our target countries.

Most of the JVI’s 2018 courses will be offered by the IMF, particularly the Fund’s Institute for Capacity Development, but also by a wide range of thematic IMF departments: Communications, Fiscal Affairs, Legal, Monetary & Capital Markets, and Statistics. These offerings include well-established courses such as Financial Programming and Policies and Macroeconomic Diagnostics, as well as newly revamped courses like Exchange Rate Policy and Fiscal Sustainability. Advanced topics like Model-based Monetary Policy Analysis and Forecasting and Monetary and Fiscal Policy Analysis with DSGE Models, and focused offerings such as Corporate and Household Insolvency and Securities Statistics, will complement the broader macroeconomic curriculum.

The Austrian Authorities (Oesterreichische Nationalbank and Federal Ministry of Finance) will deliver a wide range of courses in 2018, including Sound Fiscal Institutions and Public Financial Management and Administrative Reforms. Austria will also offer a very popular course, Public Governance and Structural Reforms, in May, as well as several courses centered on supporting European economic integration, some of them in cooperation with the European Central Bank. Finally, reflecting a timely response to demand raised at last year’s meeting of training directors, the OeNB and the Deutsche Bundesbank will present a course in March 2018 on HR Issues and Compliance for central banks.

Our Contributing Members—the European Bank for Reconstruction and Development, the European Investment Bank, the Organization for Economic Cooperation and Development, the World Bank, and the World Trade Organization—will again deliver a number of courses of interest in their respective areas of expertise. I would also like to highlight the important role played by the European Commission as an Observer and as a contributor to courses on European integration and accession to the European Union.

As in previous years, the JVI will offer its flagship course on Applied Economic Policy (AEP), which began with the founding of the JVI and has evolved over the years. Once as long as six months, it is now seven weeks in duration, and targeted at younger staff members who show high promise for future advancement in their public sectors. Indeed, a number of current or former ministers or central bank governors are alumni of the AEP course!

Let me also call attention to the JVI’s extremely popular Structural Reforms course, offered in collaboration with many of our Contributing Members and stakeholders. In 2018, we will continue delivering high-level courses with partner central banks such as the Deutsche Bundesbank, the Bank of England, and the Banque de France on Monetary Policy Implementation, Banking Supervision within the Basel Framework, Macroprudential Tools, and Financial Stability Policy, respectively. In addition, the JVI is collaborating with the Bank for International Settlements to present a new course relevant to financial sector professionals, the Basel Framework and the Challenges of Implementation.

While face-to-face training will remain the core of the JVI’s activities, we also work with the IMF on the delivery of an increasing number of online courses—see and the IMF’s Smart Catalog. I should mention that successful completion of online courses will boost a participant’s chances of being selected for face-to-face courses in Vienna.

Finally, on behalf of the JVI family, I would like to thank Austria, the IMF, and our Contributing Members and donors (the central banks of the Czech Republic, Hungary, and Malta), for their continued financial and intellectual support.

Thomas Richardson
Director, Joint Vienna Institute

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