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JVI Newsletter ▪ July 2025

Dear Friends of the JVI, We hope this finds you well, as the summer season is starting. In this edition of the newsletter, we report on a recent IMF course on Systemic Macro-Financial Risk Analysis, the 10th High-Level Peer-to-Peer Workshop for Central Bankers from the Caucasus, Central Asia, and Mongolia, and the recently launched Cohort Training on Fiscal Policy Analysis and Sustainability.  This edition also carries a personal note. Patrick Imam, the JVI Deputy Director, and I are reaching the end of our respective tenures at the JVI. We take this opportunity to share some memories of our time at the JVI and living in Vienna. It has been a great pleasure and a privilege for me to serve as JVI Director in the past five years, and I wish the JVI and all of you the best for the coming years. Should you have any questions, comments, or feedback, please contact us at jvi@jvi.org. Many thanks to Rilind Kabashi, our Editor, as well as Maša Valenko, Assistant Editor, and all the contributors to this Newsletter.  Hervé Joly Director, Joint Vienna Institute

COURSE NEWS   Course on Systemic Macro-Financial Risk Analysis The primary purpose of macrofinancial risk analysis, including quantitative tools of risk assessment, such as stress tests, is to assess ability of financial institutions to withstand severe economic and financial shocks, ensure they have sufficient capital and liquidity to... Read more  >>>   Building Fiscal Expertise Through Cohort Training: A New Model for Deeper Learning and Collaboration The cohort training model is a different approach to how public officials build expertise in macroeconomic policy. Departing from traditional stand-alone courses, this model brings together the same group of participants to progress through a series of thematically connected... Read more  >>>   The 2025 High-Level Peer-to-Peer Workshop for Central Bankers from the Caucasus, Central Asia, and Mongolia The 10th International Monetary Fund (IMF)- Capacity Development Center for the Caucasus, Central Asia, and Mongolia (CCAMTAC)-Joint Vienna Institute (JVI) peer-to-peer workshop for central bank practitioners from the Caucasus, Central Asia, and Mongolia (CCAM) was held in... Read more  >>> STAFF NEWS   Interview with Hervé Joly, Departing Director of the JVI Hervé Joly has been the JVI Director for the last five years. On the occasion of his departure, we interviewed him and asked him to share his experience and views on the JVI and Vienna, on challenges and achievements at the JVI, and on his role in this process.  Hervé,... Read more  >>>   Interview with Patrick Imam, Departing Deputy Director of the JVI Patrick Imam has been the JVI Deputy Director for the last four years. As he prepares to return to the IMF in Washington D.C., we spoke with him about the evolution of the JVI, the challenges and opportunities of the past four years, and what made this assignment so unique. Can... Read more  >>>   LAST CHANCE TO APPLY Big Data for Macroeconomic Statistics Monetary Policy Communication Model-Based Monetary Policy Analysis and Forecasting - Blended Financial Development and Financial Inclusion - Blended Tax Policy and Administration: Theory and Practice Financial Sector Policies Public Financial Management and Administrative Reforms Macroeconomics of Climate Change Managing Capital Flows: Macroeconomic Analysis and Policies SOE Oversight: Ownership, Financial Performance & Fiscal Risks FULL COURSE SCHEDULE RECENT EVENTS JVI Webinar: Driving Growth in Europe: Which National Reforms Will Make a Difference? Follow us on LinkedIn

The Joint Vienna Institute is a regional training center, primarily for public sector officials from countries in Central, Eastern and Southeastern Europe, the Caucasus and Central Asia. It was established in 1992 by the Austrian Authorities (represented by the Federal Ministry of Finance and the Oesterreichische Nationalbank), the International Monetary Fund, and several other international organizations. Read more >>> Should you no longer wish to receive our newsletter, please unsubscribe.