New JVI / ECB Course on “Central Banking in the Age of Artificial Intelligence”

The Joint Vienna Institute (JVI), in collaboration with the European Central Bank (ECB), delivered a new course on “Central Banking in the Age of Artificial Intelligence” from May 19–23, 2025. The course convened 28 participants from 18 countries, underscoring the growing interest in understanding and leveraging the transformative potential of artificial intelligence (AI) in central banking.

The program examined the specific opportunities and challenges posed by the integration of AI and machine learning within central banks. This provided an opportunity to extensively discuss recently developed AI tools and use cases across various central banking functions, including monetary policy, payment systems, banking supervision and financial stability. Macro-financial implications of broader AI adoption that will affect central bank policy functions going forward were also covered. 

A unique feature of the course was the high level of engagement from leading experts with hands-on experience on the topic across the international financial community. Lecturers included representatives from the ECB and JVI, the International Monetary Fund (IMF), the Bank for International Settlements (BIS) and the Monetary Authority of Singapore, all of them actively involved in the topic of AI in central banking. Their contributions offered rich, real-world insights into how AI is currently being used, among others, to enhance economic analysis, improve supervisory oversight, and support daily business processes within central banks.  The course also covered ethical, legal, and cybersecurity aspects of AI, emphasizing the importance of robust governance structures and risk management frameworks.

Participants benefited from a mix of lectures, case studies, and live demonstrations to encourage peer exchange among central banks in this quickly moving and transformative field. The course also included a guest lecture on AI in banking from the Erste Group, a large Austrian bank with CESEE presence, and a final roundtable discussion with panelists from the ECB, IMF and Anton Korinek from the University of Virginia.  

The program attracted a highly qualified group of mid-career professionals, primarily from central banks in the JVI region, many of whom are engaged in digital transformation initiatives in various areas within their institutions. Their active participation enriched the discussions and highlighted the practical relevance of the course content.

The first-time offering of this course received very positive feedback. Participants particularly valued the practical orientation, breadth of perspectives, and the opportunity to engage with cutting-edge developments in AI. Their input will inform future iterations of the course, reinforcing the JVI’s commitment to delivering responsive, high-impact training that supports institutional capacity building in an evolving policy environment.

Patrick Imam, Deputy Director, JVI

Maximilian Fandl, Senior Economist, JVI