CCBS in 2021 and beyond
High-level mission and strategy
Our Centre was established in 1990, and is one of the oldest providers of international central banking technical co-operation and assistance.
Our mission is to equip central bankers and financial regulators – both in the UK and across the globe – with the frontier skills and expert knowledge they need to tackle the challenges they face.
We do this to promote global and UK economic stability, as well as to support wider international development objectives. Our ambition to be at the frontier of global central banking also directly supports the Bank of England’s international mission.
Working with our colleagues across the Bank of England, we achieve this through:
- Our programme of international seminars and conferences for central bankers and regulators from all over the world. These cover a blend of:
- novel and emerging areas which are high on the international central banking policy, operational and research agendas;
- the best in class toolkits, techniques and approaches used in modern central banking; and
- thematic and traditional areas of central banking – where we believe we can help build skills through the sharing of our experience.
- Our programme of technical co-operation and training with specific central banks in emerging Africa, Asia and the Middle East. This programme has been developed through our partnership with the Foreign, Commonwealth and Development Office (formerly the Department for International Development).
- Conducting our own analytical work and research to push the knowledge frontier and showcasing that internationally.
- We also support the Bank’s wider internal and external skill-building activities, most notably, the post-graduate qualifications in global central banking and financial regulation developed with Warwick University.
Our approach to international seminars and workshops
Our international seminars and workshops are for central bankers and financial regulators only and geared towards experienced professionals. This focus allows us to promote open and frank debate among our community. Most are open to central banker and regulators from all over the world. Some, however, are by invitation only.
They tend to be pitched at the cutting-edge of central banking and financial regulation. And in all our work we endeavour to promote best practice.
They are practitioner focused, drawing on our own experience, those from other countries as well as in some cases experts from academia and other organisations. Our format is usually a mixture of lectures, discussions, case studies and exercises.
We promote diversity in all its forms. We offer an inclusive environment and actively encourage the sharing of experience. We are keen to learn from the rest of the world and challenge our own thinking, particularly in our policy seminars.
Moreover we strongly encourage diverse participation in terms of race; gender; sexual orientation; disability; religion as well as local minorities in your home countries. We politely ask decision-makers to bear this in mind when nominating candidates.
All our international seminars and workshops are free of charge.
And in 2021 specifically…
Spurred by the Covid crisis we are investing in new and more nimble forms of delivery. In 2020 we pivoted our workshops towards virtual delivery. That will continue for the foreseeable future in 2021.
We will continue to accommodate requests to allow multiple participants from any individual institution.
Reflecting the virtual environment our seminars and workshops will remain shorter than physical counterparts, typically operating from 11:00–15:30 UK time.
We aim to expand on our advertised programme over the year, through the provision of short knowledge-sharing webinars. We will build this catalogue as our experience of virtual delivery improves and in response to your feedback.
We also aim to make source material/other resources available to participants and the rest of the central banking community to enhance access and inclusion.
Your views
We wish to understand better those areas where you would like to hear from the Bank of England. This will help inform the content of our current programme as well as help develop our future work. Please complete our survey to have your say.
Virtual seminars
Cutting-edge analytics and toolkits
Applied Bayesian econometrics
5–7 May 2021
Event Directors:
Andrew Blake and Gabor Pinter
This event is an introduction to some of the techniques in Bayesian econometrics which can be useful for modelling and forecasting in central banks. It will provide an overview of the theory and then focus on practical implementation through computer/MATLAB based exercises. Topics include Gibbs sampling, Metropolis Hastings and Bayesian estimation of VAR and DSGE models.
Target group:
This seminar is aimed at economists working in the monetary policy, financial stability and research departments of central banks and regulatory authorities. They should have experience of classical econometrics (e.g. OLS, MLE) and knowledge of Matlab programming is essential for this course.
Using R as an econometrics tool
29 June–1 July 2021
Event Director:
Andrew Blake
Open-source software continues to grow both in importance and capability. For statisticians, open-source typically means R. For the central bank econometrician, R is an increasingly attractive platform to use. Almost all standard methods and many advanced ones are available in R as leading practitioners create libraries and packages. It can now feasibly replace dedicated packages as a primary econometric tool, with access to an impressive array of contemporary methods.
This event will show the power of R to do econometric analysis, leveraging the tools of the tidyverse to manipulate and visualise data effectively before using the programming language itself together with powerful R packages to create models for both time series and cross sectional data. This includes building and testing classical regression models, covering topics such as clustering standard errors for cross sectional inference, stationarity testing for time series and applications of quantile regression. Bayesian estimation is approached through both Gibbs Sampling and the Metropolis-Hastings algorithm, with examples using transparent code as well as exploring dedicated packages.
Target group:
Applied economists in any area of a central bank/regulatory authority that use econometric methods to routinely analyse data, and who want to investigate how R can help them in this task from data manipulation, through analysis to report writing in an integrated environment.
Economic modelling and forecasting
13–17 September 2021
Event Directors:
Gabor Pinter and Andrew Blake
Accurate forecasts are only possible with a clear understanding of the structure of the economy and the shocks affecting it. This seminar aims to improve participants’ understanding of current modelling strategies and forecasting techniques. Topics include state space models, Kalman filter, DSGE and VAR models, panel data techniques – they will be accompanied by ample computer-based exercises.
Target group:
The event is aimed at economists working in quantitatively orientated departments of their central bank. They should have some experience of econometrics and a background in economics. Knowledge of Matlab and Stata is essential.
Causal inference using microdata
28–30 September 2021
Event Directors:
Angus Foulis and Jagdish Tripathy
Quantification of causal mechanisms is the ultimate goal of empirical economics. However, in most cases this is challenging, as the underlying data are not generated randomly. A number of econometric techniques have been developed to overcome these challenges. The recent explosion of microdata has allowed these techniques to be applied to a wider range of questions. This course builds these frontier skills and applies them to a range of economic questions of interest for central bankers, using the microdata that are increasingly available to our community.
Target group:
The course is targeted at central bank economists working in quantitative areas. They should have experience with econometrics and an economics background. Some experience with Stata and microdata is preferred.
Advanced analytical tools for financial supervision and risk management
26–28 October 2021
Event Directors:
David Barr and Angus Foulis
Financial supervision, and risk management more generally, make extensive use of tools derived from mathematics, statistics and probably theory. This event introduces the core toolkit (including, among other topics, Value at Risk, Extreme Value Theory, and copulas) along with cutting-edge techniques based on recent research. Our aim is to allow participants to understand and discuss key concepts and their applications without having to delve into the advanced mathematics required of risk management professionals.
Target group:
This event is aimed at economists and others with a mathematical background who wish to improve their understanding of existing risk management techniques, and who may be involved in analysing and attempting to improve regulatory regimes at a policy level.
Non-econometric tools for economists
9–11 November 2021
Event Directors:
Andrew Blake, Gabor Pinter and Jagdish Tripathy
As data sets available to economists evolve, so too must the methods that form the toolkit of analysis. Data sets with millions of observations or unstructured text documents need a different approach. At the same time, excellent texts such as James et al.’s ‘An introduction to statistical learning’, McElreath’s ‘Statistical Rethinking’ and Silge and Robinson’s ‘Text Mining with R’ show how to deal with many of the problems that new data sources pose. These offer exciting – and surprisingly tractable – alternatives to traditional econometrics methods.
A number of self-contained topics are likely to be covered, all in R and within a common framework. Topics such as regularised regression, regression trees, multilevel modelling and sentiment modelling are all likely to form part of the course as well as others.
Target group:
Classically-trained central bank econometricians who want an introduction to the insights that other, primarily statistical, literatures can bring.
Current priorities and topical issues in central banking and financial regulation
Organisational challenges of running a central bank during Covid
9–11 March 2021
Event Directors:
Matthew Pegg and Christine Jayaseelan
During the Covid crisis central banks around the world have had to quickly adapt their operating models to deliver on new policy responses as well as maintain their regular operations and activities. The leadership and implementation challenges include adapting new technology to, managing staff productivity and morale, and ensuring organisational values such as inclusion are maintained.
This seminar will cover new ways of working implemented as a result of Covid including remote working and lessons learned for the future. Topics related to leadership, diversity and inclusion and external engagement aspects of the new working environment will also be covered.
The event will likely require a heavy amount of participation from delegates. We welcome offers from colleagues to present on the challenges they have faced as well as their perspective on future ways of working.
Target group:
This seminar is aimed at central bankers and financial regulators who have management or leadership positions in strategy development, human resources, technology, contingency planning and ‘chief operating officer’ areas of their institution. Participants should have had experience of managing their organisations during Covid.
Removing barriers to resolution
19–20 May 2021
Event Directors:
Christine Jayaseelan and Robert Zammit
Over the past decade, resolution authorities have made great strides in this pioneering area of public policy. Now, as resolution comes of age, attention is increasingly turning to making resolution operational. This workshop will consider the shared challenges inherent to the implementation of effective resolution regimes. Join us as we focus on the transition from policy design to implementation, and on the preparation, assurance and execution work required from authorities and firms to ensure readiness for resolution.
The topics covered in the event are likely to be (1) Recent resolution policy developments; (2) How to ensure firms implement resolvability requirements; (3) Cross-border co-ordination; (4) The supervisory-resolution authority relationship.
The event will likely require participation, including group discussions and case studies. Presentations will be given by experts from the Bank of England, and likely also other resolution authorities, industry experts or other external speakers. Several participants will also be invited to give presentations, for example on the resolution framework in their countries or their experience of resolving failed banks. We welcome offers to present on any of the topics above.
Target group:
The event is aimed at practitioners who are experts on resolution, likely to be working in central banks, supervisory or resolution authorities in industrial economies that have, or are developing special resolution regimes for financial institutions. Participants are expected to have a detailed, in-depth knowledge of the resolution arrangements in place in their jurisdictions, so that they can fully engage with the practical challenges of making the resolution regime operational.
Microprudential framework
22–24 June 2021
Event Director:
Michael Smart
The prudential regulation and supervision of financial services firms continually adapts to the external environment. The post-crisis regulatory regime aims to ensure the safety and soundness of firms, with an increasing focus on financial stability as well as financial and operational resilience. The approach to prudential supervision has shifted to forward looking, risk based supervisory decisions and the use of supervisory judgement. This seminar will cover new and developing approaches to supervision and tools used by supervisors to support the assessment, measurement and mitigation of risk.
Target group:
This seminar is aimed at experienced prudential supervisors or central bankers who are interested in or have contributed to the development of forward looking risk based supervision. We welcome offers from participants to share their experiences.
Fintech: innovation in payments systems and technology
6–7 July 2021
Event Directors:
Matthew Pegg and David Barr
Innovation in payments offers significant benefits to users. Technological developments and regulatory initiatives have opened up the sector to competition, with new institutions and new business models emerging and changing the shape and length of traditional payment chains. Regulators globally have signalled their commitment to a road-map for enhancing cross-border payments. Central banks are refreshing their own infrastructure and, while doing so, making the most of the opportunity to increase resilience, interoperability and access. Finally, many authorities are considering the pros and cons of central bank digital currencies, as a form of trusted money in an increasingly digital world.
Target group:
Participants should have some expertise in payment systems with a particular focus on innovation in payments as it relates to central banking and regulation.
The fintech revolution: opportunities and challenges
7–8 September 2021
Event Directors:
Cormac Sullivan and Matthew Pegg
Fintech presents both opportunities and challenges to the financial system and to central banks and regulators. We have seen the potential of emerging technology to make the financial system more efficient, resilient and inclusive by facilitating economic growth and democratising financial services, however it brings with it a unique set of challenges. It has the potential to introduce new risks creating a more volatile financial sector and aggravating market liquidity concerns.
As policymakers we have a tight rope to walk, in order to harness the benefits of innovation while ensuring the risks are appropriately mitigated. It is our role as regulators to ensure we are ready for this technology revolution and contribute as active participants. This seminar will explore topical issues and discuss strategies used by central banks and regulators to interact with fintech.
Target group:
This seminar is aimed at central bankers and financial regulators with a leadership role in fintech or an expert practitioner in this field and wish to increase/share their understanding of fintech as it relates to central banking and regulation. We welcome offers from participants to share their experiences.
Climate scenario analysis and stress testing
9–10 September 2021
Event Directors:
Thomas Viegas and Michael Smart
Climate change, and our response to it, will have a significant impact on economic and financial systems. The physical effects of climate change and the transition to a net-zero economy poses risks to monetary and financial stability. These effects will be far-reaching in breadth and in magnitude; subject to tipping points and irreversible changes; and are uncertain yet at the same time completely foreseeable. These characteristics make it challenging to assess climate-related financial risks in a conventional way, and building a toolkit to help do so is unprecedented.
Climate scenario analysis and stress testing is a key part of such a toolkit, through allowing an exploration of impacts and exposures under a range of different potential climate pathways. For central banks and supervisors, such a tool can help build resilience to the risks from climate change into the financial system, so that the financial system can support an orderly transition to net zero.
In the lead up to COP26, an increasing number of central banks and supervisors are using climate scenario analysis, and committing to climate-related stress tests. This global workshop – in partnership with the UK’s Foreign, Commonwealth and Development Office (FCDO) and in collaboration with the Network for Greening the Financial System (NGFS) – will explore the role and best practice of climate scenario analysis and stress testing; experiences and challenges found by central banks and supervisors conducting such analysis, and how this work is expected to evolve going forwards.
Target group:
The workshop is aimed at central bankers and regulators who are involved in climate scenario analysis and stress testing, or those who are interested in, and have a responsibility for monitoring, assessing, identifying or mitigating risks related to climate change. We particularly encourage central bankers and regulators from emerging and developing markets to join us.
Presentations will be given by experts from the Bank of England, NGFS and other institutions. We strongly encourage offers from participants with an active interest in climate scenario analysis and stress testing to share their perspective and experiences. The event requires a high level of participation; sharing the experiences of different countries will form an important part of the event.
Macroprudential framework
5–7 October 2021
Event Directors:
Christine Jayaseelan and Lukasz Rachel
Over the past decade, macroprudential policy has evolved as an important policy function for central banks around the world. It has evolved further in response to Covid. In this event we will discuss the shared challenges and lessons learnt in the assessment of systemic risk and the implementation of macroprudential policy. The event will be a practitioners’ focused and will likely cover: (1) the macroprudential policy framework (2) the policy toolkit (3) specialist’ frontier topics on macroprudential policy and financial stability issues and (4) the suite of approaches and techniques in measuring systemic risk and resilience. Presentations will be given by experts from the Bank of England. Several participants will also be invited to give presentations. We welcome offers to present on any of the topics above.
Target group:
This event is aimed at expert practitioners in the area of financial stability, macroprudential policy and systemic risk assessment in their home authorities. Participants should be able to speak to the arrangements in place in their jurisdictions, so that they can fully engage in the seminars. We recognise however that in many countries the development of macroprudential functions is still in its infancy.
Regtech and Suptech: developing new analytical tools for financial regulation and supervision
19–20 October 2021
Event Directors:
Melvin Quimis and Matthew Pegg
The coronavirus (Covid) outbreak has been one of the most significant pandemics in recent history. It has threatened global financial stability and posed complex regulatory challenges.
Using technology to help supervisory authorities make and implement better regulation was a hot topic prior to Covid. There is evidence to suggest this pandemic has accelerated digitalisation and advanced technical capabilities across various industries. This seminar will focus on the work of the Prudential Regulation Authority to develop and implement Regtech and Suptech to help supervisors work more efficiently.
Target group:
This seminar is aimed at central bankers and financial regulators with some expertise in, or responsibility for developing Regtech and Suptech as it relates to central banking and regulation. We welcome offers from participants to share their experiences.
Operational resilience of the financial sector
16–18 November 2021
Event Directors:
Nick Strange, Karen Gutierrez, Amy Lee and Matthew Pegg
Operational disruption can affect financial stability, threaten the viability of individuals firms and Financial Market Infrastructures, or cause harm to consumers and other market participants in the financial system. The challenges of making the financial sector resilient to this disruption have become more complex and intense in recent years, during a period of technological change and in an increasingly hostile cyber environment.
The workshop will explore the macroprudential and microprudential challenges of operational resilience and cyber; firms and policymakers must now move beyond preventing operational incidents towards actively responding, recovering and learning from them.
Target group:
The event is aimed at central bankers and regulators with an interest in or responsibility for monitoring, assessing, identifying or mitigating risks related to operational disruption. This responsibility may relate to the supervision of specific firms/financial market infrastructures; the financial stability of the sector as a whole; or the development of relevant policy. Attendees will be interested in learning about operational resilience, including key elements and perspectives for supervision and policy. We welcome offers from participants to share their experiences.
Central banking risk management
7–9 December 2021
Event Directors:
Ed Dew, Julia Rangasamy and David Barr
Management of operational risk at central banks has grown in importance. Many central banks have increased the scope of their ‘second line’ operational risk functions. This reflects a growing recognition following the financial crisis and, more recently, the response to Covid, that central banks have a desire to minimise risk, but this is balanced against the need, in some circumstances, to adopt policies that carry a significant amount of operational risk.
The resilience and continuity of operations is often managed in alongside with operational risk. Central banks are often responsible for critical infrastructure, helping to ensure the stability of the financial system; and they play a central role in national policy setting, including in times of crisis. Helping to deliver a high level of operational resilience is a key output of risk management.
This event will give participants the opportunity to review trends in those areas, discuss challenges and identify ongoing best practice. It will likely cover the three lines of defence risk model and where the operational risk and business continuity/resilience functions are located in a central bank’s governance structure; the risk taxonomy; continuity and resilience planning as well as critical incident (crisis management). We expect about two thirds of the event will be devoted to operational risk and one third to business continuity/resilience planning.
Target group:
This workshop is aimed at heads and senior managers of central bank operational risk, business continuity and resilience functions, and those tasked with establishing such functions.
Cross-cutting thematic policy issues – challenges and lessons learned from managing stress events
TBC
Event Directors:
Christine Jayaseelan and TBC
Over the past decade, central banks have evolved their policies, functions and toolkits in response to lessons learnt from the global financial crisis. In the face of speed and force of the Covid crisis central banks again have had to adapt in a co-ordinated manner across the spectrum of their policy functions. In this workshop we will consider the challenges and lessons learned from managing these stress events. We will likely consider how the many tools at the central banks’ disposal can work together to manage crises, as well as the tensions and trade-offs their use can give rise to. This workshop should also act as follow up to a CCBS event in 2020 which considered the central bank and regulatory communities’ policy responses to Covid.
Target group:
The event is aimed at experienced practitioners working in monetary policy, financial stability, macroprudential regulation and supervision, resolution and market operations/financial risk management. It should be of particular interest to those colleagues who work at the coal face of policy design and consider the cross-cutting benefits and costs of implementing new initiatives. It will be most relevant for those authorities that have multiple policy remits (monetary stability, financial stability, prudential regulation, resolution etc).
Research and analytics focused conferences
6th Macro-finance Workshop
26–28 May 2021
Event Directors:
Gabor Pinter and Professor John Moore
The aim of this workshop, jointly organised with the MacCaLM Project (University of Edinburgh) is to invite academics and central bankers from all around the world to present the frontiers of macro-finance related to the updated Bank of England Agenda for Research. Speakers will include Bruno Biais, Ricardo Caballero, John Cochrane, Darrell Duffle, Maryam Farboodi, Zhiguo He, Nobuhiro Kiyotaki, Alberto Martin, Ian Martin, Anna Pavlova, Ricardo Reis, Jean-Charles Rochet, Kathy Yuan, Victoria Vanasco and Dimitri Vayanos among others.
Target group:
Academics as well as research economists and senior policy makers working in central banks and regulatory authorities in the area of macro-finance are welcome to attend.
Household finance and housing
14–16 June 2021
Event Directors:
Angus Foulis and Jagdish Tripathy
This workshop will bring together leading researchers to present frontier empirical and theoretical work related to the updated Bank of England Agenda for Research, in the broad fields of household finance and housing. It follows on from a successful first workshop held in 2020 which was jointly organised with Imperial College Business School and the London School of Economics.
Target group:
Academics and central bank economists working on empirical and theoretical topics within the areas of household finance and housing are welcome to attend.
Modelling with big data and machine learning
3–5 November 2021
Event Directors:
Andreas Joseph and Andrew Blake
The confluence of access to large granular data sources and rapidly advancing modelling techniques has already generated new insights into the economy and a larger information set for policymakers. This event is the next in a conference series co-sponsored with Data Analytics for Finance and Macro (DAFM) Research Centre at King’s College London and the Federal Reserve Board. In 2020 the specific topic chosen was ‘Measuring Economic Instability’ as a result of the Coronavirus pandemic. The specific topic for 2021 will be announced in a call for papers. We will invite submissions of empirical, methodological or theoretical work leveraging new data sources or exploring recent analytical development relevant to decision making.
Target group:
Active researchers in central banks and academia who work in relevant areas who want to share policy-relevant research, and central bank staff and policymakers who wish to learn from it.
