Traineeship in the Directorate General Monetary Policy at the European Central Bank

You will be part of the Monetary Analysis Division in the Directorate General Monetary Policy. Our Division has around 40 staff across two sections: the Bank Lending Conditions Section and the Money, Credit and Financial Accounts Section. The Division monitors and analyses monetary and financial developments in the euro area from a macroeconomic and microeconomic perspective with a view to advise on monetary policy.

Both sections assist with the calibration of standard and non-standard monetary policy measures through bank and non-bank intermediaries. The Division as a whole contributes to core policy processes and publications, including the Eurosystem/ECB staff macroeconomic projections and the Economic Bulletin. We also offer analysis for broader matters, such as climate change and central bank digital currencies, from the perspective of monetary policy transmission. Most of our analytical work features in policy notes and presentations for the ECB’s Governing Council, and in contributions to official ECB and external publications, including research papers.

In your role as trainee, you will form part of a team that makes use of information from a wide range of datasets and employs state-of-the-art modelling and data visualisation techniques, from microeconometric analysis of granular data on individual bank or firm balance sheets and credit registers to macro models based on more aggregate data and accounting for macro-financial linkages. Coding, programming and the management and analysis of large datasets are important aspects of our everyday work.