Traineeships in the Directorate General Monetary Policy

Monetary Policy

General Information

Type of contract Traineeship

Who can apply? EU nationals eligible for our traineeship programme

Grant The trainee grant is €1,170 per month plus an accommodation allowance (see further information section)

Working time Full time

Place of work Frankfurt am Main, Germany

Closing date 27.11.2022

Your team

You will be part of the Directorate General Monetary Policy, which is responsible for preparing the monetary policy decisions of the ECB’s Governing Council. It analyses the ECB’s monetary policy strategy and stance, monitors financial developments and contributes to external communications (e.g. research papers, speeches and official ECB publications). If selected, you will be offered a traineeship in one of the following two divisions.

The Capital Markets/Financial Structure Division analyses financial markets from a monetary policy perspective. It assesses the non-bank transmission of monetary policy, covering the term structure of interest rates, the sovereign bond, corporate bond and stock markets, and the financing structure of non-financial corporations. The Division uses quantitative models to analyse the impact of the ECB’s policy measures on the financial markets. It also contributes to internal reports and external publications on monetary policy and euro area financial markets.

The Monetary Policy Strategy Division analyses and assesses the ECB’s monetary policy stance as well as longer-term strategic issues. It contributes to the preparation of the Governing Council’s decisions on the ECB’s key interest rates and other monetary policy measures. It also develops models and tools to analyse euro area money markets and the impact of monetary policy instruments on financial conditions and the wider economy. Moreover, it contributes to ECB communication on monetary policy as well as to research on the design and impact of a digital euro.

The ECB is an inclusive employer and we strive to reflect the diversity of the population we serve. We encourage you to apply irrespective of age, disability, ethnicity, gender, gender identity, race, religious beliefs, sexual orientation or other characteristics.

Your role

As a trainee you will:
  • work closely with economists and research analysts on the daily tasks of the Division as well as longer-term projects;
  • enhance analytical, numerical and econometric tools;
  • work with datasets – including macro- and microeconomic data, financial and high-frequency data – and maintain, update and further develop the data infrastructure;
  • update charts and tables for regular internal and external reports and presentations;
  • contribute to quantitative analyses and analytical projects;
  • maintain and develop the existing modelling infrastructure.

These positions offer you excellent opportunities to enhance your quantitative skills, work on analytical tasks and collaborate with experienced central bank economists. They also provide a unique opportunity to gain insight into analysis and policy preparation within a central bank. You will be part of a multicultural team that strives for continuous innovation to make a positive impact on the lives of European citizens.

Qualifications, experience and skills

  • a bachelor’s degree or higher in economics, finance, econometrics, mathematics, statistics, data science, social sciences or a related field;
  • experience working with any of the following programming languages: MATLAB, Python, R, Stata, VBA Excel or SQL;
  • experience with one or more of the following types of data: macroeconomic, financial market, firm-level or transaction-level data, other micro data, or large datasets;
  • a sound understanding of the economic issues relevant to the Capital Markets/Financial Structure and/or Monetary Policy Strategy Divisions;
  • a good knowledge of the MS Office package, in particular Excel, PowerPoint and Word;
  • an advanced (C1) command of English and an intermediate (B1) command of at least one other official language of the EU, according to the Common European Framework of Reference for Languages.

  • a master’s degree or higher in economics, finance, econometrics, mathematics, statistics, data science, social sciences or a related field, or studies at this level that you will be close to completing in the course of 2023;
  • a solid background in econometrics (in particular, time series and panel econometrics), statistics or data science;
  • experience working with relational databases, using SQL and/or other big data analytic tools in Hadoop, Apache Spark or similar big data frameworks;
  • proficiency in any of the following programming languages: MATLAB, Python, R, Stata or SQL;
  • experience using visualisation tools such as Tableau or Shiny;
  • experience assisting with research;
  • experience using market data services such as Bloomberg, Refinitiv (Eikon and/or Datastream), IHS Markit iBoxx, Haver Analytics and SNL Financial, and, for bank and firm balance sheet data, services such as Moody’s Analytics BankFocus (formerly Bankscope) and Orbis Europe respectively.

You are curious and eager to learn, and want to further develop your ability to analyse complex information. You are keen to collaborate with others, pursue team goals and learn from other people’s diverse perspectives. You strive to know and anticipate stakeholder needs, and will signal any need for change and propose alternative solutions.

You are motivated to contribute to the ECB’s mission, to serve the citizens of the EU as a member of a public institution and to work with colleagues from all over Europe. You are keen to be part of our team and to use your skills and competencies to achieve the objectives of this position.

Further information

Traineeship of between 6 and 12 months in total. The traineeships will start in the course of 2023.

Other details on the conditions applicable to traineeships at the ECB can be found on our website.

Application and selection process

Further information on how to apply is available on our website.

The recruitment process for this position will include an online interview.

If you are not selected for this position but are still considered suitable, you will be placed on a reserve list for 12 months from the closing date for applications, from which you might be considered for similar positions within the ECB.