Mon, 6 Mar 2017
You will be part of the Directorate General Monetary Policy (DG/MP) of the European Central Bank (ECB), which monitors and analyses the ECB’s monetary policy strategy, monetary policy stance, and monetary and financial developments. DG/MP also prepares monetary policy decisions and external communication, including publications such as the Economic Bulletin and the ECB Annual Report, as well as ECB Working Papers and Occasional Papers. We are looking for recent graduates, or students who are close to completing their studies, for the 2017 Traineeship Programme. Traineeships in DG/MP are a unique opportunity for you to learn and contribute directly to the ECB’s monetary policy.
You will be assigned to one of DG/MP’s three Divisions.
The Capital Markets/Financial Structure Division analyses and assesses current developments in the capital markets of the euro area, notably bond and equity markets, and the monetary policy aspects of developments in the financial structure of the euro area, particularly in relation to securities markets and financial decisions made by non-financial corporations.
The Monetary Analysis Division monitors and analyses monetary developments and financing conditions in the euro area from a micro and macroeconomic perspective. It develops concepts and tools for identifying monetary indicators of risks to price stability. It monitors and analyses the bank lending channel of monetary policy – including bank loans, bank lending rates, banks’ funding conditions, surveys of bank lending policies and individual bank balance sheet data – from a monetary policy perspective. It prepares external communications on the monetary analysis and on surveys of bank lending conditions.
The Monetary Policy Strategy Division analyses and assesses the monetary policy stance as well as longer-term strategic issues and prepares decisions on ECB interest rates and non-standard policy measures. It prepares external communication on the monetary policy strategy and the monetary policy stance. It develops models and tools for the analysis of euro area money markets and the impact of standard and non-standard monetary policy measures on financial conditions and the broader economy.
You will work closely with the ECB’s economists and research analysts, contributing to the daily tasks of the Division to which you have been assigned as well as helping with longer-term projects.
Specifically, you will work on one or more of the following tasks, although these may differ across the Divisions:
- accessing public and commercial databases; processing, consolidating and transforming datasets within and between databases; maintaining and further developing databases for monitoring nominal and real economic developments as well as financial markets, possibly including the use of micro data and intraday data;
- contributing to the Economic Bulletin and other regular internal and external publications of the Directorate General, mainly by preparing tables and charts for reports, as well as PowerPoint presentations, in liaison with other business areas within the ECB;
- supporting economists in enhancing the analytical and econometric tools used in the Directorate General Monetary Policy for the analysis of economic developments and the monetary policy stance, including the analysis of developments in the euro area money markets and the impact of non-standard monetary policy measures.
Qualifications and experience:
As a trainee, you will bring:
- a bachelor’s degree or higher in economics, finance, statistics, or a related field;
- experience with economic data of one or more of the following types: macroeconomic data, firm-level and other micro data, or financial market data;
- a sound understanding of the monetary policy issues facing the ECB;
- a sound understanding of the institutional framework of the ECB and the Eurosystem;
- an advanced-level command of English;
- a moderate-level command of at least one other official language of the EU;
- a high level of computer literacy and the ability to use various software applications, including a working knowledge of MS Office, in particular PowerPoint and Excel;
- a working knowledge, with proven experience, of statistical and econometric packages such as Stata, R, MATLAB or EViews, or advanced knowledge of other programming languages.
- knowledge of and experience in building and maintaining databases, including relational databases and SQL;
- experience in using market data services such as Bloomberg, Thomson Reuters Datastream or Haver Analytics;
- experience with Visual Basic for Applications (VBA), in particular for Excel;
- a solid background in econometrics and/or statistics (especially time series econometrics, econometrics of panel data, microeconometrics);
- experience in handling, and a basic understanding of, bank balance sheet data;
- experience in designing and programming automated reports, and knowledge of business intelligence and visualisation software (e.g. Tableau, QlikView).
You will also bring your ability to contribute to the team, by putting forward new ideas, share information, prioritise and deliver tasks within tight time frames, and obtain and analyse complex data.
Traineeship of three or six months, with the possibility of an extension to up to 12 months in total in the same business area.
All trainees are assigned supervisors but will be expected to complete their tasks with a large degree of autonomy. They will have access to computing and statistical resources as well as the ECB’s library.
To further enhance the diversity of its workforce, the ECB particularly encourages applications from female candidates.
Applicants should also submit a complete list of their graduate and undergraduate courses and related grades. Letters of recommendation from their supervisors or faculty members can be provided optionally. All documents should be in English. The list of courses and grades does not have to be officially issued by the academic institution in question but can be prepared by the applicant. The documents should be uploaded as a single .pdf file in the “attachments” section of the application. They must be uploaded before the closing date for applications. Later submissions or submissions outside of the ECB’s e-recruitment system will not be accepted.
How to apply:
Applications are to be made in English and submitted using our online application form. An "Applicants' Guide" can be downloaded from our recruitment pages.
The recruitment process may include a pre-screening exercise and a telephone interview.
Before applying, applicants should check that they meet the conditions set out in Article 4 of the rules governing the traineeship programme:
Further information on the ECB's traineeships can be found via the above link.
Applicants are accepted from nationals of the Member States of the European Union.
The requirements laid down in the vacancy notice must be met by the closing date for applications.
This vacancy notice may be used to fill the same position again, or similar positions, within 12 months of the selection decision.