An introduction to the MSc Global Central Banking and Financial Regulation


[MUSIC PLAYING] The MSc that we put together
in global central banking and financial
regulation will appeal to people who are regulators
working in central banks, people working in retail
banks or investment banks, or indeed people who are in
the general financial markets. One of its objectives is
to create a constituency for good financial regulation
and good monetary policy. And so the modules
that we cover, the material that we cover
are all geared to that end. So we’ll be looking at
financial regulation. We’ll be looking
at monetary policy. We’ll be looking at
the tools that you need to be able to
understand and conduct monetary policy properly. And we’ll be looking more
broadly at questions of ethics and big data and
behavioral finance to understand how the
whole system fits together. This course is a
very special program, because it’s a partnership
between the University of Warwick and the
Bank of England. And so the theory and
practice are quite closely intertwined in a
way that I think is pretty unique out
there on a global basis. Each Warwick Business School
and the Bank of England brings something
different to the picture. Obviously, Warwick brings very
strong academic credentials. And the Bank of
England, we hope we have some academic
potentials as well. But what we really
bring to the picture is real life experience
as practitioners in the central banking field. What we do in a central
bank, much of it is really pretty complicated. And in fact, the most
dangerous approach to take is to bring in a general
expertise and intelligence and apply it to those
tasks without any training. The history of finance tells
you that every 10 years or so, there’s a big crisis. Now we had a particularly big
one, of course 10 years ago. Who knows when another
one will come along? But the lesson of history is
we need to prepare for that. So I think it’s
incredibly important that people who want to have
a career in central banking do take the time to do training
of one sort or another. Some of that can of
course be done on the job. Other forms of it come in
the form of qualification. This is a global online
program, and it’s designed so that people
can do it from literally anywhere in the world. They just need access
to the internet. To do a program online
globally is actually incredibly difficult.
That takes a whole staff of software developers
to create an environment in a digital universe which
allows a student to learn. And that’s what we’ll be
using on this program. Important element
of the course is that we’re going to be
looking at monetary policy in a specific country,
but we’re going to look at the global
connections of that country who are making the monetary
policy decision. Using current research,
using video data to try to understand the impact
that the monetary policy has in the economy. A course like this is really
critical in professionalizing the industry, professionalizing
the way finance works globally and so that all people who
aspire to be in this world could do it in a way that
is ethical and knowledgeable and avoiding some of the
mistakes and groupthink, which have led to disasters
in the past.

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