Monetary operations: Tools and techniques for policy implementation

Head of monetary policy implementation and financial market analysis at the Bank of Finland. Niko’s team is responsible for credit operations to Finnish banks, monetary policy asset purchases, liquidity management and financial market analysis covering fixed income, money market, FX, equities and commodities. He is also a member of ESCB’s Working Group on Monetary Policy Implementation.

María del Carmen Castillo is a Senior Expert in Monetary Policy Operations and Liquidity Management at Banco de España, where she has worked since 2008. Her work focuses on matters related to the monetary policy implementation and liquidity forecasting. She has also worked temporarily at the European Central Bank and completed an External Work Experience at Banca d’Italia. She holds a bachelor’s degree in business administration and an MBA from the Universitat de València, and she represents Banco de España in several working groups within the Eurosystem and with the Bank for International Settlements (BIS).

For the past 15 years, Daniel has worked on different aspects of macro financial issues and international economic cooperation at Sveriges Riksbank, the Ministry of Finance and the National Audit Office. He has a PhD in Finance and MSc in Engineering Physics.

Filippo Pasqualone is Head of the Italian Liquidity Management Team in the Market Operations Directorate of the Bank of Italy. His areas of expertise include central bank liquidity management and forecasting, monetary policy implementation, banks’ demand for reserves, and money market functioning. Since joining the Bank of Italy in 2010, he has held various positions in the fields of money market analysis, open market operations, and foreign exchange operations. He has contributed to Eurosystem and Bank of Italy research on monetary policy implementation, liquidity conditions and repo market functioning and has been involved in the preparatory work underpinning the ECB’s operational framework review.

Kathrin Möhlmann is Deputy Head of Monetary Policy Implementation Issues at DG Markets of Deutsche Bundesbank. Since 2014, she has been working on topics related to monetary policy implementation, design of monetary policy instruments and the central bank balance sheet. In her former roles, she also worked for Banque de France in 2018 and Central Bank of Ireland in 2016. Before her career as a central banker, Kathrin worked in the Treasury and M&A department of a German corporate.

Stéphane Lavoie was appointed Managing Director, Markets and Banking Department (MBD), effective March 30, 2026. Prior to this, he was Managing Director of the Financial Markets Department (FMD) since November 1, 2021. He is responsible for policy formulation and execution of the Bank of Canada’s banking operations and financial market activities as they relate to monetary policy implementation, funds management and financial system liquidity. He also oversees analysis and research and directs policy advice related to domestic and international financial markets.

Mr. Lavoie has a wealth of experience in financial market analysis and operations, including collateral and liquidity policies, as well as in monetary policy, the financial system and funds management. Since joining the Bank in 2001, he has held several senior positions. He was appointed Senior Director of the Bank’s Calgary Operational Site (COS) for market and banking operations in July 2018. Before that, he served as Deputy Managing Director of the Funds Management and Banking Department (FBD) and of FMD. He has been a co-chair of the Foreign Reserves Committee, the Debt and Treasury Management Committee and the Retail Debt Committee. He has also served as a member of the Bank’s Pension Fund Investment Committee and represented the Bank on various international committees.

Mr. Lavoie obtained both a bachelor and master’s degrees in business administration with a concentration in finance from Université Laval and holds the Chartered Financial Analyst designation.