Principles of Central Bank Law

You will find all information about the course here (there is no OLAT page).

For any questions regarding the lecture, please use only the following email address: lst.alexander@ius.uzh.ch, and kindly refrain from contacting the lecturers directly.

The lectures will be held on Mondays, 12.15pm - 1.45pm, SOD-1-101, starting 15 February 2026.

Please note that no lecture will take place on Monday, February 23, 2026. 

We kindly request that you participate in the course evaluation by using the following link: https://www.qmsl.uzh.ch/de/fV6jF

Syllabus (PDF, 560 KB) (as of 9 March 2026 - subject to amendments without notice, please check regularly)

Slides Lecture 1 (16 February 2026) (PDF, 1 MB)

Slides Lecture 3 (2 March 2026) (PDF, 1 MB)

Slides Lecture 4 (9 March 2026) (PDF, 2 MB)

Slides Lecture 5 (16 March 2026) (PDF, 676 KB)

Slides Lecture 6 (23 March 2026) (PDF, 1 MB)

Slides Lecture 7 (30 March 2026) (PDF, 842 KB)

Slides Lecture 8 (13 April 2026) (PDF, 1 MB)

Slides Lecture 9 (27 April 2026) (PDF, 1 MB)

Slides Lecture 10 (4 May 2026) (PDF, 1 MB)

Slides Lecture 11 (11 May 2026) (PDF, 1 MB)

(No Slides Lecture 12, 18 May 2026, Student Presentations)

Subject to amendments without notice, please check regularly

Readings for Lecture 1 (16 February 2026): none

Readings for Lecture 3 (2 March 2026):

• Mandatory readings:
  • Richard N. Cooper (2008), Almost a Century of Central Bank Cooperation, in: Path and Future of Central Bank Cooperation download (PDF, 2 MB)
  • Claudio Borio and Gianni Tonioloin (2008), One Hundred and Thirty Years of Central Bank Cooperation: A BIS Perspective, in: Path and Future of Central Bank Cooperation download (PDF, 19 MB)
• Optional further readings: none. 

Readings for Lecture 4 (9 March 2026):

• Mandatory readings: 
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 13
• Optional further readings: none.

Readings for Lecture 5 (16 March 2026):

• Mandatory readings: 
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 2
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 3
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 5
  • R. Lastra (2015) International Financial and Monetary Law, Chapter 3, Paras A-B download (PDF, 1 MB)
• Optional further readings:
  • Tinbergen Rule: A Note on the Relevance of Tinbergen download (PDF, 386 KB)

Readings for Lecture 6 (23 March 2026):

• Mandatory readings: 
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 8
  • Speech by Yves Mersch: Financial Stability and the ECB download (PDF, 179 KB)
  • R. Lastra (2015) International Financial and Monetary Law, Chapter 3, Paras A-C and G download (PDF, 1 MB)
  • K. Alexander (2026) Redesigning Financial Regulation to Achieve Macro-prudential Objectives: A commentary on some of the regulatory challenges download (PDF, 423 KB)
• Optional further readings: none. 

Readings for Lecture 7 (30 March 2026):

• Mandatory readings: 
  • K. Alexander, The Lender of Last Resort and Moral Hazard Reassessing the Legal Basis of Central Bank Liquidity Support download (PDF, 822 KB)
  • Case C-493/17, Weiss and Others v Bundesrepublik Deutschland, Judgment of the Court (Grand Chamber), EU:C:2018:1000 (11 December 2018) download (PDF, 1 MB)
  • Case C-62/14, Gauweiler and Others v Deutscher Bundestag, Judgment of the Court (Grand Chamber), EU:C:2015:400 (16 June 2015) download (PDF, 958 KB)
  • Guidelines of the Swiss National Bank on monetary policy instruments of 25 March 2004 (as at 19 February 2026) download (PDF, 154 KB)
• Optional further readings: none. 

Readings for Lecture 8 (13 April 2026):

• Mandatory readings: 
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 14
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 15
  • B. S. Bernake, Central Bank Independence, Transparency and Accountability download (PDF, 65 KB)
  • J. E. Stiglitz, A Revolution in Monetary Policy: Lessons in the Wake of the Global Financial Crisis download (PDF, 236 KB)
• Optional further readings: none. 

Readings for Lecture 9 (27 April 2026):

• Mandatory readings: 
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 6
  • Speech by Isabel Schnabel: A new Age of Energy Inflation: Climateflation, Fossilflation and Greenflation download (PDF, 224 KB)
  • P. Hiebert & P. Monnin, Climate-related systemic risks and macroprudential policy download (PDF, 552 KB)
     
• Optional further readings: none. 

Readings for Lecture 10 (4 May 2026):

• Mandatory readings: 
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 7
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 10
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 14
  • K. Alexander et al., Global Governance of Financial Systems, Chapter 7 download (PDF, 26 MB)
• Optional further readings: none. 

Readings for Lecture 11 (11 May 2026):

• Mandatory readings: 
  • K. Alexander & S. Gruenewald (2026) Central Banking and Sustainability (Cambridge University Press, Cambridge UK), Chapter 12
  • Bank of England Discussion Paper: Central Bank Digital Currencies download (PDF, 1 MB)
  • Speech by P. Hernandez de Cos: Digital Euro Projectdownload (PDF, 19 KB)
• Optional further readings: none. 

Readings for Lecture 12 (18 May 2026): none

Lectures will be recorded and made available online as podcasts.

However, due to potential technical issues, recordings may be incomplete, unavailable, or temporarily inaccessible. Students are therefore strongly encouraged to attend lectures in person. Please note that loss of access to recordings does not constitute valid grounds for an examination appeal.

Podcast Lecture 1 (16 February 2026)

Podcast Lecture 3 (2 March 2026)

Podcast Lecture 4 (9 March 2026)

Podcast Lecture 5 (16 March 2026)

Postcast Lecture 6 (23 March 2026)

Podcast Lecture 7 (30 March 2026)

Podcast Lecture 8 (13 April 2026)

Podcast Lecture 9 (27 April 2026)

Podcast Lecture 10 (4 May 2026)

Podcast Lecture 11 (11 May 2026)

(No Podcast Lecture 12, 18 May 2026, Student Presentations)

Regular Exam

• Exam date: 16 June 2026
• Exam format: written exam, open book
• Further information on UZH Master's exams: MA Law Exam

Please note that a Mobility Exam will not be offered for the module Principles of Central Bank Law in the Spring Semester 2026.

Students are offered the opportunity to give a voluntary extra credit presentation in class. Participation is optional; however, a well-prepared presentation may have a favorable impact on the final course grade. 

The presentations will take place during Lecture 12 (18 May 2026, 12:15 am - 13:45 pm). Presentations must be delivered in person during the scheduled lecture sessions. Remote presentations are not possible.

On Monday, 23 March 2026 (after the lecture), an online sign-up tool will be available on this course website where students can view the topics and register directly. Topic selection follows a first-come, first-served principle.

Registration tool

The registration tool will remain available until 12 April 2026. After this date, it will be taken offline, and registrations will close. 

Please do not contact us by email regarding topic preferences or individual registration. The registration tool and procedure are self-explanatory and should guide you through the process. Please follow the instructions provided there, as we are unfortunately unable to accommodate manual registrations.