FSB and IMF mark completion of data gaps initiative, and progress with new workplan
The Financial Stability Board (FSB) and International Monetary Fund (IMF) have issued a report marking the close of the second phase of the G20 Data Gaps Initiative (DGI-2), and setting out a workplan for the proposed new initiative. “Accurate and timely data are essential to assess economic and financial stability risks and to develop effective policy responses to address those risks. Such data are becoming more important as economies face greater uncertainties in a rapidly changing environment,” they state.
The report discusses the achievements of the two DGI phases to date, highlighting lessons learnt and finding significant progress in addressing data gaps identified during the global financial crisis of 2007-08, giving policy makers a better understanding of the risks and vulnerabilities their economies face. DGI-2, in particular, focussed on the regular collection and dissemination of reliable and timely statistics for policy use. Challenges remain, however, in fully closing certain data gaps; it is expected that participating economies and organisations will continue their work on these.
Looking forward, a new IMF-led initiative is planned to address gaps relating to emerging policy needs. Four statistical and data priorities were initially suggested last year: climate change; household distributional information; fintech and financial inclusion; and access to private sources of data and administrative data, and data sharing. A high-level workplan has now been developed, offering 14 recommendations in service of these priorities. “Given the urgency of the data needs in the identified priority areas, the recommendations were drafted to be achievable within five years after the launch of the new DGI,” states the report. The next step is for the workplan to be submitted to G20 Finance Ministers and Central Bank Governors later this year.