FSB and IMF Report on Progress with G20 Data Gaps Initiative

IMF News, September 21, 2017

Source details

Press Release No. 17/363
Date: September 21, 2017
Issuer: IMF Communications Department
Media relations contact: PRESS OFFICER: Pemba Tshering Sherpa
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
FSB press enquiries:
- Joe Perry
- Phone: +41 61 280 8138
- Email: Joe.Perry@fsb.org

The Financial Stability Board (FSB) and International Monetary Fund (IMF) published the second progress report on the implementation of phase two of the G20 Data Gaps Initiative (DGI-2).
The report updates on work undertaken since September 2016.
The report has been delivered to the G20 Finance Ministers and Central Bank Governors ahead of their meetings in Washington D.C. in October.

Substantial progress has been achieved during the first year of the DGI-2, despite challenges in the implementation of some recommendations.
A new monitoring framework to help assess and track progress in implementing the twenty DGI-2 recommendations has been agreed with the G20 economies.
A traffic light monitoring dashboard, included in the report, provides a concise overview of such progress.
Country notes explain in more detail specific accomplishments and challenges in each jurisdiction.

To facilitate further progress, the 2018 DGI-2 work program will continue to include thematic workshops to support participating economies’ efforts on the implementation of the most challenging recommendations.
It is intended that all DGI-2 recommendations are fully implemented by 2021.
High-level political support is identified as crucial to ensure adequate resources are allocated to DGI-2 implementation and more complex work streams are thoroughly and timely addressed.

In 2009, the G20 Finance Ministers and Central Bank Governors endorsed a set of recommendations to support enhanced policy analysis of emerging risks and close the data gaps identified following the global financial crisis (Data Gaps Initiative).
In October 2009 the FSB and IMF published The Financial Crisis and Information Gaps, a report responding to a request from the G20 Ministers and Governors to explore information gaps and provide appropriate proposals for strengthening data collection; that report led to the first phase of work under DGI-1.
In September 2015 it was agreed that the DGI work should continue into a second phase.
The main objective of DGI-2 is to implement the regular collection and dissemination of reliable and timely statistics for policy use and includes new recommendations to reflect evolving policymaker needs.
DGI-2 comprises twenty recommendations clustered under three main headings:
- (i) monitoring risk in the financial sector;
- (ii) vulnerabilities, interconnections and spillovers; and
- (iii) data sharing and communication of official statistics.
DGI-2 maintains continuity with the DGI-1 recommendations while setting more specific objectives for G20 economies to compile and disseminate minimum common datasets for these recommendations.

Member agencies of the IAG are the Bank for International Settlements, European Central Bank, Eurostat, International Monetary Fund (Chair), Organization for Co-operation and Economic Development, United Nations and the World Bank.
The FSB participates in the IAG meetings.

The second progress report (PDF) was referenced on the page as "second progress report" (link to the hosted PDF is included in the source page content).

Source: FSB and IMF Report on Progress with G20 Data Gaps Initiative — IMF press release, September 21, 2017.