FSB and IMF publish the 2018 Progress Report on G20 Data Gaps Initiative

IMF News, September 25, 2018

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The Financial Stability Board (FSB) and International Monetary Fund (IMF) published the third progress report on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2).
The report updates work undertaken since September 2017 to advance implementation of the twenty recommendations aimed at addressing data gaps identified after the global financial crisis and promoting the regular flow of timely and reliable statistics for policy use.
Areas of considerable progress during DGI-2’s second year include:
- shadow banking monitoring;
- reporting of data on global systemically important banks;
- improved coverage, timeliness, and periodicity of sectoral accounts.
Data coverage milestones:
- All G20 economies now report their International Investment Position quarterly.
- All G20 economies now report core Coordinated Portfolio Investment Survey data semi-annually.
The 2018 report includes, for the first time, information on year-to-year progress in addition to a snapshot of the current status of the DGI-2 recommendations in 2018.
The report provides a traffic light monitoring dashboard for the non-G20 FSB member jurisdictions for selected recommendations.

Key challenges that remain and require high-level political support:
- adequate resource allocation in terms of skills and information technology;
- appropriate maintenance of the new DGI datasets and infrastructure for data access and data sharing;
- strengthened inter-agency cooperation at the national level.

Further progress in implementing DGI-2 is expected from participating economies and will be reported to G20 Finance Ministers and Central Bank Governors.
The 2019 DGI-2 work programme will continue to include:
- thematic workshops;
- bilateral meetings, as needed;
- the annual DGI Global Conference.
The FSB Secretariat and the IMF Staff, in close cooperation with the Inter-Agency Group on Economic and Financial Statistics and the participating economies, will continue to monitor progress and report back to the G20 Finance Ministers and Central Bank Governors on an annual basis until the completion of the initiative in 2021.

DGI origin and phases:
- In 2009, the G20 Finance Ministers and Central Bank Governors endorsed a set of recommendations (Data Gaps Initiative (DGI)) to support enhanced policy analysis of emerging risks and close information gaps following the global financial crisis.
- The FSB and IMF published The Financial Crisis and Information Gaps in October 2009, which set out recommendations that led to the first phase (DGI-1).
- In September 2015, the G20 concluded the first phase and endorsed the launch of the second phase (DGI-2).
Main objective of DGI-2:
- implement the regular collection and dissemination of reliable and timely statistics for policy use;
- includes new recommendations to reflect evolving policymaker needs.
Structure of DGI-2 recommendations:
- The twenty recommendations are clustered under three main headings:
- (i) monitoring risk in the financial sector;
- (ii) vulnerabilities, interconnections and spillovers;
- (iii) data sharing and communication of official statistics.
- DGI-2 maintains continuity with DGI-1 while setting more specific objectives for G20 economies to compile and disseminate minimum common datasets.

Economies participating in DGI-2:
- G20 economies: Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
- Five non-G20 FSB member economies: Hong Kong, the Netherlands, Singapore, Spain and Switzerland.
Inter-Agency Group on Economic and Financial Statistics (IAG) membership:
- Bank for International Settlements;
- European Central Bank;
- Eurostat;
- International Monetary Fund (Chair);
- Organisation for Co-operation and Economic Development;
- United Nations;
- World Bank.
- The FSB participates in the IAG meetings.

FSB and IMF press release, September 25, 2018