The Financial Crisis and Information Gaps
In April 2009, the Group of Twenty (G-20) Finance Ministers and Central Bank Governors Working Group on Reinforcing International Co-operation and Promoting Integrity in Financial Markets called on the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to explore information gaps and provide appropriate proposals for strengthening data collection and report back to the Finance Ministers and Central Bank Governors. This call was endorsed by the IMF's International Monetary and Financial Committee (IMFC). Data gaps are an inevitable consequence of the ongoing development of markets and institutions. As has been true of previous international financial crises, these gaps are highlighted when a lack of timely, accurate information hinders the ability of policy makers and market participants to develop effective responses. Indeed, the recent crisis has reaffirmed an old lesson-good data and good analysis are the lifeblood of effective surveillance and policy responses at both the national and international levels.