The Financial Crisis and Information Gaps
In 2009 G20 Finance Ministers and Central Bank Governors endorsed a set of 20 recommendations to address data gaps highlighted by the financial crisis (G20 Data Gaps Initiative - DGI). After six years, significant progress has been made in the implementation of the DGI recommendations, and data from the DGI is increasingly being used to support financial stability analysis and macro-policy decision making. However, the need for more granular data is becoming apparent as policy needs evolve. The G20 Finance Ministers and Central Bankers endorsed the proposal to launch a second phase of DGI which will strengthen and consolidate the progress to date and promote the regular flow of high quality statistics for policy use. A five-year implementation horizon is foreseen for completion of most recommendations in the second phase.