Second Phase of the G20 Data Gaps Initiative (DGI-2): First Progress Report
This report updates on work done in the Data Gaps Initiative by participating jurisdictions and international organisations to address post-crisis data gaps and presents the action plans for each of the recommendations agreed for further work.
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. In September 2015, the G20 Ministers and Governors acknowledged the progress made and endorsed the completion of the first phase of the Data Gaps Initiative (DGI-1) and the launch of its second phase (DGI-2). The DGI-2 maintains continuity with the DGI-1 and its main objective is to implement the regular collection and dissemination of reliable and timely statistics for policy use. DGI-2 also includes new recommendations to reflect evolving policymaker needs. Its twenty recommendations are 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.
The action plans in the progress report were developed by the Inter-Agency Group on Economic and Financial Statistics1 in consultation with the authorities of the participating economies, and set out specific targets for the implementation of its recommendations through the five-year horizon of the initiative. These include a plan to investigate the possibility of a common data template for global systemically important insurers, in addition to further work on data on shadow banking.
- The member agencies of the Inter-Agency Group on Economic and Financial Statistics, or IAG, are the Bank for International Settlements, European Central Bank, Eurostat, International Monetary Fund (Chair), Organisation for Co-operation and Economic Development, United Nations and the World Bank. The FSB participates in the IAG meetings. [←]