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Archive:G20 Data Gaps Initiative (DGI) – background

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The G20 Data Gaps initiative is a set of 20 recommendations on the enhancement of economics and financial statistics. The programme was launched in order to improve the availability and comparability of economics and financial data, as the turmoil that hit the markets - when the financial crisis broke out in 2007-2008 - highlighted the need of broader datasets for policy makers and supervisors to better assess the evolution of the economy, as well as the intervention required.
In April 2009, the G20 Finance Ministers and Central Bank Governors called on the International Monetary fund (IMF) and the Financial Stability Board (FSB) to identify major financial and economic information gaps that needed to be filled. As a result, a few months later, in September, the IMF and the FSB presented the report that would launch the Data Gaps Initiative (DGI), along with the set of recommendations to be implemented in the years to come.
One of its leading initiatives is the Principal Global Indicators (PGI) website, which collects and disseminates comparable data for the G20 economies.

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The Data Gaps Initiative

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Context

The burst of the financial crisis highlighted the degree of interconnection and integration of the economies and the markets worldwide. While the crisis was not the result of a lack of proper economic and financial statistics, it nonetheless caught supervisors, policy makers and investors unprepared by areas poorly covered by existing datasets. On the one hand, as policy makers and supervisors soon realised, the information gaps identified at the time didn't lie in the quality of economics and financial statistics, already very high, but in their availability and comparability across countries. In particular, due to the interconnections amongst economies and financial institutions, information gaps emerged from exposures taken through complex instruments and off-balance entities, and from the cross-border linkages of financial institutions. On the other, market players and investors where unsettled by uncertainty and lack of reliable information, with consequent negative repercussions on the stability of financial markets. The Group of G20 advanced and large emerging market economies, which represents almost 90% of global GDP, became fully aware of the need of comprehensive and timely data and called on the IMF and on the Financial Stability Board (at the time called Financial Stability Forum) "to explore gaps and provide appropriate proposals for strengthening data collection". Such call was endorsed by the IMF's International Monetary and Financial Committee in April 2009, and the following September IMF and FSB delivered to the G20 their Report, which identified the sectors where data gaps were to be filled and presented a set of 20 recommendations to be implemented in the years to come. These recommendations are divided in four different, albeit interconnected groups: build-up risk in the financial sector, cross-border financial linkages, vulnerability of domestic economies to shocks, and improving communication of official statistics Parallel to that, as the crises had demonstrated a need to enhance communication, at the end of 2008 the Inter-Agency Group on Economic and Financial Statistics (IAG) was established in order to coordinate statistical issues and to strengthen data collection. The IAG comprises the Bank for International Settlements (BIS), the European Central Bank (ECB), Eurostat, the International Monetary Fund (IMF, Chair), the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN), and the World Bank (WB).


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