The Financial Stability Board (FSB) has published its fifth report which highlights the progress made since the start of the G20 Data Gaps Initiative (DGI) in 2009. The report also sets out benchmarks to determine when to call each DGI recommendation complete and outlines a future work plan.
The executive summary of the report summarises the key messages which include:
- significant progress has been made in implementing the DGI recommendations during the past five years but further work is needed and is critical to reaping the full benefits of the work undertaken to date;
- the DGI recommendations are broadly in line with national priorities to inform policy work;
- based on the agreed implementation targets, it is feasible to envisage substantive completion of the first phase of the DGI by end-2015 provided that there is continued cooperation at the national and international level, and statistical activities are appropriately resourced;
- a second phase of the DGI could start in 2016 to strengthen and consolidate the progress to date and promote the regular flow of comparable and high-quality data across the G20 economies. Close cooperation among national and international agencies would be needed. The specifics of a second phase of the DGI including a revised mandate would be discussed with G20 economies as part of the 2015 work plan; and
- in order to ensure the continuity of the process, each G20 economy will be asked to identify senior level representatives to liaise with the Inter-Agency Group on Economic and Financial Statistics on the DGI.