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The Financial Stability Board (FSB) and the International Monetary Fund (IMF) have released their sixth joint progress report for the G20 Data Gaps Initiative (DGI-2).
This provides an update on implementation of recommendations made by the IMF and the FSB Secretariat to close data gaps identified during the global financial crisis of 2007-8.
This is the final year of the second phase of the DGI project.
The report, The G20 Data Gaps Initiative: Countdown to December 2021, concludes that significant progress has been made in closing data gaps during phases 1 and 2 of the project.
However, the pandemic has affected work on the DGI-2 programme and it is likely that some recommendations will not be implemented by the end of 2021 as intended. This relates particularly to securities financing transaction data, data relating to institutional sector accounts, data on general government debt and operations and commercial property price indices.
The report provides little detail on where data gaps remain in SFT data and other risk hotspots that it identifies.
It also makes no comment on how the SFT data gap has been impacted by implementation of the Securities Financing Transactions Regulation (SFTR) and other key policy initiatives designed to improve SFT data quality, reporting standards and monitoring.
The participating economies continue to work on adopting the DGI-2 recommendations, building on cross-border collaboration between policy makers and their ability to exert peer pressure to ensure that policy recommendations are implemented.
With completion of DGI-2, a new DGI is expected to focus on four main statistical and data priorities: fintech and financial inclusion data; climate change; access to private sources of administrative data; and household distributional information.
The FSB and IMF will collaborate with participating economies to develop a detailed workplan for the next phase of the data gaps initiative in coming months.
