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The G-20 Data Gaps Initiative - Way forward -

The G-20 Data Gaps Initiative - Way forward -. Werner Bier Deputy Director-General Statistics European Central Bank. Inter-Agency Group on Economic and Financial Statistics New York, 4 March 2014. Overview. 1. The G-20 DGI – development largely completed. 2. Way forward for the G-20 DGI

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The G-20 Data Gaps Initiative - Way forward -

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  1. The G-20 Data Gaps Initiative- Way forward - Werner Bier Deputy Director-General Statistics European Central Bank Inter-Agency Group on Economic and Financial Statistics New York, 4 March 2014

  2. Overview 1 The G-20 DGI – development largely completed 2 Way forward for the G-20 DGI – continuous operational implementation What are the objectives? a b How to achieve them? c Driving operational implementation

  3. G-20 DGI – development largely completed (I) • G-20 DGI started in 2009 • Work under the coordination of the Inter-Agency Group on Economic and Financial Statistics (IAG) established in 2008 • Development work largely completed • Unquestionable success of the G-20 DGI

  4. G-20 DGI – development largely completed (II) • New conceptual frameworks • Recommendations for which a conceptual basis did not exist • major steps towards establishing a conceptual framework • New operational frameworks • Recommendations for which a conceptual basis did already exist • harmonised reporting templates • implementation timetables • not yetcoordinated and timely data flows • Strengthened interagencycooperation • Example of successful international cooperation • intense activity of the IAG

  5. Way forward – main objectives (I) • Move from development to continuousoperational implementation among both, • the IAG and the economies involved • Move from crisis management to continuous high level political engagement of the DGI • Implementation backed by policy requirements • Not solely based on a statistical agenda • Stronger focus on multilateral surveillance • Bilateral surveillance inadequate given inter-linkages of economies in a globalised world • G-20 Mutual Assessment Process (MAP) • EU Macroeconomic Imbalances Procedure (MIP)

  6. Way forward – main objectives (II) • Objective:Produce comparable data for main economies and G-20 aggregates for macro-economic and financial stability purposes • Continuously broaden the statistical base of comparable datasets for G-20 economies • Regular real-time reporting of timely (annual, quarterly, monthly) statistics • Produced by national authorities and quality/comparability assured by IOs • Avoid “What lies beneath” type situations (e.g. government deficit/debt) • Principal Global Indicators (PGI): a small-case example

  7. Way forward – how to achieve the objectives (I) • Coordinated international reporting requirements • Internationally agreed methodological standards • Harmonised reporting templates • SDMX and common Data Structure Definitions (DSDs) • Coordinated quality assurance processes • Real time data coordination/sharing • Economic and financial statistics per country • G-20 aggregates (GDP and CPI are current examples) • Based on SDMX: implementation supported by UNSC and CCSA • Expand gradually the Principal Global Indicators

  8. Way forward – how to achieve the objectives (II) • National authorities at the centre • Ultimate responsibility for the regular production and reporting • Responsible to implement harmonised reporting templates following the international statistical standards • Adapt their IT systems to SDMX and common DSDs • Result Comparable, reliable, regular, timely and accessible data for G-20 and FSB economies

  9. Way forward – driving operational implementation (I) • Stronger involvement of National Statistical Institutes and National Central Banks • Operational implementation provides a central role to National Authorities • Resources needed to implement actions and timetables • Priorities for statistical work agreed in a multilateral context • Long lead times to enhance statistics • Allocation of resources and coordination on the national and international level requires clear priorities for broadening the statistical base • Multilateral agreements rather than bilateral or regional agreements only

  10. Way forward – driving operational implementation (II) • More centralised framework for operational priorities • Enhancing effectiveness and efficiency of the global statistical system • Priorities should not conflict and should be stable over time • The continuous operational implementation of internationally comparable statistics requires an appropriate governance structure • Focus on G-20 and FSB economies • Consultation • In the preparation of the fifth G-20 DGI progress report the G-20 economies will be consulted on their views on the way forward.

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