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Transcript of The G-20 Data Gaps Initiative - Way forward - Inter-Agency Group on Economic and Financial...
The G-20 Data Gaps Initiative
- Way forward -
Inter-Agency Group on Economic and Financial Statistics
New York, 4 March 2014
Werner BierDeputy Director-General Statistics
European Central Bank
Rubric
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Overview
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2Way forward for the G-20 DGI – continuous operational implementation
The G-20 DGI – development largely completed
a
b
c
What are the objectives?
Driving operational implementation
How to achieve them?
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• 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
G-20 DGI – development largely completed (I)
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• 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 yet coordinated and timely data flows
• Strengthened interagency cooperation– Example of successful international cooperation
intense activity of the IAG
G-20 DGI – development largely completed (II)
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• Move from development to continuous operational 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)
Way forward – main objectives (I)
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• 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
Way forward – main objectives (II)
Rubric
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• 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
Way forward – how to achieve the objectives (I)
Rubric
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•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
Way forward – how to achieve the objectives (II)
Rubric
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• 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
Way forward – driving operational implementation (I)
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• 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.
Way forward – driving operational implementation (II)