More Work Needed to Close Information Gaps

Conference focuses on most pressing data needs

Better information on cross-border connections critical

Adequate resources, prioritization crucial to close remaining data gaps

Senior officials from all G-20 members and representatives of international institutions met during March 30-31, 2011 in Washington, D.C. to review ongoing work and set clear guidelines on data priorities going forward. The conference was organized by the IMF and the Financial Stability Board (FSB) Secretariat.

“One of the key lessons that we learned from this sobering crisis was the demonstration of the extent of cross-border interconnectedness across institutions, instruments, and markets along with an appreciation of the risks of incoherent and inconsistent economic and financial policies,” said IMF First Deputy Managing Director John Lipsky in his opening remarks.

Lipsky: A key lesson from the crisis was extent of cross-border connections across institutions (IMF photo)

As a result, the G-20 asked the IMF and the FSB in early 2009 to explore data gaps and provide proposals to address them. This request was endorsed by the IMF’s policy steering committee—the International Monetary and Financial Committee.

In November 2009, 20 recommendations to address these gaps were identified, with initial progress reported in June 2010. Between fall 2010 and spring 2011, IMF staff visited and consulted with G-20 country authorities around the globe to discuss the recommendations with them. This conference was part of the consultation process with G-20 economies on the strategies for implementing the work plans and timetables leading to the next progress report to the G-20, expected to be delivered in June 2011.

Burgi-Schmelz: Through events like this, the IMF can contribute to informed decision-making in major policy areas (IMF photo)

“I believe events like this—bringing together senior officials and representatives of international institutions for a focused discussion—are one of the most effective ways in which the Fund can contribute to informed decision-making in major areas of economic policy,” noted Adelheid Burgi-Schmelz, Director of the IMF’s Statistics Department.

Most challenging recommendations

To date, significant progress has been made to close identified data gaps and to strengthen data. For example, in April 2009, the Principal Global Indicators (PGI) website for G-20 economies was launched to provide timely data available from participating...