Transcript Focusing in particular on the next steps.

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
Rubric
1 The G-20 DGI – development largely completed
Way forward for the G-20 DGI
2
– continuous operational implementation
a
What are the objectives?
b
How to achieve them?
c
Driving operational implementation
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G-20
Rubric DGI – development largely completed (I)
• G-20 DGI started in 2009
• Work under the coordination of the InterAgency Group on Economic and Financial
Statistics (IAG) established in 2008
• Development work largely completed
Unquestionable success of the G-20 DGI
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G-20
Rubric 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 yet coordinated and timely data flows
• Strengthened interagency cooperation
– Example of successful international cooperation
intense activity of the IAG
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Way
Rubric
forward – main objectives (I)
• 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)
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Way
Rubric
forward – main objectives (II)
• Objective: Produce comparable data for main
economies and G-20 aggregates for macroeconomic 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
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Way
Rubric 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
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Way
Rubric 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
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Way
Rubric 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
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Way
Rubric 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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