G20 Data Gaps Initiative (DGI-2): Progress Achieved, Lessons Learned, and the Way Forward

Since the G20 Finance Ministers and Central Bank Governors (FMCBG) endorsed the twenty recommendations prepared by the International Monetary Fund (IMF) staff and the Secretariat of the Financial Stability Board (FSB) in October 2009, significant progress has been made in addressing the data gaps identified during the global financial crisis (GFC) of 2007-08 through the two phases of the Data Gaps. [...] Following the significant progress in closing the information gaps in financial stability identified during the global financial crisis (GFC) of 2007-08, the G20 FMCBG endorsed in September 2015 the closing of the first phase of the Data Gaps Initiative (DGI- 1) and the launch of its second phase (DGI-2).1 The DGI-1 focused on development of conceptual frameworks, as well as enhancements of some s. [...] This Report, prepared by the IMF staff and the FSB Secretariat in consultation with the participating economies and the IAG member agencies, provides an overview of the progress in addressing data gaps since the start of the DGI, the way forward for continued statistical cooperation to address remaining challenges related to DGI-2, and plans for a new DGI to address data gaps for emerging policy n. [...] The DGI-1 and DGI-2 recommendations were developed in consultation with compilers and users, and endorsed by the G20 FMCBG.4 Progress in implementing the recommendations was monitored annually by the IMF staff and the FSB Secretariat, in coordination with the IAG member agencies and the participating economies, and reported to the G20 FMCBG every year.5 The implementation of the recommendations wa. [...] The efforts during the two phases of the DGI contributed to the availability of a comprehensive set of information for policymakers, that allowed a consistent, frequent and timely assessment of trends and risks to the financial and economic system, as identified during the GFC.