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In 2009, the G20 Finance Ministers and Central Bank Governors endorsed a set of recommendations to support enhanced policy analysis of emerging risks and close the data gaps identified following the global financial crisis (Data Gaps Initiative). In September 2015, the G20 Ministers and Governors acknowledged the progress made and endorsed the completion of the first phase of the Data Gaps Initiative (DGI-1) and the launch of its second phase (DGI-2). The main objective of DGI-2 is to implement the regular collection and dissemination of reliable and timely statistics for policy use. DGI-2 also includes new recommendations to reflect evolving policymaker needs. Its twenty recommendations are clustered under three main headings: (i) monitoring risk in the financial sector (ii) vulnerabilities, interconnections and spillovers and (iii) data sharing and communication of official statistics. DGI-2 maintains continuity with the DGI-1 recommendations while setting more specific objectives for G20 economies to compile and disseminate minimum common datasets for these recommendations.
The action plans in the progress report published today have been developed by the Inter-Agency Group on Economic and Financial Statistics (IAG) in consultation with the authorities of the participating economies, and set out specific targets for the implementation of the DGI-2 recommendations through the five-year horizon of the initiative. The recommendations where the FSB will coordinate the work, jointly with other international organisations, include a plan to investigate the possibility of a common data template for global systemically important insurers.
Additionally, DGI-2 will work to enhance data collection on the shadow banking system by contributing to the FSB monitoring process. The FSB will seek further improvements to derive a narrow measure of shadow banking and will develop standards and processes for collecting and aggregating data on securities financing transactions at the global level.