2017年-FSB全球金融稳定委员会_Second_phase_of_the_G20_Data_Gaps_Initiative_DGI_33页_803kb

Summary of the Second Phase of the G-20 Data Gaps Initiative (DGI-2) Second Progress Report

Core Content

The Second Phase of the G-20 Data Gaps Initiative (DGI-2) is a global effort led by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), in close collaboration with the Inter-Agency Group on Economic and Financial Statistics (IAG), to improve the availability, quality, and consistency of financial and economic data. The report, prepared in September 2017, outlines the progress made by G-20 economies since the First Progress Report in September 2016, and highlights the ongoing work and future plans for the initiative.

Main Points

1. Key Messages

• Substantial progress has been made by G-20 economies during the first year of DGI-2, although some challenges remain, particularly in compiling government finance statistics, providing sectoral accounts, and sharing granular data.
• High-level political support is essential for allocating resources and addressing complex implementation issues.
• A new monitoring framework based on a "traffic light" dashboard has been introduced to track progress, recognize achievements, and identify ongoing challenges.
• Continued dialogue with data users and synergies with other global initiatives are vital to ensure the relevance and effectiveness of the DGI-2.
• The 2018 DGI-2 work program will include thematic workshops, bilateral meetings, and the annual Global Conference to facilitate progress and monitoring.

2. Work Program During the First Year of DGI-2

• Four thematic workshops were held in 2017:

  • Data sharing (organized by IMF and Eurostat, hosted by the Deutsche Bundesbank).
  • Data gaps on systemic risk in the insurance sector (organized by FSB and IAIS).
  • Institutional sector accounts (organized by OECD and IMF).
  • Financial Soundness Indicators (FSIs) (organized by IMF).

• Key outcomes:

  • Agreement on a common terminology for data sharing.
  • Identification of barriers to data sharing and approaches to overcome them.
  • Development of reporting templates for institutional sector accounts and FSIs.
  • Postponement of G-SILs data collection due to the IAIS workplan on systemic risk assessment.

• National and international coordination was emphasized as a key factor in overcoming challenges and ensuring successful implementation.

3. Monitoring Framework

• A "traffic light" dashboard was introduced to monitor the progress of DGI-2 recommendations. It categorizes progress into three levels:

  • Fully or nearly completed workstream.
  • Significant progress made, workstream broadly on track.
  • Early stage of implementation or lack of timely progress.

• The dashboard includes metadata to explain the assessment and is used to track the status of each DGI-2 recommendation against the 2021 implementation timeline.

• Some recommendations (e.g., II.3, II.4, II.5, II.9) are still in early stages, and no color indicators are applied for them. Recommendations II.19 and II.20 are excluded due to their qualitative nature.

• Annex 2 provides country-specific progress summaries and key challenges for G-20 economies, while Annex 3 includes similar information for non-G-20 FSB member jurisdictions.

4. Synergies with Other Initiatives

• SDMX (Statistical Data and Metadata eXchange):

  • Enhances international data cooperation by reducing transmission delays, improving data quality, and enabling real-time access to official statistics.
  • Supports GDP, employment, and population data, with plans to expand to institutional sector accounts and balance of payments.

• LEI (Legal Entity Identifier):

  • Over 540,000 LEIs were issued by mid-August 2017.
  • LEI adoption is supported by over 50 national or regional acts and rules in more than 40 jurisdictions.
  • Enhances transparency and aggregation of granular data across corporate groups.
  • Mapping between LEI and other identifiers (e.g., ISIN, Business Identifier Code) is being developed to improve data interoperability.

• SDDS Plus:

  • A complementary initiative to DGI-2, focusing on data dissemination standards.
  • Supports data quality and consistency in financial statistics.

• G-20 IFA WG:

  • Provided policy feedback on the importance of currency and maturity breakdowns for analyzing debt sustainability.
  • Synergies with the OECD in measuring the digital economy were developed through joint reports.

5. Looking Ahead

• The 2018 DGI-2 work program will continue to include thematic workshops, bilateral meetings, and the annual Global Conference.
• The reporting and dissemination of data will be further enhanced.
• Non-G-20 FSB member jurisdictions are actively involved and may voluntarily implement DGI-2 recommendations.
• The annual progress reports will reflect the modality and progress of these jurisdictions in close consultation.

Key Recommendations and Action Plans

• FSI and CDM reporting is ongoing, with revised lists and guidance being developed.
• Shadow banking and cross-border exposures are under active discussion, with methodological challenges noted.
• Derivatives data collection includes CPPI and SFT data, with technical and governance work in progress.
• GFS and PSDS have seen progress, though not all G-20 economies have fully implemented them.
• Data sharing and cooperation are being promoted, with a questionnaire planned for 2018 to evaluate the implementation and usefulness of data sharing recommendations.

Conclusion

The DGI-2 represents a critical step in improving global financial data transparency and availability. The initiative has made significant strides in the first year, but challenges remain, especially in data granularity, methodological consistency, and implementation capacity. Continued international cooperation, political support, and alignment with global standards are essential to ensure the success of DGI-2 and to enhance financial stability and economic policy-making.