1. The G-20 Data Gaps Initiative - Way forward - Inter-Agency Group on Economic and Financial Statistics New York, 4 March 2014 Werner Bier Deputy Director-General Statistics European Central Bank

2. Rubric www.ecb.europa.eu © Overview 2 1 2 Way forward for the G-20 DGI – continuous operational implementation The G-20 DGI – development largely completed a b c What are the objectives? Driving operational implementation How to achieve them?

3. Rubric www.ecb.europa.eu © 3 G-20 DGI started in 2009 Work under the coordination of the Inter- Agency Group on Economic and Financial Statistics (IAG) established in 2008 Development work largely completed Unquestionable success of the G-20 DGI G-20 DGI – development largely completed (I)

4. Rubric www.ecb.europa.eu © 4 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 G-20 DGI – development largely completed (II)

5. Rubric www.ecb.europa.eu © 5 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) Way forward – main objectives (I)

6. Rubric www.ecb.europa.eu © 6 Objective: Produce comparable data for main economies and G-20 aggregates for macro- economic 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 Way forward – main objectives (II)

7. Rubric www.ecb.europa.eu © 7 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 Way forward – how to achieve the objectives (I)

8. Rubric www.ecb.europa.eu © 8 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 Way forward – how to achieve the objectives (II)

9. Rubric www.ecb.europa.eu © 9 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 Way forward – driving operational implementation (I)

10. Rubric www.ecb.europa.eu © 10 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. Way forward – driving operational implementation (II)