The Irving Fisher Committee on Central Bank Statistics (IFC) is a forum of central bank economists and statisticians, as well as others who want to participate in discussing statistical issues of interest to central banks
The IFC is established and governed by the international central banking community and operates under the auspices of the Bank for International Settlements (BIS). It is associated with the International Statistical Institute (ISI) and is a member of the International Association for Official Statistics (IAOS).
The objective of the IFC is to promote the exchange of views on statistical and data issues of interest to central banks.
As part of this mission, the IFC serves as a forum for central bank economists and statisticians, as well as others, to discuss issues related to data and their use in central banks. The IFC aims to foster a community of practice in these areas among central banks.
The Committee plays a decisive role as a reference centre to promote collaboration and knowledge-sharing on a wide range of statistical and data topics relevant to central banks, including in terms of methodologies, initiatives and training. This reflects the significant contribution and growing interest of central banks in the evolution of data ecosystems, as both key producers of official statistics and intensive data users.
The IFC contributes to important international initiatives in the area of micro data. One specific focus point was on the use of corporate financial statement information, which offers a unique perspective on firms’ behaviour and vulnerabilities and can be usefully leveraged to support broader monitoring of economic developments and policy decisions. From this perspective, central banks have a keen interest in safeguarding the quality, integrity and authenticity of this source of granular insights.
Along with partners, the IFC organises recurrent data science workshops to review developments in the big data ecosystem and the ongoing adoption of innovative data techniques. Recent editions emphasised the exploration of generative AI and its potential applications in central banking.
Experience suggests that addressing growing information needs requires comprehensive frameworks governing the way data are gathered, stored, processed, shared and protected. The IFC has been actively involved in various international discussions on data governance issues, with a specific focus on the implementation of AI governance and the new possibilities offered by the integration of multisource statistics.
The IFC has launched several initiatives on sustainable finance, reflecting central banks’ increasing dual role as producers and users of robust and trustworthy evidence to address the impact of environmental, social and governance (ESG) factors. Addressing the related data gaps is key to fulfilling their public mandates that cover the various areas of financial and monetary stability, financial supervision and asset/reserve management. Specifically, the Committee supported ongoing global efforts to harmonise green finance indicators and refine measures of the carbon content of economic output.
Irving Fisher Committee Secretariat
Bank for International Settlements
CH-4002 Basel, Switzerland
e-mail: IFC.Secretariat@bis.org