The IFC is a global network that discusses statistical issues of interest to central banks. The Committee has now 85 members and is an affiliated member of the International Statistical Institute. It is chaired by Claudia Buch of the Deutsche Bundesbank.
A key IFC event in 2016 was the Eighth Biennial Conference of central bank statisticians, on “Statistical implications of the new financial landscape”. In addition, the Committee conducted its regular membership survey.
The IFC work agenda covers the following main areas:
- Data-sharing. Following up on its recommendations published in 2015, in the context of the G20 Data Gaps Initiative (DGI) the IFC was invited to conduct a survey of data-sharing experiences among national and international bodies. The results of this survey will now be communicated to the G20 and will support the identification of good practices to foster collaboration and micro datasharing both within central banks and among public institutions.
- Financial inclusion. In 2016 the IFC surveyed its member central banks on national policies and practices for financial inclusion. A number of recommendations have been identified regarding the definition of financial inclusion, central banks’ mandate in this area, internal coordination, data gaps to be addressed and international cooperation. The IFC will continue to identify ways to promote financial inclusion through better data, building on its members’ cumulated experience.
- Big data. A 2015 IFC survey underlined the central banking community’s strong interest in sharing experiences and cooperating to explore the topic of big data. The Committee has accordingly decided to focus on a few pilot projects, related not only to the internet but also to the various large, micro data sets that are already available (eg administrative, commercial and financial market data sets).
- SDMX. The 2016 IFC report on central banks’ use of and interest in the SDMX standard for exchanging data emphasised that it has become a fairly common and useful standard for central banks, especially for sharing data with international organisations. But its use is still concentrated in a few statistical areas and is mainly directed towards data dissemination rather than data collection. This calls for developing new internationally agreed SDMX data structures covering finance, trade, business and price statistics as priorities.
- Statistics for financial stability. Ongoing IFC work has highlighted the need to make better use of firm-level statistics for monetary and financial stability purposes. In particular, administrative sources of granular information represent a “new data frontier” for central banks, and specific attention needs to be devoted to the matching of micro and macro data sets. The development of sectoral financial accounts should also be encouraged.
- Other work supporting international statistical initiatives. The IFC has taken steps to support international initiatives related to balance of payments issues and the second phase of the DGI.
In 2017, the Committee will further its work in the various areas outlined above. In the light of the feedback received from its members, it will also increase its focus on financial stability indicators, “traditional” BIS statistics, external sector statistics and data management issues.