As a global network that discusses and develops statistical issues of interest to central banks, the IFC now has 91 members and is an affiliated member of the International Statistical Institute (ISI). It is chaired by Rashad Cassim, Deputy Governor of the South African Reserve Bank (SARB). The term of Claudia Buch, former Chair of the IFC and Vice-President of the Deutsche Bundesbank, ended on 11 September 2019. A key event for the Committee last year was the ISI’s 62nd biennial World Statistics Congress (WSC) held in Malaysia. The IFC sponsored several sessions on various topics on this occasion.
The Committee’s work agenda covered the following main areas in 2019:
- Big data information and analytics. The Committee continued its work on the use of big data analytics and artificial intelligence, with a focus on two areas: (i) the organisation of computing platforms for big data and machine learning, which was discussed at a workshop organised with the Bank of Italy; and (ii) the use of Business Intelligence (BI) systems by central banks, which was covered by a specific survey organised with the Central Bank of the Russian Federation (CBRF).
- Fintech. Following the set-up of a dedicated working group in 2018 to analyse the statistical issues raised by the development of fintech, the Committee conducted a survey on central banks and fintech data. This survey takes stock on user needs, refers to ongoing statistical activities, and sheds light on initiatives that could be developed to address fintech-related data gaps. The IFC also organised a dedicated seminar on these issues with the Central Bank of Malaysia.
- Data governance. The IFC organised with the ISI a high-level meeting in Tunisia to review the importance of proper data governance frameworks for central banks and public authorities more generally, especially as regards the collection, management, dissemination and use of official statistics. This event, supported by the African Union Commission (AUC), provided a welcome opportunity to expand the Committee’s outreach to African countries.
- Micro-macro data integration. The IFC organised with the ECB and the Central Bank of Malaysia a seminar that reviewed the expansion in the micro (granular) data sets made available since the Great Financial Crisis (GFC) of 2007–09 and their contribution to macro compilation exercises.
- Financial accounts. The IFC organised with the Central Bank of the Republic of Turkey (CBRT) a workshop on financial accounts, a topic of increasing interest to central banks both as data producers and as data users.
- Other international statistical initiatives. The IFC has continued to support global statistical initiatives in 2019, specifically in relation to the implementation of the second phase of the G20-endorsed Data Gaps Initiative (DGI) to be completed in 2021.
In 2020, the Committee will further its work in the various areas outlined above, with a primary focus on completing its fintech agenda and updating the 2015 survey on central banks’ use and interest in big data. The IFC’s 2020 Biennial Conference, entitled “The future of finance and implications for central banking statistics”, will provide an important medium for the statistical community to both take stock of important work conducted in this area as well as shape the agenda and priorities for central banks looking forward. Lastly, the Committee will support the joint workshop on external statistics organised with the Bank of Portugal and the ECB as well as the conference envisaged by the Bundesbank and Bank of France on statistics for sustainable finance.