As a global network that discusses and develops statistical issues of interest to central banks, the IFC had 107 members at the end of 2024 and is an affiliated member of the International Statistical Institute (ISI). It is chaired by Alberto Naudon of the Central Bank of Chile.
Over time, the Committee has been playing a larger role as a centre to promote knowledge-sharing and collaboration on statistical methodologies, initiatives and training. This reflects the important contribution of central banks to the production of official statistics.
Ensuring wider cooperation with the global statistical community also remains high on the IFC agenda. The international cooperation framework under the G20 Data Gaps Initiative (DGI) serves as a prime example, especially its third phase, which calls for better data to understand climate change, income and wealth, financial innovation and inclusion, and access to private and administrative data and data-sharing. In addition, the Committee is strongly involved in the activities of the ISI, in particular the preparation of its 65th biennial World Statistics Congress (WSC) in the Netherlands, several sessions of which will be sponsored by the IFC on behalf of the central bank community. Furthermore, Committee members and the BIS have continued to follow the ongoing revision of the international statistical manuals, eg the System of National Accounts (SNA) and Balance of Payments (BoP). They have also contributed to various initiatives to strengthen the global statistical infrastructure, including the Global Legal Entity Identifier (LEI) system, international classifications for activities and products and the Statistical Data and Metadata eXchange (SDMX) standard.
The main areas covered by the IFC in 2024, thanks to the support of its member central banks, the ISI and a number of international organisations, have centred on:
- Central bank statistics: The IFC’s flagship Biennial Conference, held in Basel in August 2024, proved a key opportunity to review the evolving statistical functionin central banking. It showed that central banks have a strategic interest infostering the production and dissemination of high-quality, reliable and timelystatistics as a public good, not least in view of the accuracy and ethical concernsraised by the rapid emergence of new data techniques and sources. Trustworthydata also serve a crucial role in modern, evidence-based policymaking, not leastin the core central banking areas of monetary and financial stability.
- Communication of statistics: The IFC has furthered its work on statistical communication, which is a key element in maximising the value of the data produced by central banks as well as in fostering data literacy among the public. It is also an important ingredient supporting the effectiveness of public policies.
- Micro data: The IFC published a report that emphasised that central banks, as both producers and users of statistical information, are increasingly interested in making the most of the wealth of granular data available, which typically comprise micro-level records as well as disaggregated data, without jeopardising confidentiality. These data can offer a better understanding of economic phenomena, with sufficient flexibility and adaptability to tackle a wide scope of issues. They provide information that may be timelier and more resilient to disruption, support the production of novel economic indicators, better deal with heterogeneity and have proved to usefully complement traditional macroeconomic statistics.
- Data science: Along with the Bank of Italy, the IFC has been organising recurrent data science workshops to review developments in the big data ecosystem and the ongoing adoption of data analytics. In addition, the Committee has conducted a membership survey on the use of artificial intelligence (AI) and machine learning (ML), which is becoming a key priority for central banks especially in the areas of cyber security, research/analysis and statistical production. A related and important topic is the need to establish comprehensive data governance frameworks and strategies for how statistical information is gathered, stored, processed and disseminated.
- Sustainable finance: The IFC has launched several initiatives on sustainable finance data issues. Together with the Central Bank of the Republic of Türkiye, the Deutsche Bundesbank and the Bank of France, in 2024 it organised a workshop to review central banks’ contributions to addressing the issues posed by climate change. The Committee also supported an event on the carbon content of economic activities and published a report recommending its better measurement in order to enable rational, environmentally oriented decisionmaking and proposing a related plan for follow-up work. Lastly, it will organise a Satellite Seminar dedicated to sustainability data issues with De Nederlandsche Bank in conjunction with the 65th ISI WSC and is supporting international efforts to develop and collect more comparable indicators for green finance.
- External statistics: The Committee has been organising with the European Central Bank (ECB) a series of events on external sector data, a key area of interest for central banks. The last edition, hosted by the Bank of Spain in 2024, underscored how external statistics have become paramount to address new developments in international economic relations, particularly amidst growing risks of geopolitical fragmentation and heightened uncertainty. It also showed that external statistics need to be “fit for multiple needs” to stay relevant.
Looking ahead, the IFC will continue to promote knowledge-sharing and international cooperation on statistical methodologies, initiatives and training in 2025. The Committee will also further its work in the various areas outlined above, and several events will be organised in this context with the support of the central banks of Brazil, Italy and the Netherlands.