The IFC is a forum of central bank statisticians, economists and other stakeholders involved in statistical and broader data issues of interest to central banks. The IFC has 110 members and is an affiliated member of the International Statistical Institute (ISI). It is currently chaired by Governor Michele Bullock of the Reserve Bank of Australia.
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.
Ensuring wider cooperation with the global statistical community 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, and financial innovation and inclusion, as well as to foster adequate access to and sharing of data. In addition, the Committee has been actively involved in the activities of the ISI, in particular at its 65th biennial World Statistics Congress (WSC), for which it sponsored several sessions on behalf of the central bank community. Furthermore, IFC members and the BIS have supported the publication of the newly revised international statistical standards for the System of National Accounts and Balance of Payments. They have also contributed to various initiatives to strengthen the global statistical infrastructure, especially in promoting the international Statistical Data and Metadata eXchange (SDMX) standard.
The four main areas the IFC focused on in 2025, thanks to the support of its member central banks, the ISI and a number of international organisations, are the following:
- Micro data. The IFC continued to contribute to important international initiatives in the area of micro data in 2025. 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.
- Data science and artificial intelligence (AI). 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 innovative data techniques. The 2025 edition emphasised the exploration of generative AI and its potential applications in central banking. In addition, the Committee published a dedicated IFC Bulletin on how data science can effectively foster the use, reuse, access and sharing of statistics. Lastly, it released a report on the implementation of AI in central banks, which has become a key priority especially in the areas of cyber security, research and analysis and statistics.
- Data governance. 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.
- Sustainable finance. 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.
- In view of the expansion in recent years in both the membership and the scope of the Committee, the BIS All Governors endorsed new Terms of Reference for the IFC in May 2025 that clarify its governance arrangements and expand its mandate to cover broader data issues.
Looking ahead, the IFC will continue to promote knowledge-sharing and international cooperation on statistical and data issues in 2026. It will also further advance its work in the areas outlined above and organise several events in this context with the support of the European Central Bank (ECB) as well as the central banks of Japan, Malta, Poland and Portugal. Most importantly, a key objective will be to review the Committee’s strategic priorities to ensure close alignment with its revised mandate.