10th Meeting of the Advisory Expert Group on

Transcript:10th Meeting of the Advisory Expert Group on:
10th Meeting of the Advisory Expert Group on National Accounts April 13-15, 2016 Paris, France Claudia Dziobek IMF The IMF’s Data Standards Initiatives IMF’s Data Standards Initiatives Special Data Dissemination Standard (SDDS): For countries accessing capital markets ; established in 1996. Special Data Dissemination Standard Plus (SDDS Plus): SDDS subscribers with systemically important financial systems; established in 2012. Enhanced General Data Dissemination System (e-GDDS): to assist e-GDDS participants to graduate to the SDDS; established in 2015. I: Special Data Dissemination Standard Plus (SDDS Plus) Established in 2012 in the context of the Eighth Review of the Fund’s Data Standards Initiatives, as the third and highest tier of the Data Standards Initiatives Launch took place in November 2014 Special Data Dissemination Standard (SDDS) Plus Why the SDDS Plus? Highest tier of the IMF’s data standards initiatives Adherents disseminate data necessary to assess and analyze systemic risks to domestic economies Contribute to global financial stability and strengthen bilateral and multilateral surveillance 4 Voluntary and open to all SDDS subscribers in full observance of SDDS requirements Includes all SDDS prescribed data categories, plus nine additional data categories Rigorous dissemination requirements including for coverage, timeliness, and time series data No flexibility option (unlike SDDS) but a transition period until end-2019 to meet all nine additional data categories Requires adherents to prepare metadata, ARC, and a “modernized” NSDP (more on this below) 5 Modalities of the SDDS Plus 6 SDDS Plus: Nine additional data categories SDDS and SDDS Plus: Comparison of Coverage, Periodicity, and Timeliness 7 SDDS Plus: Implementation Status The first cluster of countries met the requirements in February 2015. France, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, and the United States. Japan and Czech Republic expected by end-April 2016. The priority for the period ahead will be to promote adherence by economies with systemically important financial systems that play a leading role in international capital markets. Experience with the first cluster of countries indicates that—once the country is producing the required data—adherence takes about 3–4 months of close collaboration between staff and the authorities. This will involve primarily transitioning all data categories to the revamped NSDP using the Statistical Data and Metadata Exchange (SDMX). 8 II: Enhanced General Data Dissemination System ( e-GDDS) Context On May 1, 2015, the Executive Board discussed the Ninth Review of the IMF’s Data Standards Initiatives. Directors supported staff’s proposals for enhancing the General Data Dissemination System (GDDS).