FSB - The Financial Crisis and Information Gaps

Progress Report
Action Plans and Timetables
Prepared by the IMF Staff and the FSB Secretariat
May, 2010

EXECUTIVE SUMMARY
In November 2009 the G-20 finance ministers and central bank governors endorsed 20 recommendations to address information gaps described in the report “The Financial Crisis and Information Gaps” prepared by the Financial Stability Board (FSB) Secretariat and International Monetary Fund (IMF) staff. They requested the FSB Secretariat and the IMF staff to report back by June 2010 with a concrete plan of action, including a timetable, to address each of the outstanding recommendations in the report. This report responds to that request. A consultative process was conducted involving international experts on financial stability and statistics from national authorities, international agencies, as well as standard setting bodies. The report describes the progress since November 2009 and the plans going forward. It contains a number of key messages:

• Work has started to address all the 20 recommendations. The November 2009 Report provided significant impetus for further action and, since then, considerable progress has been made in a number of the recommendations.
  
• Some of the most challenging recommendations (such as those calling to better understand global financial networks) are among the most important for enhancing financial stability analysis.
   
• Closing all the gaps will take time and resources, and will require coordination at the international level and across disciplines, as well as strong high-level support. The legal framework for data collection might need to be strengthened in some economies.
   
• Flexibility and prioritization in the timetable of implementation will be needed to account for the countries’ level of statistical development and resource constraints.
   
• Before the next progress report is due in June 2011, IMF staff plan to visit individual G-20 economies to discuss reporting practices and feasible strategies for implementing the work plans and timetables going forward. Feedback from these visits will be reflected in the next report.

 Set out ahead is a summary table of the progress to date, and the proposed action plans going forward, with timetables, in addressing the 20 G-20 endorsed recommendations. Detailed action plans and timetables are in the Annex. The report seeks endorsement by the G-20 ministers and central bank governors of these action plans and timetables.

[Mrt: the timetable is included in the document]

Source: http://www.financialstabilityboard.org/publications/r_100510.pdf