OMFIF-State Street Central Banks and Data Challenges Roundtable: Monetary Policy, Financial Stability and Reserve Management

Technological innovations have led to a data explosion. The benefits to the global economy and financial system could be significant if central banks modernize how they handle data. While the core functions and mandates of central banks have not changed in half a century, they are suddenly finding access to far broader and deeper sources of data. This “information revolution”, alongside the evolving macroeconomic environment, geopolitical risks, budgetary and regulatory constraints, and structural changes in capital markets, poses challenges for central banks and forces them to adapt to different ways of acquiring, handling, integrating and using data.

This roundtable will examine three key areas central banks need to consider when categorizing, integrating and managing data: monetary policy decision-making, promoting financial stability and managing reserves. Key topics for discussion include:

– Utilization and development of big data capabilities by central banks after the 2008 financial crisis
– The growing importance of non-traditional data sources to help central banks react to market conditions when making monetary policy decisions
– Improving economic statistics through nowcasting, using a wide range of data at mixed frequencies and producing forecasts that can be updated in near real time
– The incorporation and application of new data by central banks in measuring economic performance, monitoring markets and financial risks, and developing early warning systems

This confidential meeting is primarily aimed at senior officials from central banks and other public financial institutions.

This is the first of two roundtables hosted by OMFIF and State Street Bank to better understand the challenges and opportunities facing central banks in the digital age. The series will culminate in the release of a solution-focused report in 2023. The second roundtable on the operating models, technological platforms and integrated data strategies that central banks should consider for data categorization, integration and governance will take place on 23 November 2022 and further details are available here.

Speaker:
To confirm.

Times:
09:00-10:15 (London)
04:00-05:15 (New York)
17:00-18:15 (Singapore)