The rapid pace of technological change is matched by the ever-evolving risks to financial stability and the global economy, as shown by the Covid-19 pandemic, the acceleration of climate change and the volatility of digital financial assets. It is within this environment that central banks need to harness technology to capture, handle, integrate and use new data effectively. OMFIF and State Street have produced a solution-driven report to better understand the challenges and opportunities facing central banks in the digital age.
This launch event presents the key findings of the report and assesses the benefits to the global economy and financial system from central banks modernising their approach to data. The report seeks to address the ways in which central banks are developing and implementing data governance strategies in the digital age. It investigates how central banks are using big data and unconventional data sources for key policy-making competencies, including financial stability, monetary policy and reserves management. In addition, it explores the kinds of technological infrastructure, operating models and strategies central banks are pursuing, as well as the risks and challenges involved in undertaking and institutional transformation with regard to data governance.
Economics and Statistics Directorate
Asset Owner Segment, EMEA
State Street Bank & Trust
Data Governance Division
Bank of Lithuania
Banco Central de Chile
Statistics and Research Support
Bank for International Settlements
Recorded on 27/04/2023