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October 10, 2017

III Meeting of the Financial Information Forum

The III Meeting of the CEMLA Financial Information Forum was held in Santiago, Chile on October 4 and 5, 2017 under the auspices of the Banco Central de Chile.

The Financial Information Forum gathers Latin American and Caribbean financial authorities and international experts in charge of regulating, managing and using financial information for the design of financial stability oriented policies. The III Meeting had the participation of over 45 delegates from central banks, banking supervisory authorities, international organizations that debated: 1) the role of Central Balance Sheet Offices; 2) the progress made about Data Sharing; and 3) the interplay of Financial Inclusion and the relevant data for its measurement.

The following summarizes the key messages that were exchanged at the Meeting:

  1. Central balance sheet offices (CBSO) and other administrative registries are key to fully capture the complex and increasingly more interconnected financial and real economic sectors. In general, the use of data from the CBSO is relevant to have a better understanding of who, what and how respectively agents use financial flows within the economy, with this policymakers are better informed to address macrofinancial concerns that could pose risk to financial and monetary stability. For jurisdictions where the operation of a CBSO is still in discussion, a high-level commitment and the legal empowerment is mandatory to underpin the strategic role and public good features that this source of information displays.
  2. Data sharing agenda promoted by the Data Gaps Initiative and its Inter-Agency Group, has demonstrated important relevance either for broad and narrow schemes where the sharing of financial information is crucial for financial stability aims. Due to the interconnectivity and interdependencies of a global economy, confidentiality and data protection arise as key aspects for authorities and stakeholders of the financial information new ecosystem, so the current inter-institutional arrangements and legal framework must be adapted, where possible, to strike the balance between the granularity and the anonymity of the financial information that is subject to data sharing schema.
  3. Financial inclusion has proved its multi-dimensional nature and central banks, among other relevant financial authorities, are playing several roles in monitoring, regulating and promoting actions towards a more inclusive, while also prudent, financial sector. An important aspect of financial inclusion is the measurement of the phenomenon considering the various dimensions involved, i.e. supply and demand sides, including aspects such as educational efforts, payments and ICT infrastructure and other related policy actions. Thus, the generation, harmonization, compilation and analysis of financial inclusion related data should be within the top of the priorities for Latin American and Caribbean Central Banks, where the agenda of financial inclusion is enormously active.

 

 

 

 

 

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