Statistical products maximise their impact when they measure things the same way across time and across geographic locations. This cluster reports on the progress in various overarching data standardisation initiatives. Efforts on specific types of finance are included in the relevant cluster.
The Statistical Data and Meta eXchange (SDMX) initiative is an international initiative that aims to develop and use more efficient processes for the exchange and sharing of statistical time series data and metadata among international organizations and their member countries. In March 2016, the seven SDMX sponsor organizations (Bank for International Settlements, the European Central Bank, Eurostat, the IMF, the Organization for Economic Co-operation and Development (OECD), the United Nations Statistical Division and the World Bank Group) released a SDMX Roadmap 2020, presenting a vision of where SDMX is heading in the next few years. In the document, the sponsors identify the following four main priority areas for work: (a) Strengthening the implementation of SDMX; (b) Making data usage easier, especially for policy use; (c) Modernizing statistical processes and improving the SDMX standard and the information technology infrastructure; (d) Improving communication. The road map is complemented by a rolling medium-term action plan for sponsor organizations, with deadlines and responsibilities.