Central banks embrace new data and AI for enhanced decision making
The BIS IFC Bulletin No 66 presents proceedings from a conference on "Statistics and beyond: new data for decision making in central banks". It highlights the profound transformation of central bank statistics due to digitalisation, AI, and the growing need for robust evidence in policy making.
Data as a core strategic asset
Central bank statistics are undergoing profound transformations, driven by digitalisation and novel analytical techniques that enhance data availability and usability.
This evolution is matched by a growing demand for robust evidence to inform increasingly complex policy decisions.
Data has become a core strategic asset, improving the accuracy, granularity, and timeliness of reference statistics.
This transformation also underscores the importance of safeguarding information integrity through shared principles, robust methodologies, and collaboration within the broader data ecosystem.
Central banks' long-standing expertise has enabled them to effectively embrace these changes, sustaining the provision of trustworthy information for policymakers and society at large.
Their statistical function has matured with a commitment to ethical standards, professional independence, and sound international cooperation.
Navigating an expanding data universe
The transformation in central bank statistics necessitates an ambitious roadmap, with six main priorities emerging from IFC members' experiences.
These include making sense of the expanding data universe to improve statistical offerings in terms of breadth, speed, timeliness, depth, and length.
A key focus is leveraging innovative techniques, such as generative artificial intelligence, to transform abundant data into meaningful and policy-relevant insights.
The conference proceedings highlight diverse efforts across these priorities, from enhancing data governance and quality to advancing macroeconomic and financial stability statistics, and exploring the implications of big data and AI.
Essential, yet complex evolution
This bulletin underscores the critical, ongoing evolution of central bank statistics, moving far beyond traditional methods into complex digital and AI realms.
While essential for informed policy, the sheer breadth of topics and the need for robust governance highlight the immense challenges in integrating these new data sources effectively.
The collective effort showcased here is vital, yet the journey towards fully harnessing these capabilities remains long and fraught with methodological and ethical hurdles.