Supervisory officials, too, forming part of the central banking community had joined in to discuss matters of common interest. The Basel Committee on Banking Regulation and Regulatory Practices eventually took shape. If I understand correctly, it later came to be known as the Basel Committee on Banking Supervision (BCBS for short).
Recent research by the World Bank indicated that on average, a one percentage point decline in growth in BRICS countries could lead to a reduction of global growth of 0.4 per cent over the next two years.