Many forecasters, myself included, have been revising upward their estimate of trend productivity growth in response to recent unexpectedly strong productivity growth. Many of these estimates are now about 2% or slightly higher. Part of the increase – about ¼ percentage point – from the earlier trend of just above 1% reflects improved measurement and is not in fact an acceleration of true productivity.
Concerning the global policy response to the crisis, the G20, the Financial Stability Board and the Basel Committee for Banking Supervision (BCBS) are all playing a key role in defining and prioritising the global regulatory reform agenda, coordinating the ongoing work on standard setting, and monitoring the implementation of measures that have already been agreed upon.