First, the recent high rates of productivity growth are clearly above secular trends and suggest that firms have been working employees more intensely, deferring maintenance, and taking other temporary measures to raise output, behavior that is characteristic of the early stages of an employment expansion.
Members of the Forum are: representatives of the IFIs, the BIS and the OECD, representatives of key international regulatory groupings, namely the Basel Committee on Banking Supervision, IOSCO, the International Association of Insurance Supervisors, central bank experts concerned with market infrastructure from the Committee on Payment & Settlement Systems and the Committee on the Global Financial System and — not least — representatives of the national authorities — the ministries of Finance, central banks and senior supervisory authorities — initially of the G-7 countries.