Nevertheless, we see some evidence of the forces of globalization in labor markets. In just the past ten years, the share of the U.S. population born in a foreign country rose from less than 9 percent to almost 12 percent.
On that issue, I note that the Financial Stability Board has recently begun discussions on the challenges of mutual recognition, though these are still at an early stage. Adding further to the complexity is that the environment is already being shaped by regulatory developments in the major jurisdictions, especially the US and Europe.