Thirdly, there may have been steady long-term improvements in economic efficiency, due to technological innovation, especially the progress made in IT. At the same time, on the wage front, firms have been restraining labor costs by hiring part-time and temporary workers instead of regular employees.
However, the risks always exist that a proliferation of regional organizations may result in fragmentation of our coordination and cooperation efforts leading to less effective results. BIS central bankers’ speeches  1  Cooperation and coordination of central banking activities is very important for emerging and developing economies.