At the same time, progress has been also made in deepening central bank cooperation and extending its geographical scope. The main forum of global central bank cooperation is the Global Economy Meeting (GEM) which takes place in Basel. Over the past few years, this forum has been including  13  6  See, e.g., Woods (2010).
Of course, the views I express are my own and not necessarily those of other members of the Board of Governors or the Federal Open Market Committee. As you all know, the Federal Open Market Committee lowered the federal funds rate target last week in response to an apparent softening in near-term economic prospects.