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 34 governors as permanent members plus a number of other governors attending on a revolving basis.
The GEM is a very important forum as it assesses global economic and financial conditions, analyses economic and financial policy issues of common interest to central banks. It now exerts governance over the central bank cooperative activities conducted by various Basel-based central bank committees under the auspices of the BIS.