This forum includes central bank governors from all systemic emerging economies. I currently have the privilege of chairing the GEM, and find the candid exchange of views at our bi-monthly meetings of enormous value. 4  BIS Review 81/2010  And a third example is the reform and the expansion of the Financial Stability Board (FSB).
However, with the tightening of the crisis in the fall of 2008, the collapse in world trade and the global increase in risk aversion, emerging market economies in general came under considerable constraint. Moreover, country- as well as region-specific vulnerabilities moved into the focus of market participants and investors. Credit default swaps increased, but the increase was not at all homogeneous across CESEE countries.