( bcbs, iosco and iais ) would be represented by two members each, and the cgfs and cpss by one each. participation could over time be extended to include representatives from a small number of additional ( i. e. non g - 7 ) national authorities that could contribute substantially to the process, or to invite them to attend meetings as guests. the chairperson should be appointed in a personal capacity for a period of time which is adequate to ensure continuity in the work of the forum. experience would seem to indicate a term of not less than three years. i would like to suggest the appointment of mr andrew crockett, general manager of the bis, for a term of three years. the forum would meet as often as needed to achieve its objectives. initially two meetings a year could be envisaged. the first meeting of the forum could be held in spring 1999. the forum could ask members to form working groups in order to facilitate its work or address specific ad hoc issues. a permanent “ chairman ’ s group ” composed of the representatives of the ifis and the international regulatory groupings and, if necessary, of national supervisors directly involved in specific issues could meet around or between the forum ’ s meetings to coordinate follow - up activities to the forum ’ s outcome. support for the forum would be provided by a small secretariat located at the bis in basle. members of the secretariat could be drawn from the bis and from the participating international financial institutions. staff from the ifis would not be expected to move to basle ; if appropriate, they could remain based in washington, working closely with their colleagues in basle. this bis review is available on the bis website at www. bis. org.

addition, the forum should identify gaps in existing work, and propose appropriate means of filling such gaps. finally, the forum should, wherever possible, aim to produce concrete, implementable recommendations, as distinct from analytical reports stating alternative views. and it should monitor the implementation of those recommendations. iv two particular points have to be addressed further. firstly, the involvement of the private sector. the forum is asked to find flexible ways of drawing on private sector expertise. one way is for the forum to meet with the private sector immediately before or after the meeting. it would also be possible for sub - groups of forum members to meet the private sectors on other occasions. secondly, countries outside the g - 7 should be more involved. that can be done either be inviting qualified experts from outside the g - 7 to contribute to the activities of the working groups. or by inviting representatives from national authorities as guests in the forthcoming regular meeting of the forum. in the meanwhile, the first meeting has taken place. upon my proposal, the g - 7 ministers and governors have appointed andrew crockett to be the chairman of the forum for three years. that guarantees the necessary experience as well as continuity. three working groups have been established : - the working group on highly leveraged activities and institutions ; howard davis ( uk ) has the chair. the working group on short - term capital flows ; mario draghi ( italy ) has the chair. the working group on offshore centres ; john palmer ( canada ) has the chair. the second meeting is scheduled for mid - september. i am personally following the work of the forum with great interest, of course, but also at some distance because from september 1st onwards i shall be only an outside observer, but an interested one. and let me end with the following remark : if the forum can help to improve the international financial framework, it may make a greater contribute to coping with systemic risk than a lender of last resort ever could.