0. 6 0. 5 vacancy rate 0. 4 0. 3 0. 2 0. 1 0. 0 5. 0 5. 5 6. 0 6. 5 7. 0 7. 5 unemployment 8. 0 8. 5 9. 0 9. 5 note. years indicate the first quarter of each year. sources : statistics sweden and the riksbank table 1. resource utilisation, second quarter 2011 gap as percentage and ru indicator in standard deviation gdp gap, hp 0. 4 gdp gap, pf - 0. 4 hours gap, hp 0. 3 hours gap, pf - 0. 8 capacity utilisation¹ - 0. 3 employment rate² 0. 3 ru indicator 0. 2 unemployment gap³ - 1. 0 labour shortage¹ 2. 3 ¹ deviation from mean value, percentage points, 1996 – 2008 ² deviation from mean value, percentage points, 2000 – 2008 ³ percentage points, reverse sign bis central bankers ’ speeches

the fsf included only 11 jurisdictions ( all of which were advanced economies ), the fsb includes 24 jurisdictions and 73 representatives, which include all the members of the g20 and of which 10 are emerging market economies. in fostering global financial stability, the actions of the fsb have the potential to affect the global economy and financial system in important ways. success in promoting global financial stability should benefit everybody, through more sustainable and stronger economic growth. at the same time, financial stability policy will also affect institutions and markets beyond the fsb ’ s membership. recognizing the wide - reaching effects of its work, the fsb must seek input from a broad range of stakeholders, each of whom brings a different perspective to the issues under consideration. while we are directly accountable to the g20, we are, through the g20, accountable to all of the people affected by our actions. in my view, that means we must engage in genuine, substantial dialogue with all of these stakeholders, to a greater and more effective degree than we have in the past. let me take an example that may be of particular relevance to many of you here tonight : our regional consultative groups or rcgs. these are six groups around the globe — the americas, europe, the middle east and north africa, sub - saharan africa, the commonwealth of independent states, and asia — that bring together fsb members with about 70 additional jurisdictions. these groups help the fsb get broader input into its policy development and improve our outreach efforts. each rcg meets once or twice a year to discuss policy development, regional and global financial vulnerabilities, and other current topics of particular interest to the respective region. for instance, topics discussed at the last meeting in asia included capital flow volatility, cyber resilience of financial institutions, and fintech. these rcgs are great in concept, but they have struggled in practice. we have already begun a study to look back at how the rcgs have operated since their creation in 2011, how they interact with the fsb, and what best practices have been learned. even while that study is underway, i am committed to improving our mechanisms for reaching out to countries outside the fsb for genuine learning about the effects of fsb actions. i plan to attend a number of rcg meetings each year because of the importance i place on making sure these groups are truly useful tools, and we will improve these vital conduits of two - way information in order to improve