The International Mathematical Union (IMU) and the International Council for Industrial and Applied Mathematics (ICIAM) jointly constituted a Working Group on Journal Ranking. The Working Group has finished its work and produced a Report which is now electronically available. The report was discussed in a minisymposium at ICIAM 2011 in Vancouver. IMU and ICIAM have afterwards decided to start a blog on Journal Ranking in the fall of 2011. Note added: The blog on mathematical journals was opened on November 18, 2011. Please contribute to the discussion.