If it were not for action by central banks the global economy and financial system would be close to collapse. Yet central banks can only give temporary ‘breathing space', and the signs are that, unless governments take action very quickly, that breathing space will be wasted. That is the impression left by a review of the opening remarks of officials and the mood of delegates as the International Monetary Fund (IMF) annual meeting gets under way in Tokyo.

Central banks are coming in for much