Although the economic pain that is being inflicted on Russia and the ex-tigers is out of all proportion to the policy errors of their governments, the fact remains that the vulnerability to financial crisis was created not by international speculators and other bogeymen but by woefully inadequate oversight of domestic finance, private, public and quasi-public.

ECONOMIST: Heading for meltdown? | The

The crisis is being seen by this quintet of finance ministers as an opportunity to get back some of that spirit of international co-operation which marked the response to crisis in the winter of 2008-09.

BBC: Britain pushes hard choices for Europe's hard core

As Western countries continue to be plagued with economic downturns, including much of the European Union for whom another debt crisis looms, these large but still emerging nations are gaining influence in international finance.

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