While the competition of these priorities and plans for solving the Syrian crisis harks back to the Cold War, ironically these P5 antagonists may have provided the outline of a framework and some structural stability that the Annan plan has been lacking to date.

CNN: The only glimmer of hope for Syria

The longer-term challenge for the Fed and other central banks is to build a new monetary-policy framework that takes account of recent structural changes in the global economy, such as the integration of China.

ECONOMIST: Yesterday's financial architecture needs refurbishing

Mr Kato also called on the government to "step up the pace of structural reforms, " and to complete a regulatory framework for commercial banks.

BBC: Iraq economy 'on track' says IMF