A fine spirit of co-operation marked the first response of governments around the world to the financial crisis. Today, with recovery far from secure, the mood has shifted to one of recrimination (on currency misalignments) and lassitude (on financial regulation and other unfinished business). In preparations for next month’s Group of 20 summit in Seoul, governments must refresh their sense of urgency before the world economy does it for them.

For now, currencies continue to attract most attention. Beijing’s undervaluation of the renminbi distorts trade and imposes burdens on China’s trading partners. Despite promises to act, China’s government has failed to move.

Acting in concert while mindful of the danger of escalating a “currency war” into outright trade war, other nations should ratchet up the pressure for gradual but meaningful appreciation of the renminbi. Done right, this can serve the interests of all. Yet voicing criticism of China is almost too convenient. It distracts attention from other pressing issues, where the onus to act lies elsewhere.