Central banks can't solve world's economic problems by themselves
Central banks cannot solve the world's economic problems by themselves, the chairman of JPMorgan Chase International and a former governor of the Bank of Israel said Thursday.

Speaking to CNBC in in Shanghai ahead of a G-20 meeting of the finance ministers on Friday, Jacob Frenkel said the solution to the problem of slowing growth today laid in structural reforms.

"I don't believe the problem today is a problem of lack of liquidity or a problem that can be solved by central banks," Frenkel said.