European Union policymakers and experts on Wednesday hailed Barack Obama’s US presidential election victory as a chance for a fresh start at tackling the world’s security and economic challenges, but some warned against raising expectations too high.

“We need to change the current crisis into an opportunity. We need a new deal for a new world. I sincerely hope that with the leadership of President Barack Obama, the United States of America will join forces with Europe to drive this new deal,” said José Manuel Barroso, the European Commission president.