Scarcely a week goes by without evidence of the negative impact of the credit crisis. Recently the focus has been on Spain, whose reliance on property and construction will arguably increase its exposure to the economic downturn. Italy’s problems – high public sector deficits and rising inflation – are equally well documented. As for the UK, Warren Buffett, the billionaire investor, has drawn attention to the risk that the economy’s structure may make it vulnerable to any US-led recession.