Nicolas Sarkozy is an ideological contortionist. At times the French president has adopted the stance of an economic liberal, pressing for more competition, entrepreneurship and risk-taking. Then he bends over backwards and argues that the nation state – and the European Union – must intervene in trade and competition policy to protect its citizens.

No sooner did Mr Sarkozy clinch the votes of far-right National Front supporters in last year’s presidential election than he invited prominent Socialists into his government. No sooner has he advanced one proposition than he has seemingly argued its reverse. But as the Group of 20 leaders discovered at the weekend, there are few ideological certainties any more. In a world turned topsy-turvy by the financial crisis, is Mr Sarkozy’s pragmatic populism finally seeming a little less bizarre?