Just as governments in Italy, France and Germany have moved to centre-right coalitions, America is poised to elect its first centre-left administration in over a decade. While Europe is trying to reform work laws and reduce the role of the state in its economics, the US appears poised to do the opposite if Barack Obama wins today.

Mr Obama has proposed raising taxes on business and the top 5 per cent, increasing spending in a wide range of areas and requiring employers to provide healthcare or pay a tax to pay for it. The years of President George W. Bush's laisser faire will be over.