America’s financial and budgetary policies were the wellspring of the crisis gripping the world’s financial markets. Their failures have caused many of my fellow Germans to cast nostalgic glances at the “glorious era” of state ownership of banks and manufacturers.

The only person outdoing us is Nicolas Sarkozy, French president. He foresees politicians being granted control of Europe’s key industries and of the European Central Bank. Mr Sarkozy’s proposals overlook the fact that it has been the ECB’s independence that has enabled it to serve as a corrective to governmental policies and powers.