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.

This might, therefore, be a time for gloom and pessimism but the positive side of the coin is that for the UK the credit crisis gives a unique opportunity to start answering fundamental questions about how the country should earn its living in the 21st century. We have little time left to resolve this issue but the credit crisis may provide the stimulus we need to come up with answers to a question that has defeated policymakers for more than 50 years.