It has been a dreadful year in the European Union and the mood in Brussels has seldom been so gloomy. Not only is the debate on the EU constitution at a standstill after the French and Dutch No votes, but the 25 member states are also mired in a squabble about the division of spoils from the modest EU budget.

In Hong Kong, their trade ministers are certain to be blamed for any failure to make progress in the Doha round of trade talks, because they are unable to agree on more radical cuts in tariffs on farm products.