This week's monster G20 summit has already delivered the usual combination of diverting fluff and pre-packaged substance. The fluff includes President Barack Obama's gift of an iPod to the Queen, and the Strasbourg "dress-off" between Michelle Obama and Carla Bruni Sarkozy. And the Americans proud verdict: their first lady won.

The substance was obviously more important, but, frankly, even more predictable. America and its allies made a strong case for fiscal stimulus. Germany, flanked by a grandstanding France, said continental Europe had already spent enough at home, thank you very much, and the real need was for tougher global rules of the road to rein in those speed-crazed Yanks. And, at the end of the day, as Mr Obama predicted to the Financial Times a week earlier, the 20 leaders patched over their differences.