Angela Merkel, Germany's chancellor, wants to create a single transatlantic market for investment by harmonising US and European Union regulations. In principle, any moves to bolster trans-atlantic relations are welcome, particularly after the rifts created by the Iraq war. However, Ms Merkel's proposal, a centrepiece of Germany's six-month EU presidency, may be counterproductive.

Clearly, barriers still divide the US and EU economies, in spite of their extensive integration. With high-level political support from both sides, a concerted, if low-key, effort has been under way to lower them since the late 1990s. Admittedly, it has produced few tangible results so far. But there is little reason to believe Ms Merkel's proposal would do any better. Indeed, it might make progress even more elusive.