World leaders are to gather in Washington 11 days after the presidential election to try to build a new global financial structure. This raises an interesting question of US representation at the meeting. Should it be confined to an outgoing president with no stake in the outcome beyond his legacy, or should his successor also have a seat at the table – if not in person, then through designated surrogates?

It is hard to imagine any of the non-Americans present objecting if Barack Obama dispatched the likes of Paul Volcker, Robert Rubin, Larry Summers or Gene Sperling, all with impeccable credentials, who could end up in his government. John McCain’s econ­omics bench is thinner in quality but, as long as Phil Gramm were not included, it would be equally welcome.