Spring is a season for hope and renewal. All that stands between us and an end to gloom and doom are...the facts. But perhaps it is time to give optimism a try. Perhaps all the negativity is being overdone. Clearly, it can be self-fulfilling. Leaders should not be moping about, feeling sorry for themselves and spreading misery.

According to Peter Shaw, a partner at the coaching consultancy Praesta, when one chief executive asked his chairman what was the most important thing he should be doing at a time like this, his answer was: “Smile”.