During last year’s election campaign, Barack Obama’s supporters stressed his promise as a leader who could restore US standing in the world. Even at home, despite the worsening economy, many of Mr Obama’s fans deemed this his most important virtue. The rest of the world agreed. Understanding that nothing happens unless America takes charge, few other governments were opposed to a renewal of US leadership. On the contrary, most longed for it.

As the Group of 20 developed and emerging nations’ summit in London approaches, how is that going? About as well as could be expected.