For political as well as business leaders the worst of times can also be the best of times. This has been particularly true lately for Nicolas Sarkozy, the French president. It should come as no surprise given his unique combination of energy and pragmatism.

In the UK, the crisis looks like Gordon Brown’s first and last “Churchill moment” with the same likely outcome: greatness followed by defeat in the ballot box. By contrast, in France the electoral calendar seems much more favourable to the incumbent president. Elections are not due before 2012 and the situation may get much worse before it gets better, just in time for the next presidential contest.