The current economic crisis may produce new transatlantic tensions, notably over trade. The Doha round of world trade talks is barely alive. Large American aid to ailing carmakers is discomfiting European governments that are under pressure to follow suit. Subsidies may indeed become a new protectionist battleground, as similar concerns play out in other industries.

In a few areas Europe may be able to offer helpful support to Mr Obama, notably the Middle East. Mr Sarkozy, who has shifted French diplomacy towards a less Arabist and more pro-Israeli position, has been characteristically busy in the Middle East recently. Mr Obama’s new envoy to the Middle East, George Mitchell, plans to visit both Paris and London on his way back from his first trip to the region.

All Europeans are relieved to see the back of Mr Bush and thrilled to have Mr Obama as president. His face continues to dominate television screens, newspapers and celebrity magazines. In the five biggest EU countries large majorities, ranging from 77% in Britain to a staggering 92% in France, told a recent poll that he would have a positive impact on international events. One struggling German firm even approached the American embassy seeking “Yes, We Can” buttons to give out to its demoralised workers.

In the circumstances the last thing any government in Europe will want is to be seen to displease the new American president. But meeting his expectations with actions, rather than fine words and rapturous applause, may yet prove hard.

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