Warnings over the attendant risks are also on the increase. “Protectionism would be a sure-fire way of turning recession into depression,” says Lord Mandelson, the UK business secretary.

The historical parallel is all too clear. Eight decades ago the US, followed by governments in Europe and elsewhere, launched a wave of protectionist measures that heightened tensions and aggravated the economic crisis. Could it be about to happen again?

Europe's willingness to confront the US over the Buy American provisions in its economic stimulus package suggest the times have changed somewhat. Barack Obama, US president, even received a lecture from France when its trade minister said the plan to use only US steel was “a very bad signal” and “clearly protectionist”.