Everyone - from Sir Mervyn King, to George Osborne, to Ed Miliband - says we need to come out of this crisis with a different kind of economy, one that is more balanced, less vulnerable to crises.

BBC: Should we forget about growth?

At a time when his critics - and Ed Balls in particular - are able to say "I told you so", George Osborne looked and sounded confident whilst the shadow chancellor looked the reverse.

BBC: UK Politics

Ed Carpenter -- the stepson of Tony George, the founder of the IndyCar racing series -- sat in the advantageous pole position at the front of the field at the start of the race.

CNN: Brazil's Tony Kanaan wins Indy 500

Thus, Labour is merely coming up with an eye-catching announcement which confirms what we already know - Ed Balls would spend a bit more than George Osborne if he were in office now.

BBC: Labour - what did they mean by that?

Shadow chancellor Ed Balls said it was "no wonder" that George Osborne found himself outvoted 26-to-1 at Tuesday's meeting.

BBC: Osborne stands alone as EU backs bonus cap

But this is exactly the question the Greek finance minister, Evangelos Venizelos, is having to fight over today, as are the European Union leaders, the Greek centre-right opposition and (in a weak echo) UK Chancellor George Osborne and his shadow Ed Balls.

BBC: Greece: How do you save an economy from going bust?