The fact is the marketplace is littered with dozens of novelty watches, all of which tell time well, and which do such things as receive Global Positioning Systems signals, change the channel on TV sets, take pictures and store contact lists like a personal digital assistant.

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And all this began with a vision, as such things do.

ECONOMIST: Momofuku Ando

However, if you do think that all of those three things are true then this is the first such tax that has got things right.

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Merging with BAE would have helped EADS do all of the above: the British firm clocks up nearly 45% of its sales in America, selling such things as armoured vehicles to the Pentagon.

ECONOMIST: The proposed merger of BAE Systems and EADS