Barack Obama will today be sworn in as America's 44th President and the first African-American one. Seldom has there been so much hope and goodwill, both domestically and internationally, as a new President enters the White House. The American people are eager for a new beginning after eight disappointing years of the Bush Presidency and the international community is crying out for global US leadership.

It is doubtful whether there has ever existed a weightier in-tray for a new President than the one awaiting Mr Obama. His agenda includes a plan to rescue the US economy, helping the ailing US car industry, healthcare reform, climate change, Iraq and Afghanistan, engaging with the world, repairing a damaged US reputation and closing the Guantanamo Bay detention centre. As President-elect, Mr Obama made a good start by appointing extremely capable advisors and Cabinet members, including two Republicans. In many cases ability was given preference over loyalty. This makes sense for, after all, Mr Obama ran for President on a centrist platform and as a unifier. People from all walks of life and of different political persuasions voted for Mr Obama and he must now do his best to represent them.

The US is facing its worst economic crisis since the Great Depression and many Americans will be looking to President Obama to fix the economy. Expectations are high but, considering the very difficult situation inherited by the new Administration, an economic recovery will be a slow process. Nevertheless, a massive economic stimulus plan is expected to be sent to Congress by the White House within days of Mr Obama taking office which will, hopefully, start the process of an economic revival, both in the US and the world.

President Obama is expected to lead the way in forging an international consensus to deal with climate change, which he has made clear will be a key priority of his Administration. He already made a good start by committing the US, soon after November's election, to a drastic reduction of its CO2 emissions, pledging to cut them back to 80 per cent of 1990 levels by 2050. If there is one issue that damaged America's reputation around the world, it was the Bush Administration's reluctance to take the problem of climate change seriously. Hopefully, this will change as from today.

The new President has to engage with the rest of the world - a world that is eager for US leadership.

Mr Obama's international challenges are many. He has to work hard to revive the European-American special relationship and must deal with unpopular wars in Iraq and Afghanistan, the battle against terrorism and al-Qaeda, a stalled Middle East peace process and conflict in Gaza, a resurgent Russia, the Iranian and North Korean nuclear threats, as well as many regional conflicts such as in Darfur and Congo.

Mr Obama's inaugural speech today is bound to inspire people both in America and abroad just as he inspired people and gave them hope during his campaign so that they once again could believe in the American dream.

The world can only wish President Obama well and look forward to him being - in the words of former Secretary of State Colin Powell - a truly "transformational figure" because that is exactly what America, and the world, need at this point in time.

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