Many people will try to set US President-elect Barack Obama's priorities, but one person is sure to have a major effect. The outgoing US President George W. Bush has bequeathed an unenviable legacy: an economic crisis, two wars, a struggle against terrorism, and problems across the Middle East and elsewhere.

If Obama fails to fight these fires successfully, they will consume his political capital, but if all he does is fight them, he will inherit Bush's priorities. The new president must deal with the past and chart a new future at the same time.

Foremost on Obama's agenda will be the economic crisis, where his domestic and international priorities intersect. He will need to stimulate the economy and avoid protectionist pressures at home, while also taking the lead in restructuring the global financial system. Cooperation with others will be essential.