Reuters – President Nicolas Sarkozy vowed on Tuesday to protect French businesses from sovereign wealth funds and private speculators and urged a state bank to roll up its sleeves and help France defend its industrial interests.
Sarkozy’s appeal came months after a national row over the independence of the state-owned Caisse des Depots et Consignations, which manages state pensions and has answered directly to France’s parliament since the aftermath of Napoleon.
"There is no question of France remaining unable to react in the face of a rise in the power of extremely aggressive sovereign funds which only follow economic logic," Sarkozy said.
"France must protect its companies and give them the means to develop and defend themselves. I want the CDC to be the instrument of this policy of defending and promoting the essential economic interests of the nation," he added.
