| Author (Person) | Barber, Tony, Chaffin, Joshua |
|---|---|
| Series Title | Financial Times |
| Series Details | 22.10.08 |
| Publication Date | 22/10/2008 |
| Content Type | News |
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Speaking to the European Parliament, Nicolas Sarkozy, France’s President, called on the 21 October 2008 for the creation of European sovereign wealth funds to buy stakes in companies with low share prices and protect them from non-European predators. His proposal underlined how some European Union leaders seized on the global financial crisis in the autumn of 2008 as a calamity that exposed the failure of US-style free markets and justified a return to the state’s traditionally strong role in European economic policy. He also called for a massive expansion of the EU's economic coordination. In Germany, in particular, the speech was not well received. German politicians and commentators alike strongly criticised Sarkozy's ideas. |
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| Countries / Regions | Europe |
