Vowing to protect French industry from foreign predators and a worsening economic slump, President Nicolas Sarkozy introduced an investment fund of 20 billion euros ($25 billion) on Thursday.
President Nicolas Sarkozy suggested that European leaders set up sovereign wealth funds to buy stakes in crucial industries to shield them from foreign raiders.
American lawyers seeking to bring a class-action lawsuit against the French bank Société Générale over its billions of euros in unexpected losses came to France on Wednesday looking for publicity, and plaintiffs.
European governments, already under pressure from slowing economic growth and falling tax revenue, are increasingly concerned that the anger over higher gas prices could grow.
At Société Générale’s annual meeting, several investors called for the resignation of the chairman, Daniel Bouton, and accused management of transforming the bank into a casino.
Serious management failures by superiors allowed a rogue trader at Société Générale to commit the biggest fraud in financial history, according to an internal report to be released Friday.