President Nicolas Sarkozy would like to emerge as the economic “president” of Europe until 2010 - overseeing a united response to the world financial crisis by the 15 Eurol and nations and Britain.  

The French president has launched a diplomatic and media campaign to suggest that his current role as conductor of the European Union economic orchestra, due to expire in December, should be extended informally, until the end of 2009.

Berlin, and several other capitals, are expected to oppose the idea.

Fears – or hopes – that President Sarkozy wants to use the crisis to impose a more “dirigiste” and less free-market approach on European economy will be heightened by another proposal that he tabled today.  

France is to create a €175bn “sovereign fund” to invest in “strategic” companies threatened by foreign take-over during the crisis. M. Sarkozy wants all EU countries to create similar state investment funds and to use them jointly to protect European companies if necessary.

Sarkozy Challenges Germans With New Europe Power Bid