Sarkozy Calls For Halt To Foreign Ownership

Nicolas Sarkozy risked blowing apart the European consensus over how to deal with the financial crisis by proposing today that each country launch sovereign wealth funds to take stakes in key industries to stop them falling into foreign hands.

The French President argued that falling share prices meant that big industries were in imminent danger of being taken over and called for the EU to follow the US Congress pledge to take $25 billion stakes in the country's three main car-making companies.
With France holding the rotating presidency of the EU, Mr Sarkozy is in a strong position to push through his plans for sovereign wealth funds as world leaders prepare to re-write gloabl financial rules at a series of Bretton Woods-style meetings starting next month.

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Now at first sight this may look as if it is a step back from globalisation but I think not, look at what has been happening, banks taken into government control, now they want to do the same to industry. Control of more and more of the structures by the state.!