And openly on the dividends which it will remove

After Toulon, Annecy, Rethel, the response of the Government in the crisis continued, yesterday, to Montrichard, in Loir-et-Cher. After lending to SMEs, the plan of funding for banks and the mobilization for employment plan, Nicolas Sarkozy presented the outline of the strategic investment fund, a tool "that has never existed in the economic history of the France".

This "anti-crisis weapon", equipped with EUR 20 billion and owned by the State and the Caisse des Dépôts et Consignations (read below), will take stakes in SMEs "with the French growth" or to "secure the capital of strategic enterprises" endangered OPA hostile by the fall in stock prices. The vocation of this sovereign fund French is thus not directly to optimize an investment portfolio or support companies who "are not viable", but to preserve future growth.

"A country that has more industry, it is a country which is preparing to let go its services," said Nicolas Sarkozy, who does not want to make the France "a reserve of tourists". Unions, regularly point to the need for a more offensive industrial policy, on the whole, welcomed the presidential invitation to serve on the Steering Committee of the Fund.

Accelerate the movement

Daher aerospace company will be the first beneficiary of the Fund (see below): with 85 million euros, it will be able to invest 225 million euros that themselves generate 220 million of turnover, has been Nicolas Sarkozy. "A social policy, is an economic policy which is at the service of investment, employment and growth", he explained.

The concern to protect strategic companies is not him, new: in 2005, the Government of Dominique de Villepin had, by order, given the opportunity the State objecting to hostile Takeovers. The logic, this time, will go through many tangible investments. They were already one of the missions of the Caisse de Dépôts et Consignations, but the Elysee mark willingness to accelerate the movement. And better control.

This commitment displayed by the State to invest also slice with the logic of privatization that has long prevailed in a perspective of debt. With 7 billion euros of investments (on the 120 billion euros that it owns) to the Fund, the State is private, potentially revenue from divestments. And openly on the dividends which it will remove. Beyond 0.15 point of gross domestic product of additional debt-induced operation (consisting of the 3 billion of euros which will be borrowed by the State), Bercy cares of elsewhere more choices of investments will be made to degradation short-term public finances.

Beyond "if it works."

Nicolas Sarkozy, who likes to hardly be cluttering doctrines ("I will go not to seek solutions for the future past"), and for always claimed "pragmatism", did not exclude to go beyond the initial staffing EUR 20 billion "if it works", nor to bring foreign investors to the capital of the supported business.

The drama of the responses to the crisis, moreover, is far from closed. "We are working on a recovery plan of French infrastructure, implementing practical, tangible, sustainable development," Nicolas Sarkozy yesterday announced. A plan that would be a French component of the European and stimulus which should discuss, yesterday evening, with the President of the European Commission, José Manuel Barroso (see page 3).