28.10.05

Contradictions protectionnistes

In May, when the French voted against the Euro-constitution, they were said to be rejecting not so much the idea of Europe as what they feared Europe was becoming: a liberal, open, free-market zone. Faced with this defensive mood, two political responses were possible. Either explain that France cannot dodge globalisation; that it brings opportunity as well as pain; that the country is well-placed to adapt; and that chronic unemployment is avoidable. Or kowtow to public opinion, blame globalisation for every ill and seek refuge in old-time protectionism.
The second option was chosen.(...)
This year, while the political class has railed against globalisation, companies have been cashing in. In the first eight months of 2005, France topped the league table for European cross-border acquisitions, bagging €59.5 billion ($71.8 billion), according to Dealogic, a banking analyst. Pernod Ricard, a drinks company, bought Allied Domecq, its British rival. Suez, a utilities firm, picked up Belgium's Electrabel. France Télécom nabbed Spain's Amena, a mobile-phone operator. All this brings profits and tax revenues to France.