Germany Says No Plans To Match Sarkozy Fund Idea

France`s President Sarkozy delivers a speech at the business and financial outlook for the written press industry in Paris

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Germany Says Plans Match Sarkozy Fund Idea

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He has also urged leaders of countries that use the euro currency to hold regular meetings.

Germany has no plans to set up the kind of strategic fund to protect domestic industries that French President Nicolas Sarkozy is considering, a government spokesman said on Friday.

Spokesman Thomas Steg told a government news conference that Germany viewed existing legislation as adequate and said any national steps taken by EU member states must not violate the bloc's competition rules.

Sarkozy announced on Thursday that he was setting up a fund to protect French industries from foreign predators and promote national technological excellence. He has also urged leaders of countries that use the euro currency to hold regular meetings.

Steg said Germany was not consulted before Sarkozy, who holds the rotating presidency of the EU, announced his proposals.

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