The plan – revealed by the French daily Le Monde on Wednesday (22 October) – is based on the rationale that the EU needs a strong presidency and a much more united front to respond adequately to global challenges, such as the current financial meltdown.
'Unified economic government'
Speaking to MEPs on 21 October, Sarkozy had already highlighted the need for a "unified economic government" of the Eurogroup, calling for more regular coordination meetings at head of state and government level, such as the extraordinary Eurogroup meeting held in Paris on Sunday 12 October to tackle the vertical slide of European stock exchanges. "When the crisis takes on the proportions we've seen, a meeting of finance ministers is not up to the gravity of the crisis," he told MEPs.
It would now appear he sees himself presiding over this hypothetical group until 2010 in a bid to offer a stronger command than that which could be offered by the successive six-month EU presidencies of the eurosceptic and struggling Czech government and the Swedes, who remain outside the eurozone. Then, in 2010, Spain would be able to take over from Sarkozy, combining the two roles of EU and eurozone president.
In the meantime, Sarkozy hopes to impose his economic vision on the rest of the bloc, including plans to set up European sovereign wealth funds to fend off foreign takeovers of strategic companies by cash-rish oil-exporting countries such as Russia, Dubai and Qatar during the crisis. Yesterday, his government announced that France itself was creating a €175 billion "strategic investment fund" to prevent French industrial groups from falling into foreign hands as shares plunge to an all-time low.
Bypassing the Czechs?
But Sarkozy is still some way off convincing his EU counterparts. Czech Deputy Prime Minister Alexandr Vondra immediately rejected the notion that the Czech Presidency could be 'bypassed', saying: "Nobody can take the presidency away from the Czech Republic. Any speculation over an extension of the current presidency is groundless and unacceptable," according to Thomson Financial News.
He added that the French plans would more likely divide the Union rather than strengthen it. "If the Eurogroup agrees to be presided over by a Frenchman and to meet more frequently, most probably we will not be able to prevent this," he said, adding: "However, it would not be a wise move but one which would divide EU rather then unify it."
The Germans are also said to be opposed to the plans, with the UK's Independent citing a German government spokesman as saying: "The natural chairman of such a group would be the Luxembourg Prime Minister and Finance Minister Jean-Claude Juncker."
In denial
But France's European Affairs Minister Jean-Pierre Jouyet yesterday (23 October) denied that Sarkozy was aiming to chair a group of eurozone leaders. He nevertheless backed the idea that Europgroup meetings should take place at the level of heads of state and government, adding: "After EU states agree on the principle of this and there is a political organisation, the designation (of a president) will follow," according to Reuters.
Jouyet further insisted that "Nicolas Sarkozy is asking for nothing for himself" and that "if it is Jean-Claude Juncker it is Jean-Claude Juncker. What is important is that the impetus, the energy and the pro-activity remains in place," he added.
The question, he said, is: "Do we want to return to business as usual or do we want to capitalise on the impetus given to the euro zone?" European leaders are unanimous in assessing Sarkozy's handling of the financial crisis as "exemplary", he added.
