[Source:Independent.co.uk]
Christine Lagarde, France's economy minister, may establish a French sovereign wealth fund to counter the rising power of the state-owned funds from the developed world.
In a debate on French television, Mme Largarde called the idea "seductive" and said she was thinking of creating a French fund. Such a move would represent an astonishing volte face from the country that has been one of the harshest critics of SWFs, many of which are controlled by Middle East and Asian governments in the developing world and have become increasingly active in Europe and America.
It was just a few weeks ago that President Nicolas Sarkozy was issuing stern warnings about the danger of these "extremely aggressive" funds and joining a chorus of European parliamentarians calling for the imposition of a code of conduct on SWFs. It seems now that France could take an "If you can't beat them, join them" approach.
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