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PARIS - President Nicolas Sarkozy said yesterday he was determined to shape France's economic landscape, regardless of the international environment, and expressed hopes that 2008 would see the demise of the iconic 35-hour work week.
At a time when high oil prices and financial turmoil sparked by problems in the US sub-prime market are casting clouds over the economic outlook, Sarkozy said the real brakes on French growth were homemade.
"What do we want to do, sub-prime crisis or not, a mediocre international climate or not? Liberate the forces of work in France. France's problem is known, we don't work enough while others work more ... What's sub-prime got to do with that?"
Asked whether he hoped 2008 would mark the end of the 35-hour work week, Sarkozy gave his clearest indication he wants to dismantle it: "To say what I think, yes."
Trade unions immediately went on the offensive.
"The President has finally said what his policy is putting in place, that is, the end of the 35-hour work week. In fact, his policy goes a lot further and he wants to put an end to any legal limit on working time," the Force Ouvrihre union said.
Sarkozy's aide Henri Guaino later said the working time of 35 hours per week would not be scrapped, but added "it will be possible, sector by sector, firm by firm, with majority agreements ... to depart from this rule."
Sarkozy also said he wanted to ensure the wealth generated by companies was better shared between shareholders and employees, for example by a wider distribution of stock options within firms.
Vowing to help French firms defend themselves from sovereign wealth funds and private speculators, he said state bank Caisse des Diptts would play a role.
"There is no question of France not acting ... France will make the political and strategic choice to protect its companies, to give them the means to defend themselves and to develop," Sarkozy said in comments that echoed the economic patriotism championed by the last centre-right UMP Government.
- REUTERS
