The high-wire act is delicate: attracting capital from other countries without sacrificing French strategic interests. The government of Sébastien Lecornu is considering the possibility of new rules for foreign investments. The Prime Minister has entrusted deputies Christophe Plassard (Horizons et Indépendants), Charles Rodwell (Ensemble pour la République), and Jean-Louis Thiériot (Droite républicaine) with a temporary mission “on the security and economic policies implemented by our main European partners and the lessons to be learned”, through three decrees dated March 11th.
For Sébastien Lecornu, “the current economic and geopolitical context reinforces the need to protect the strategic assets of the French economy” and “to reduce our strategic dependencies, whether industrial, technological, financial, or digital”, as stated in the mission letter dated the same day and obtained by Challenges.
According to the letter, the three parliamentarians will examine “how our partners conceive and implement their economic security policies”. This should allow us “to compare the effectiveness and scope of our own policy and to draw inspiration from the best European practices”, while adapting the “economic security approach towards European investors”.
Among the states of particular interest to Sébastien Lecornu are mentioned “Germany”, “Italy”, “Spain”, the “Netherlands”, and “the Czech Republic”. Outside of the EU, “the cases of the United Kingdom and Canada seem to deserve attention”. Finally, the Prime Minister invites the three deputies to conduct “an analysis of the security and economic strategies deployed by the United States and China”.
Despite political instability, France remains the champion of foreign investments in Europe. The three elected officials will examine reports published on the subject and consult their own networks, as explained by Christophe Plassard of Challenges. The deputy, special rapporteur for the defense budget, aims to exchange with his “usual interlocutors”. To review the “strategies and legal tools” used in other countries, the three parliamentarians will approach “the embassies of France” and “the embassies of other countries in Paris”.
The implementation of the proposals may involve legislation or regulation. The mission letter recalls that a decree of March 20, 2019, defines “French economic security policy”. The deputy does not consider a reform of this text certain. “We must consider everything, we will see”, assures the elected official.
Bercy does not rule out new measures to protect French interests from foreign investments, notably defined by a decree of May 14, 2014, known as the Montebourg decree. “We benefit from a rather exemplary system in Europe, but we must regularly review and, why not, deepen it”, underlined the Minister of Economy, Finance, and Sovereignty, Roland Lescure.
Beyond recommendations for reforms, Christophe Plassard envisions recommendations for “best practices”. He suggests the development of “proactive” measures, such as “setting up a pool or seeking investors”, to accompany the replacement of funds. The three elected officials are expected to submit their report to Sébastien Lecornu in June.
In the meantime, at the Brussels commission, the executive vice-president in charge of prosperity and industrial strategy, Frenchman Stéphane Séjourné, advocates for the establishment of “European preference” in the allocation of public contracts and aid to companies. The principle is included in the proposal for an industrial acceleration regulation presented on March 4th by the institution and still to be negotiated by the European Parliament and Council. The objectives of this text are to safeguard the industry and strategic interests of a continent threatened with marginalization.
