Sarkozy prepares economy speech

Nicolas Sarkozy is to give a talk next Thursday on the state of the French economy in the light of turmoil on the world markets.

His staff said the president will hold a meeting in Toulon, away from TV cameras, where he will discuss with the public the problems caused by the global credit crunch and his future reforms. Former economic minister and Socialist MP Michel Sapin said he could not understand the government's silence on the problems. "This crisis will have consequences in France," he said. "He must break with his electoral campaign illusions," he added. "For Nicolas Sarkozy this is the end of the illusions and the ideal of 'I'm going to bring back economic growth with my teeth'. But to realise that you can't do anything, that is not in his character," said Mr Sapin. The president has shyed away from commenting on the issue, refusing to answer questions on the crisis during a recent press conference UMP MP Bernard Carayon said Sarkozy needed "a bit of space to judge events".