Sarkozy proposal not flying in Germany

BERLIN, Oct. 22 (UPI) -- German politicians accused President Nicolas Sarkozy of protectionism and trying to benefit France with his proposal for European sovereign wealth funds.

Sarkozy Tuesday proposed European countries start sovereign wealth funds to keep key companies in European hands.

Economics Minister Michael Glos told the Frankfurter Allgemeine Zeitung Sarkozy's plan "contradicts all the principles of success that we've had in our economic policies." He added that Germany would not keep out foreign capital.

Ruprecht Polenz said protectionism 80 years ago helped exacerbate the depression of the 1930s.

"Sarkozy is putting lousy French wine through a new hose but the quality of the wine isn't getting any better," he said.

Newspapers on both the left and right attacked the French president as well.

"First and foremost Sarkozy is looking out for his own interests, and in a rather boorish way," the left-leaning Suddeutsche Zeitung said.

The Financial Times Deutschland said Sarkozy's plan will not achieve his goals because a sovereign wealth fund would not by itself set a common European economic policy. The newspaper said Europe also does not have the capital to rescue its major companies.