By Brendan Moore
French President Nicolas Sarkozy said earlier today during a joint meeting with the German Chancellor that France and Germany, the two largest economies in Europe, would not let their auto manufacturers go down. Sarkozy stated that the French government would do everything it could to support the industry during their time of greatest need. The economic recession and credit meltdown has affected the auto industry in Europe, as it has in the US.
He said he and German Chancellor Angela Merkel were together as one in their wish to defend their respective auto industries, through innovation, research or technology — not protectionist measures.
Merkel stated “it would be disastrous” if there were not a European response to the crisis.
Merkel and Sarkozy said they were in agreement that a coordinated effort would be best, even if actions specific to each country were different. Continue Reading →