French President Nicolas Sarkozy has unveiled a 26 billion euro plan to rescue the French economy, saying failure to act now will have disastrous repercussions in the future. He urged massive spending in all sectors, saying under-investment had left France uncompetitive.

“Investment is the solution to the crisis,” he said. “That is the best way support business, to save jobs today and to create jobs in the future, because France has lagged behind in investing in its future.”

The Sarkozy plan comes into effect today, the President saying the economy cannot wait. It includes ten and a half billion euros for infrastructure projects, and special help for the car industry which, directly or indirectly, employs ten percent of the French workforce. The President was speaking in Douai, home to a major Renault car plant.

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