Stereotypes can be deceptive. In the debate on the rising protectionist tide in many industrialised countries, the French are invariably depicted as the bogeymen. They may have coined the term “economic patriotism” but in practice they have been behaving in a pretty pragmatic fashion.

Take Total, the French oil group and the country’s most valuable company. Last week it brushed aside the presence of a Chinese sovereign wealth fund in its share capital, saying it was used to having state funds as investors. After all, it added, these funds are no different to other shareholders.