Nicolas Sarkozy was at the Paris air show on a hot summer’s day in June when, in a speech laying out his vision for French industry, he threw out this simple phrase: “In economics, my only ideology is pragmatism.” Few outside France took note. But perhaps they should have done.

In recent weeks the French president’s pragmatism has led to the planned creation of a €70bn ($98.8bn, £49bn) power giant through the merger of state-owned Gaz de France and private utility Suez that will present a strong challenge to foreign competition in the French energy market.