French President Nicolas Sarkozy today (31 August) confirmed his pledge to review year-end discounting by supermarket suppliers.
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Visiting a Leclerc supermarket in Bois d’Arcy, Yvelines, President Sarkozy told journalists that he would review and relax the current laws governing retrospective discounting “before the end of the year”. In so doing, he will effectively redefine selling at a loss, which is illegal in France.
“With the euro,” Sarkozy said, “prices have gone up. It’s a reality.” Sarkozy intends to restore purchasing power to companies and consumers alike by encouraging competition and allowing more room for manoeuvre in negotiations. He worked on some of the existing legislation as finance minister.
President Sarkozy has launched a national commission to free up French growth at a meeting of the French bosses’ federation MEDEF. The commission will be led by former European Bank president Jacques Attali.
The body will report before the end of 2007, its task is to improve market efficiency. President Sarkozy asked the commission members to find a remedy for the “…different laws governing business practice and multiple retailers, which are costing consumers up to EUR9bn (US$12.3bn) a year in lost purchasing power.”
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