The Maastricht Treaty,1 which has included industrial policy amongst the functions of the Commission, the return to big industrial projects in France, the conclusions of the Bergsten commission,2 which were favourable to the defence of high technology companies, and the industrialist plea made by Business Week3 are placing the question of industrial policy and notably the role of ‘national champions’ back on the agenda. This agreement over the need for an industrial policy seems all the more enthusiastic since it refers to realities that are completely conflicting.