“The market is quite jittery and France seems to be the next one on everyone’s radar, hence there is selling in French banks,” a London-based trader said.

Some analysts have warned that France – the world’s fifth-biggest economy and a driver of the eurozone – can’t afford to keep bailing out poorer European states, especially at a time when its own growth rates are moderating.

Mr Sarkozy, who along with other European leaders has come under criticism for staying on holiday as the markets were gripped by fear, cut short his vacation on the French Riviera to summon key government ministers for an emergency meeting on the financial crisis.

No new measures were announced, but Mr Sarkozy insisted that “commitments to reducing the deficit are inviolable and will be maintained”.