The new French government is questioning the European Union’s threat to penalize carmakers for failing to meet stricter CO2 targets when a new regulation kicks in next year. If the fines were to affect European industries, French Economy and Finance Minister Antoine Armand suggested weighing whether a different approach is possible without changing direction. He said he was discussing the issue with European partners and would soon approach the European Commission with proposals, in comments on the sidelines of a meeting with his EU counterparts in Brussels. The prospect of high fines for carm…