May 3 (Bloomberg) -- French presidential candidates Nicolas Sarkozy and Segolene Royal battled in their only debate to what commentators called a draw.

If voters concur in that judgment, it would help Sarkozy, the governing-party candidate, maintain his lead in polls three days before the election, said Bruno Jeanbart, political studies director of OpinionWay, a Paris-based polling company.

Royal, the Socialist candidate, took the initiative in the 159-minute encounter last night in a television studio at the edge of Paris, calling Sarkozy's proposals, ``brutal,'' ``dangerous,'' and ``immoral.'' Aiming to show her command of issues in a campaign marred by miscues, Royal introduced a tax on ``market revenue'' and criticized Sarkozy's record.

Sarkozy, who served as finance minister and interior minister under President Jacques Chirac, stuck to his campaign themes of encouraging initiative by lowering taxes and paring government spending. Accused by his opponents of being quick- tempered and divisive, he kept his cool.

``Sarkozy pretty well met his aim, which was to show a sort of serenity and a capacity to accept the debate,'' said Jeanbart in an interview after the debate. ``She proved her ability to confront him, which was questioned by some. At the end of the day, it's hard to see a winner. If the debate was meant to sway the opinion on Royal, it probably didn't.''

Role Reversal

In a reversal of roles, it was Royal who lost her cool. While they traded barbs on education, the 35-hour work week, and the environment, she raised her voice in a heated eight-minute exchange over handicapped children.

``This gap between words and facts makes me very angry,'' she said, criticizing the Chirac government's handling of the issue. ``I will not calm down.''

``I don't know why Madame Royal, who is usually calm, has lost her nerve,'' he said.

``I have not lost my nerve,'' shot back Royal. ``I have a lot of sang froid.''

Sarkozy was found more convincing by 53 percent of views, compared to Royal's 31 percent, according an OpinionWay survey of 978 people who watched the debate. In response to the question, ``who would make a good president,'' 52 percent said Sarkozy, up 3 points before the debate. Royal lost a point to 33 percent. No margin of error was published.

Opinion Polls

``You could have expected that the debate would give a clear advantage to one or the other,'' Laurence Boone, chief French economist at Barclays Capital in Paris. ``I found that it didn't.''

The Ipsos SA/Dell Inc. daily tracking poll today gave Sarkozy a lead of 53.5 percent to 46.5 percent, unchanged from yesterday. The margin of error in the survey of 1,011 people on May 1-2 was three points.

Both candidates stumbled on the question of nuclear power. Sarkozy, 52, said nuclear plants produce 50 percent of the country's electricity. Royal put the number at 17 percent. Last year, 78 percent of French power production was nuclear, according to the industry ministry. Nuclear accounts for about 17 percent of total energy consumption.

As the two battled over financing pensions, Royal, 53, introduced a proposal to impose a tax on ``market revenue'' to finance increased payouts to retirees.

`Social Justice'

``My tax will be at a level necessary for social justice,'' Royal said. She didn't identify what type of revenue would be subject to the tax or how much the tax might be. A Socialist Party spokesman said the proposal was new last night.

``Probably foreign investors would not be affected in any case,'' said Dominique Barbet, and economist at BNP Paribas SA in Paris. There was ``no clear winner'' in the debate, ``even though Royal probably surprised voters on the positive side.''

Sarkozy said tax increases risked spurring capital flight. ``If capital is taxed too much, capital flees,'' he said. ``If there's no capital left, there's no growth.'' He promised ``full employment'' within five years. France's unemployment rate is now the highest among the 13 nations that share the euro.

``It's hard to say who was the winner because each side was trying to reassure its own camp,'' said Maurice Levy, chief executive of advertising company Publicis Groupe SA, in an interview today.

Both sides claimed victory.

``She dominated this debate from beginning to end,'' said Stephane Le Foll, chief of staff to Socialist leader Francois Hollande.

``Segolene Royal just bowed to Nicolas Sarkozy's proposals,'' said Laurent Solly, an aide to Sarkozy. ``He was calmer, more like a president.''

For his part, Francois Bayrou, the centrist who finished third in the first round, told Le Monde newspaper today he won't vote for Sarkozy, though he probably won't endorse Royal.

To contact the reporter on this story: Francois de Beaupuy in Paris at fdebeaupuy@bloomberg.net; Helene Fouquet in Paris hfouquet1@bloomberg.net

Last Updated: May 3, 2007 06:41 EDT