Economy Minister Replaced President Francois Hollande replaced his maverick leftist economy minister with a former Rothschild partner on Tuesday, in a reshuffle intended to reconcile his efforts to revive the stagnant French economy with deficit-cutting orthodoxy. The shake-up is the latest episode in the wrangling across Europe about how much budgetary rigour the regions economies can bear as they recover from financial crises. For Hollande, who is revamping his government for a second time in two years, it could be his last chance to make a success of his presidency. Arnaud Montebourg, ejected from the key economy ministry post on Monday after his latest tirade against German-enforced austerity in the euro zone, was replaced by Emmanuel Macron. Macron, a 36-year-old former merchant banker, acted as Hollandes top economic adviser until June. He was widely known in French business circles as their ear at Hollandes presidential palace, otherwise largely packed with technocrats. The new cabinet makes its debut just a few weeks ahead of tough negotiations at home and with EU peers on a 2015 budget widely expected to break promises to Brussels over deficit cuts. Denisha Sahadevan
Posted on: Wed, 27 Aug 2014 05:09:45 +0000
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