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France's New Finance Minister Faces Fiscal Challenge
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Michel Sapin faces the challenge of convincing the EU and Germany that France should get more leeway for tax cuts and other measures to boost the economy and lower unemployment. He has been through difficult situations before when following approval of the Maastricht Treaty the French Franc came under speculative attacks by investors betting France could not implement the Treaty. At the time he was finance minister in the Mitterand government. As labor minister since 2012, Sapin implemented Hollande promises in the elections- for government sponsored jobs for young people, creating contracts to bind young and older workers in the workplace, and reform of professional training schemes.
The new administration of Francois Hollande in France
05/05/2012
Finance Minister Pierre Muscovici, was European Affairs minister in 1997-2002, Foreign Minister is Laurent Fabius, a former prime minister in the 1980's, and Michel Sapin is Minister for Employment, Labor and Social Dialogue. This gives Hollande an experienced team to implement his program and achieve a reorientation of EU policies towards growth.
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Low ratings for President Hollande and the selection of a new prime minister by Hollande to tackle the economy. The deficit is expected to rise to 4.3% exceeding the EU target of 3%, unemployment remains high at 11% in April 2014.
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