French finance minister gets the chop as Valls cabinet revealed

THE NEW French cabinet was unveiled yesterday morning, following the appointment of new Prime Minister Manuel Valls at the beginning of the week.

The biggest alteration was the departure of finance minister Pierre Moscovici, following France’s stagnant economic performance. The job will be split into two parts:

Michel Sapin will take over finance aspects of the job, having held the position in the early 1990s, while left-winger Arnaud Montebourg will become economy minister.

Segolene Royal, former presidential candidate for the socialist party and former partner of current President Francois Hollande will also come into the new cabinet as energy and environment minister

The new Prime Minister replaced Jean-Marc Ayrault, following the socialist party’s dire results in local elections last weekend.