Michel Sapin has been made finance minister of France, while industry minister Arnaud Montegbourg was given the new title of economy minister with oversight over industry and the digital economy.
Sapin is an ally of embattled French President Francois Hollande and has previously served as a finance minister in the 1990s and labour minister.
Sapin will be responsible for arguing that the deadline for French deficit reduction targets should be extended.
Montebourg is a controversial figure known for interventionist economic views and has the state of the euro.
In October 2013, he told French newspaper Le Parisien:
The euro is too expensive, too strong and a little too German.
It should be a little more Italian, French, and simply European.