No more Cuban-style policies?

IN MANY respects, the new French government, which was unveiled today, looks a lot like the old one. The reformist Manuel Valls is still prime minister. Laurent Fabius stays on as foreign minister; Michel Sapin continues as finance minister; Jean-Yves Le Drian keeps his job at defence; Ségolène Royal remains in charge of the environment and energy; Bernard Cazeneuve stays at the interior ministry.

But there was one big surprise, as symbolic as it was encouraging: the appointment of Emmanuel Macron (pictured) to replace Arnaud Montebourg as industry and economy minister. Aged only 36, Mr Macron was until June this year economic adviser at the Elysée, the presidential palace, where he saw it as his mission to steer the Socialist government under President François Hollande away from its paleo-thinking towards a more modern form of social democracy. Mr Macron resigned after Mr Hollande installed the moderate Mr Valls as prime minister, arguing that this job was done.

If Mr Valls wanted to send a message with his new government, Mr Macron is it. Mr Montebourg, who was ousted the previous day, had a knack of irking foreign investors, once telling Mittal, a steel...Continue reading