Close Hollande ally Sapin named French finance minister

Reuters News
Posted: Apr 02, 2014 5:34 AM

PARIS (Reuters) - Michel Sapin, a long-time political ally of President Francois Hollande who was his labor minister, was named to the powerful finance minister post on Wednesday.

Arnaud Montebourg, who as industry minister backed protectionism to secure jobs and accused the European Union of hurting growth with its demands for lower public deficits, was given the expanded title of economy minister with oversight over industry and the digital economy.

In a statement read out on the steps of Hollande's Elysee Palace, Foreign Minister Laurent Fabius was re-confirmed in his post and handed additional duties for international development.

(Reporting by Mark John; editing by Nicholas Vinocur)