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Hollande ally Sapin named French finance minister

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.

Read MoreThese two women battle it out for Paris

Michel Sapin
Alain Jocard | AFP | Getty Images
Michel Sapin

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.

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.

Read MoreHollande braces for losses in French local vote

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

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