Finance Goes From Foe to Friend in Hollande Government

“During his election campaign in 2011, President Francois Hollande famously called finance his ‘greatest adversary.’ In a speech today, French Finance Minister Michel Sapin called finance ‘a friend,” quickly specifying that he was talking about ‘good finance.’  The new stance comes as the president’s popularity is at a record low and his economic policies have drawn the ire of members of his own Socialist Party and of allied groups. Recovery remains anemic and joblessness is at a record high.  Global finance, however, has stuck with Hollande. Investors have piled into French bonds, giving Hollande’s government borrowing costs that are close to the lowest on record.”

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