The cabinet reshuffle taking place at the heart of the French government will restore confidence and help to maintain the course of reform plans, according to Jean-Claude Trichet, the former president of the European Central Bank (ECB) and the former governor of the Bank of France.
Trichet said that the changes were “absolutely necessary” after the extreme aggression showed by some of the former members of the cabinet and rejected the idea that it wouldn’t make a difference to France’s stagnating economy.
“I think there is a lot of confidence,” he told CNBC Wednesday. “Now we have a clear line and of course.”
In France on Tuesday, President Francois Hollande named a new lineup for his cabinet after left-wing rebels were ejected from their positions on Monday. The most significant and surprising appointment was that of Emmanuel Macron, a former Rothschild banker and ex-presidential economic adviser to Hollande.