Mr Hollande's ruling Socialists are badly bruised after local elections which
saw big gains for conservatives and the far-right National Front (FN).
Mr Valls, 51, has replaced PM Jean-Marc Ayrault, whose office confirmed his
resignation on Monday.
President Hollande, whose popularity has slumped, said France had to put
right its public finances.
'Blue
wave'
Mr Valls, a liberal, is distrusted by the Socialist party's left-wing and has
presidential ambitions of his own but he is popular with the voters, says the
BBC's Christian Fraser in Paris.
The second round of municipal elections on Sunday saw the Socialists lose
more than 150 towns and cities of more than 9,000 inhabitants. Results are still
being counted.
The FN won control of 11 towns, mainly in the south.
The main centre-right opposition, the UMP, was said to have captured a number
of key cities, including Toulouse, Quimper, Limoges and Saint-Etienne.
UMP leader Jean-Francois Cope hailed what he called a "blue wave" of support
for his party.
3 comments:
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Close of blog
17.00 That is where we are going to close on the final day of the first quarter.
You can follow all the latest news at Telegraph Finance and we will be back in the morning, when there will be a lot of PMI data out across the globe.
Until then, thanks for following and all your comments.
Have a great evening.
The entire EU is set up like some sort of lure, rather than a foundation to build upon. It is similar to a witches's attempt to conjure a federal state, rather than to build one from sound fundamentals. Can you hear the ominous music? Expect existential problems and blunderous policy making to be a trend rather than exception. When they failed to make the essential groundbreaking EU constitution a decade or so ago, they resigned to their own downfall.
There is nothing wrong with a bit of deflation to catch up on the period of massive expansion of debt./money supply/house prices in the 10 years to 2007. It doesn't have to turn into a deflationary cycle and if managed is a well needed correction to economies as wages catch up...Unlike the house price pyramid scams in UK, and certain other countries such as Australia, Canada, Belgium and others where residential property speculators are getting their billions in untaxed unearned gains inflated by consecutive government monetary and fiscal policy at the cost of all working taxpayers who work for a living and who need a roof over heads...
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