New team unveiled in French reshuffle as rebel ministers dropped

President François Hollande replaced his maverick leftist economy minister with a former Rothschild partner yesterday, in a reshuffle intended to reconcile his efforts to revive the stagnant French economy with deficit-cutting orthodoxy. 

The shake-up is the latest episode in the wrangling across Europe about how much budgetary rigor the region’s economies can bear as they recover from financial crises.

Arnaud Montebourg, ejected from the economy ministry post on Monday after a tirade against German-enforced “austerity” was replaced by Emmanuel Macron.