French President Francois Hollande addresses reporters as he leaves the Elysee Palace in Paris. Picture: Remy de la Mauviniere

Paris - Michel Sapin, a long-time political ally of President Francois Hollande who was his labour 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.

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. - Reuters