here with me is caroline hyde and carolyn conan. the news from the newsroom. >> thanks.ing telecoms all italia and telecom telefonica. we dig into the deal and we show the cards on the table. had we dig into what looks the best. the competition in france is hot . they cut the forecast and i will be back later in the show. videos areusiness gathering for the second day and it has been a busy week for france. the prime minister spoke here and received a standing ovation from business executives in france. some compared him to tony blair and i will tell you more about this in a moment. >> is that a good thing? you can take a view on that. a lowerres indicated open and the dax is down. the footsie is lower after take weeks in the european equity markets. the man with the open is manus cranny. >> equity markets are taking a breather. that is what we saw yesterday on the one-month high.

carolyn conan joined us from paris. let's get more. does the reshuffle change the economic models for france? >> not necessarily. the classification of the message is possible -- positive. issues for the european partners of france. thehe general, we will have continuation of cautious moderate reforms and we have had a few of them already. there will be a fiscal line that is going to be a bit more accommodative than what the speech implies. of argument in favor relaxation of fiscal policy for some time. europe is conducive to relaxation. see the speech on friday. the timing of the reshuffle is interesting to some extent and surprising, in the sense that it is moresely what europe excepting of than what those who argued in favor of this are. the relaxation is acceptable only if the structural reforms come through. >> the demand-side reforms means relaxation and it needs supply-side reform. this argument seems to be couched as if it is one or the other. it is not. you need both right now. the would read -- dispute notion that you can rep