France’s Hollande declares war on financial industry

French presidential candidate François Hollande, favourite to win presidency in France’s elections this April, has declared war on his “true enemy”: finance.

“My true enemy has no name, no face, no party. He will never stand for election and will never be elected. Despite all this, he is in charge. My enemy is the world of finance,” Hollande declared at a Socialist Party (PS) rally in Paris.

To tackle this foe he announced in front of thousands of party members he would initiate a financial transactions tax, also backed by Hollande’s rival, current president Nicolas Sarkozy.

Hollande added he would set up a public European rating agency, proposed a law separating banks’ custodial and investment activities and said he would confront the financial world’s bonus model.

“The banks, which have been saved by our governments, are biting the hands that feed them,” Hollande concluded.

The speech has repaired Hollande’s image to some extent having recently come under criticism as a floundering politician lacking strong ideas.

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