There is evidence to indicate that Hollande knows that these issues must be tackled. He spoke recently of the need to remove the "blockages" in French society and the economy that hinder growth and innovation. But does he have the political will and support to carry out sustained reform? 

After all, this is the man who, on the campaign trail in January 2012, proclaimed that his "real adversary" was "the world of finance" and who, only two months ago, outlined his determination to wage an "implacable struggle" against the dangers of money and greed.

Hollande's latest move — one fraught with dangerous political consequences — has been to encourage his colleagues to blame France's economic woes not upon the euro, but specifically upon Germany and what, at the end of April, the Socialist Party described as "the obstinate selfishness" of Angela Merkel.

Resorting to populist rhetoric in order to keep intact his parliamentary majority is a strategy of which even Mitterrand would have been proud. Sadly, it might also indicate Hollande's true measure.

Of course, standing by the Seine and looking across to the Ile-de-la-Cité, all looks well with France. But with the economy now officially back in recession and Brussels increasing its demands for savings and reform, the prospects are that protests in the street will become increasingly vociferous and violent and that the political extremes on both the Left and Right will flourish. For François Hollande and his government the months ahead promise to be very difficult indeed.