This chapter asks whether the direction of labour market reforms in France has changed since 2009 by comparison to the previous two decades. In 2009, in the aftermath of the global financial crisis and the coordinated fiscal stimulus in Europe, France's general government budget deficit reached 7.2 % of GDP. This prompted the European Commission to propose placing France under the corrective arm of the excessive deficit procedure in order to bring this deficit below the 3% of GDP limit stipulated by the Stability and Growth Pact. A similar shift in fiscal policies, from stimulus to austerity, took place pretty much across the EU in 2009-2012. We, therefore, ask whether this generalised pressure from fiscal austerity has impacted on labour market policies, in a state of flux already since the 1980s and 1990s in Europe.