This paper traces the implementation of labour market reforms in France, with particular reference to the Social Modernisation Act approved by the centre-left government in January 2002. Whereas the new centre-right government elected in June 2002 has ‘softened’ earlier legislative provisions for the 35-hour week, case law has actually extended redundancy provisions. Significant parts of the Social Modernisation Act have been suspended by a sort of Sleeping Beauty measure for an 18-month period, and the Government’s intention is for the social parties to negotiate the terms of new legislation, in spite of the employers’ apparent reluctance to engage in such negotiations. Against this backdrop, the author outlines a possible scenario for the future of collective bargaining.