New French President Francois Hollande is putting the pieces in place to forge ahead with “a new path” for the European economic power.

Aides announced the formation of the new French Cabinet Wednesday, one day after Socialist Mr. Hollande was sworn in during a rain-soaked ceremony in Paris.

The new assignments include former Socialist prime minister Laurent Fabius as foreign minister and Pierre Moscovici as finance minister. Moscovici is a former minister for European affairs and had served as Mr. Hollande's campaign director.

Mr. Hollande named Jean-Marc Ayrault on Tuesday to be his prime minister. The parliamentary leader of the Socialist party speaks German.

After his inauguration Tuesday, Mr. Hollande flew to Berlin for key discussions with German Chancellor Angela Merkel. The two leaders pledged to work together on proposals to generate economic growth in Europe and avert a currency crisis.

During his election campaign, Mr. Hollande criticized the austerity deal forged by his predecessor, Nicolas Sarkozy, and the German chancellor. The new French leader said he wants to spur growth and reduce debt without measures that hurt people. Ms. Merkel has said the recent eurozone treaty, which imposes budget austerity among its 17 member nations, is non-negotiable.

European leaders will meet informally next week and at a summit in June.