New French President Nicolas Sarkozy has been labeled a free-market fan, a shameless interventionist and a spendthrift opportunist. So which of the labels fit? All of them. Sarkozy's economics are nothing if not eclectic. But in spite of that, or perhaps because of it, the new president has a better chance of galvanizing growth than any leader in decades. With a 65 percent approval rating, Sarkozy neared war hero Gen. Charles de Gaulle's record Inaugural score. Consumer confidence leapt to a five-year high in May. And Sunday's impressive win in lower-house elections gives him plenty of lawmakers to back his program of economic reform.

But what, exactly, is Sarkonomics? His mix of free-enterprise friendliness and state-coddling can seem erratic. But it's a pragmatic way to get results from the globalization-leery French, who need to be reassured as much as they need to get moving. The president has won kudos from economists by promising supply-side reforms like the end of the 35-hour workweek, a curtailing of union power and more-flexible work contracts that would make firing easier. But his first steps have been muddled with some gratuitous spending, and they've tended toward demand-side change, boosting purchasing power via things like a too-generous mortgage-rate cut, instead of fixing French firms' competition problems.

A look back at his history does little to clear up the picture "as Finance minister in 2004, he privatized key state-owned businesses but bailed out others; he strong-armed supermarkets even as he tried to increase competition in the retail sector. Still, Sarkozy's brand of fair-weather laissez faire has the backing of the people (67 percent of voters say they are ready for major reform all at once), a crucial first step. Sarkozy was Finance minister for a mere 235 days, but he made them count. One of his most famous moves was the rescue of the near bankrupt engineering giant Alstom. German arch rival Siemens was circling for the spoils. But Sarkozy took up the torch of "national champions," and cut a rescue deal with Brussels' competition chief. The state took on 21 percent of the firm in a debt-equity swap, and Sarkozy got credit for saving 25,000 French jobs.