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The narrow Paris laneway where French President François Hollande allegedly conducted his trysts, in a rented apartment tied to the Corsican mafia, is called Rue du Cirque – Circus Street, owing to its history as the site of a 19th-century summer carnival. And the no-drama nerd who promised to restore decorum to the presidency after the bling and histrionics of Nicolas Sarkozy has certainly ended up creating a circus worthy of his media-baiting predecessor.

In choosing not to marry his companion when he entered the Élysée Palace, Mr. Hollande was supposed to be making an honest break from the French tradition of presidents who had sexless wives for official functions but sexy mistresses for fun or love. Mr. Hollande was the modern man, finding his soulmate and satisfying protocol in his common-law relationship with journalist Valérie Trierweiler.

Ms. Trierweiler (pronounced Tree-air-vay-lair) became France's first unmarried first lady, with her own Elysée office, staff, state schedule and web page. Allegations that Mr. Hollande has been having an affair with a younger actress have thrown Ms. Trierweiler's official status up in the air and left the Socialist Mr. Hollande's carefully constructed 2014 agenda in tatters. His own ministers see him as a millstone and his ability to govern his fractured nation is in doubt.

To be clear, the French don't give a flying steak-frites about whom their presidents sleep with. But they do prize elegance. Mr. Sarkozy was an affront to both, with his messy marital breakup, his remarriage to a tipsy model, his new-money friends and his flashy presence. If Mr. Sarkozy's private life was an open book, it was a cheesy Harlequin the French had no desire to read.

François Mitterrand had elegance. Three decades ago, he could maintain a second family without the media making a fuss or questioning the first-lady status of wife Danielle. Both wife and mistress attended his 1996 burial, which, while noted, was hardly big news.

Mr. Hollande's mistake was to believe his after-hours dalliances would be treated with similar discretion by the mainstream media. The presidency is no longer held in much reverence by the French. Today, not even Mr. Mitterrand could get away with living a double life, especially if seen to be interfering with his job or contradicting the image he was seeking to project.

But what the French find most galling about Mr. Hollande's alleged affair, which he has not denied, is his sloppiness. The photos of the helmet-wearing President sneaking out on the back of a scooter, with minimal security detail following him, raise serious questions about whether those protecting this G-7 head of state are plain incompetent or just out to undermine their boss.

Didn't the Groupe de securité de la présidence de la République, France's secret service, know of paparazzi snapping photos from a building adjacent to where Mr. Hollande allegedly met actress Julie Gayet? Didn't it know that the apartment was rented by a Gayet acquaintance whose two previous partners (one of whom was murdered just this year) had possible ties to the Corsican mafia?

This is not just tabloid fodder. Even Le Monde is playing the conspiracy card, asking whether Mr. Sarkozy's aim of recapturing power had something to do with a gossip magazine's publication of the compromising photos just four days before Mr. Hollande was set to give a critical speech. "At the Elysée, those loyal to [Mr. Sarkozy] are still in place, particularly in the GSPR," Le Monde wrote in Monday's edition.

Mr. Hollande's Tuesday speech came after a disastrous year economically in France. In pledging tax and spending cuts, Mr. Hollande aimed to make headlines with new pro-business policies and a goal to spread French influence globally. But those ambitions now look laughable, as steamier headlines crowd out Mr. Hollande's desired narrative.

All this makes the otherwise jovial Mr. Hollande a tragicomic figure. He became president by accident; voters did not so much choose him as reject Mr. Sarkozy. But he has been true to his nickname (Flanby, after a jiggly French custard dessert). In office, he's had the consistency of Jell-O, with ambiguous policies that please no one in his factionalized party or the broader electorate.

All he had going for him was the appearance of normalcy at home. Now, that's gone. How long before he is, too?

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