La Nouvelle Vague, or the New Wave, was a term used to describe a group of French filmmakers in the '50's and 60's, including Jean-Luc Godard. A prime example of a Nouvelle Vague film was We're All Out Of Souffle.
Mark usually refers to it as the New Vagueness.
The phrase has featured in several of Dr Kermode's reviews, most memorably during his 2011 review of the aforementioned director's "Film Socialisme"; "...the emperor is running down the street waving his Nouvelle Vagues in your face."
Not to be confused with Vieille Vague, or Old Wave.