Macron paves way for top aide to lead French central bank
Macron's Strategic Appointments and the Future of the Bank of France
By Michel Rose
Chief of Staff Replacement Signals Potential Central Bank Nomination
PARIS, April 30 (Reuters) - French President Emmanuel Macron replaced his chief of staff on Thursday, a move that could clear the way for the top Elysee aide to be named head of the Bank of France, as Macron presses on with a series of appointments ahead of elections next year.
Political Context and Motivations
With opinion polls showing the nationalist, eurosceptic National Rally in pole position for the 2027 presidential race, Macron has been moving allies into key institutions. People in his camp say the aim is to preserve checks and balances should the far right take power.
Reactions from Political Opponents
However, the nomination would likely provoke a strong political response from far-right leaders Marine Le Pen and Jordan Bardella, who have already accused Macron of manoeuvring to entrench loyalists and constrain the hand of any future government.
Emmanuel Moulin: The Leading Candidate
Sources told Reuters earlier this year that Emmanuel Moulin, Macron's chief of staff for the past year, is seen by the president as a strong candidate to lead the French central bank.
Moulin, 57, is a former head of the French Treasury, long viewed as a traditional training ground for Bank of France governors.
According to the official gazette published last Friday, Moulin will leave his Elysee post on May 4 and be replaced by Pierre-Andre Imbert.
Political Battle May Loom
Upcoming Vacancy at the Bank of France
The current Bank of France governor, François Villeroy de Galhau, is due to step down in June — more than a year before the end of his term — giving Macron the opportunity to name a successor before the 2027 election.
Parliamentary Approval and Potential Challenges
Any nomination would still require parliamentary approval and could trigger a bruising political battle. Lawmakers can block Moulin's appointment if a combined three-fifths majority votes against it in the finance committees of the National Assembly and the Senate.
Significance of the Governor Role
As governor of the central bank of the euro zone's second-largest economy, the role carries weight on the European Central Bank's Governing Council.
Broader Institutional Appointments and Criticism
In recent months, Macron has also named close allies to the Constitutional Court and the national audit watchdog, fuelling accusations from opponents of an institutional lock‑in — a characterisation his camp rejects as ignoring the legal checks built into France's appointment process.
Official Response
Macron's office did not immediately respond to a request for comment on Thursday.
(Reporting by Michel Rose; additional reporting by Leigh ThomasEditing by Sudip Kar-Gupta and Gareth Jones)
