French President Emmanuel Macron has replaced his chief of staff, a move potentially paving the way for top Elysee aide Emmanuel Moulin to head the Bank of France. Mr Moulin, 57, a former head of the French Treasury, is seen by the president as a strong candidate to lead the central bank. He is set to depart his Elysee post on May 4, to be replaced by Pierre-Andre Imbert. The current Bank of France governor, François Villeroy de Galhau, is due to step down in June, more than a year before his term ends, giving Macron the opportunity to name a successor ahead of the 2027 election.
This appointment forms part of President Macron’s broader strategy to position allies within key institutions. With opinion polls indicating the nationalist, Eurosceptic National Rally in pole position for the 2027 presidential race, his camp says the aim is to preserve checks and balances should the far right take power. Macron has also recently 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 legal checks built into France’s appointment process.
The nomination, however, is expected to provoke a strong political response from far-right leaders Marine Le Pen and Jordan Bardella, who accuse Macron of manoeuvring to entrench loyalists and constrain the hand of any future government. 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. The Bank of France is the central bank of France, responsible for implementing monetary policy and maintaining financial stability within the country as part of the Eurosystem. Its governor also holds a significant position on the European Central Bank’s Governing Council.
