(Le Figaro, Louis Hausalter, May 20, 2026)
Emmanuel Macron has proposed Emmanuel Moulin, his former chief of staff at the Élysée, as the new Governor of the Bank of France, an appointment that must be validated today by the finance committees of the Senate and National Assembly with a three-fifths majority of the votes cast. This is yet another prestigious position entrusted to a loyal Macronist after Ferrand and Montchalin, in a climate of accusations of a “republic of friends” and an attempt to secure the institutions before the 2027 presidential elections.
The opposition from the PS and RN is clear and announces a negative vote, accusing Moulin of lacking political independence due to his central role in economic policy in recent years and his profile being too closely tied to Macronism. The fate of the appointment lies in the hands of the Républicains, who in the National Assembly seem inclined to support it while in the Senate the vote remains uncertain between technical competence and the desire to deliver a political slap to Macron.
The secret ballot procedure and variable participation make everything unpredictable. Moulin has conducted a discreet campaign among parliamentarians to present himself as a technician, but the early replacement of Villeroy de Galhau reinforces suspicions of a presidential maneuver to control the Bank of France before the transition.
Contested appointment of a loyalist
“After Richard Ferrand at the Constitutional Council and Amélie de Montchalin at the Court of Auditors, Emmanuel Macron has once again chosen a close collaborator to lead a major institution.”
Opposition reactions
“Emmanuel Moulin does not present the guarantees of political independence indispensable for the role of central banker. […] He is the symbol of the failure of Macronism, that is, of everything we have fought against.”
Key role of the Républicains
“In the National Assembly the clear majority of them will vote for him. […] There is suspense. Senators are undecided between the desire to teach Macron a lesson and the fact that Moulin is competent for the position.”
Suspicions of repositioning
“His profile is not contested, it is rather the profile of those who send him. […] It is not against Emmanuel Moulin as a person, but against Macron’s functioning and the accumulation of appointments of loyalists.”
Uncertainty of the vote
“No one wants to censure a government six months before a presidential election. […] It is his ‘dream job,’ he would regret not having tried. But if he gets shot down, it is annoying for him and for the president.”
