Macron appoints his loyal ally Moulin to the Bank of France despite the committees’ vote against the appointment

Paris. “I stand before you as a free man, as a civil servant who has served the state for thirty years, and I pledge to carry out my duties with complete independence and impartiality.” Speaking before the Finance Committees of the National Assembly and the Senate, Emmanuel Moulin used these words to defend his appointment as Governor of the Bank of France, proposed in accordance with established practice by the President of the Republic. The majority of MPs on the two committees voted against his appointment – 58 against and 52 in favour – but the three-fifths threshold required to block it, as provided for in Article 13 of the Constitution, was not reached. Moulin will therefore take over from François Villeroy de Galhau, who announced his early resignation as Governor in February. “I do not believe that my career is linked solely to that of the current President. I have never renounced my convictions, my freedom of thought or my independence,” said Moulin, rejecting criticism of his candidacy, which was deemed too political.

Former chief of staff to Bruno Le Maire at the Ministry of Finance, and subsequently to Gabriel Attal at Matignon, Moulin has just stepped down from his post as Secretary-General of the Élysée Palace, a role he had held since spring 2025, fuelling the mistrust of those who accuse Macron of placing his loyalists in key positions ahead of the end of his term. For the opposition – both the Left and Le Pen’s supporters – Moulin is merely the latest of a string of trusted allies – following Richard Ferrand at the helm of the Constitutional Council and Amélie de Montchalin at the head of the Court of Auditors – parachuted by the President into a key institution, with the aim of safeguarding his political legacy and protecting himself from a possible victory by the far-right Rassemblement National in next year’s presidential elections. Moulin, who has also held positions in the private sector (Eurotunnel and Mediobanca), will take up his post in June.