By David Barwick – FRANKFURT (Econostream) – French President Emmanuel Macron has proposed former Élysée secretary-general Emmanuel Moulin as the next governor of the Bank of France, putting a close presidential ally in line to succeed European Central Bank Governing Council member François Villeroy de Galhau.

The Élysée said Tuesday that Macron, acting on a proposal from the prime minister, was considering appointing Moulin as governor of the French central bank.

The presidents of the National Assembly and Senate had been notified of the proposed appointment so that the relevant committees of the two chambers could give their views under Article 13 of the French Constitution, the Élysée said.

If confirmed, Moulin would replace Villeroy, who has said he will step down in June, more than a year before the end of his term.

Moulin, 57, recently left his post as secretary-general of the Élysée, a position that made him one of Macron’s closest aides.

He previously headed the French Treasury from 2020 to 2024 and served as chief of staff to then-Prime Minister Gabriel Attal in 2024.

His nomination would put a senior French political and economic operator on the ECB’s Governing Council at a time when the central bank is weighing whether to resume rate hikes in response to the inflationary effects of the Middle East war.

Moulin has not been a public monetary policy voice, making his views on the ECB’s reaction function less clearly defined than those of Villeroy, who has long been seen as one of the Governing Council’s more dovish but institutionally influential members.

The timing of Moulin’s departure from the Élysée had already pointed to another senior appointment.

However, the nomination is likely to reinforce criticism that Macron is placing loyalists in key institutions before the end of his presidency in 2027.

Macron, who cannot seek another term, has already faced opposition criticism over appointments to other senior posts, including the Constitutional Council.

The Bank of France governorship is one of France’s most important economic offices and carries a seat on the ECB’s Governing Council, where national central bank heads participate in Eurozone monetary policy decisions.

Villeroy has headed the Bank of France since 2015 and was reappointed in 2021.