PARIS--Bank of France Governor Francois Villeroy de Galhau will stand down in June, more than a year before the end of his term, allowing President Emmanuel Macron to name his replacement before a 2027 presidential election that the far-right could win.
Villeroy, 66, has been a consistent voice for lower interest rates in the European Central Bank's governing council, although analysts expect his successor to adopt a similar stance.
Villeroy announced his departure in a letter to the central bank's staff, saying he was leaving to lead a Catholic foundation supporting vulnerable youth and families. He had been due to stand down in October 2027.
A source familiar with the matter said the timing of his departure was deliberate, aimed at ensuring continuity at the central bank and heading off any market jitters that could arise if a successor had to be chosen under a far‑right presidency.Polls show either eurosceptic far-right leader Marine Le Pen or her protege Jordan Bardella could win the next presidential election in spring 2027.
"I made this important decision naturally and independently," Villeroy told central bank staff. "The time between now and the beginning of June is sufficient to organise my succession in peace."
And he told Les Echos that nobody had told him to do anything. "If I had been asked, I would have refused. It’s a strictly personal decision."
Macron's office did not immediately reply to a request for comment.
Villeroy's successor would have a six-year term, renewable once, and must be approved by the finance commissions of the National Assembly and Senate.Their term of office may be terminated early only if they become incapable of performing their duties or are guilty of serious misconduct, according to French law.
Lawmaker Jean-Philippe Tanguy from the far-right Rassemblement National told Reuters the move was aimed at putting in place anti-RN allies in case there is a change of power and said it was "another step towards illiberalism under Macron's regime."
