French President Emmanuel Macron is set to appoint his chief of staff, Emmanuel Moulin, to lead the Bank of France following Governor Francois Villeroy de Galhau’s June departure. The move, reported in France’s Official Journal, sparks concerns over central bank independence as lawmakers prepare to scrutinize the nomination. Moulin, 57, a veteran of Macron’s administration, previously shaped pro-business policies tied to Yellow Vest protests and managed pandemic-era fiscal programs. His new role requires Senate approval, a hurdle given opposition accusations that Macron is consolidating power ahead of the 2027 election.

Critics, including far-left lawmakers, warn the appointment risks undermining monetary policy autonomy. Bank of France, France’s oldest central bank, oversees eurozone financial stability and influences ECB decisions on inflation and growth. If confirmed, Moulin would join Macron’s inner circle despite lacking de Galhau’s 30-year central banking expertise. The transition raises questions about whether the Bank of France will prioritize political alignment or technical neutrality in an election year.