Bank of France chief quits early, paving way for Macron’s pick

François Villeroy de Galhau, Governor of the Bank of France, has announced he will resign early in June, a move that enables President Emmanuel Macron to appoint his successor rather than a potential future president from the far-right National Rally.

The decision, which comes well before the October 2027 end of his second term, was described by Villeroy as a “personal” choice, Bloomberg reports.

His resignation positions France to manage the transition at a relatively stable moment, following the passage of the 2025 budget, contrasting with the investor uncertainty seen during leadership changes at other major central banks.

Villeroy, whose role includes a seat on the European Central Bank’s Governing Council, explained that he had been offered a position leading a foundation supporting troubled youth, which he “could not refuse.” He told Bank of France employees that “this decision may come as a surprise to you,” and in a press release added: “A bit more than a year before the conclusion of my second term, it seems to me that I would have accomplished the core of my mission.”

His early departure ensures that the current French administration, rather than a future president who could come from the far-right, will oversee the appointment of one of Europe’s most influential policymakers, maintaining continuity at the central bank during a critical period for the French economy.

By Vafa Guliyeva