French President Emmanuel Macron confronts a significant challenge next week as parliamentary committees prepare to vote on his selection of a former chief of staff to lead the nation’s central bank, with critics suggesting the move aims to shield important institutions from potential far-right control following the 2027 election.
Should lawmakers reject Emmanuel Moulin’s nomination, it would deliver a humiliating blow to the unpopular president, highlighting his weakened position with less than a year remaining in his second term.
However, if approved, the decision would likely strengthen opponents’ claims that Macron is positioning trusted allies in influential roles to preserve his legacy and guard against a potential National Rally victory in the upcoming presidential race.
“The president is right to propose (Moulin’s) appointment, as it is technically justified, but he is taking a political risk should the proposal be rejected by parliament, given that he no longer has a majority,” said political analyst William Thay of think tank Le Millenaire.
Parliamentary opponents serving on finance committees in both chambers could prevent Moulin’s confirmation on Wednesday if three-fifths vote in opposition. The tallies from both houses will be combined, and Moulin gains approval if opposition votes fall short of 60% of the total.
Committee membership, featuring 72 members in the lower house and 49 in the Senate, reflects the composition of both chambers. Macron and his supporters lack majorities in either house.
While resistance appears likely in the divided lower house committee, the Senate committee – controlled by the conservative Republicains – holds the deciding power. Several lawmakers caution the outcome could be close, with possible defections among Republicains whose backing Moulin requires.
Moulin’s qualifications as among France’s most seasoned economic policymakers face little challenge.
However, Macron’s advocacy has intensified examination of his independence, a crucial concern for a central bank position designed to remain separate from political influence.
“Have you seen an Elysee chief of staff named to head the Bank of France before? That’s never happened,” said Eric Coquerel, the hard-left head of the finance committee in the lower house.
Coquerel indicated most left-wing parties in the lower chamber would resist Moulin, though the Socialists remain undecided, while non-Macron centrists might divide.
A similar appointment has occurred previously. Macron’s predecessor Francois Hollande appointed his chief of staff Pierre-Rene Lemas in 2014 to run public lender Caisse des Depots, among France’s largest financial institutions.
Moulin will participate in question sessions in both houses on Wednesday before committee voting begins. The Senate meeting will exclude press coverage, while the lower house has not announced whether its session will be public.
Socialist lawmaker Philippe Brun reported that Moulin agreed to discuss priorities including bank oversight, inflation control, and his independence with colleagues.
In a questionnaire delivered Friday to Moulin, Brun inquired: “How can the independence of the Bank of France … be guaranteed, given your very recent political roles within the government?”
When contacted by Reuters, Moulin indicated he would save his responses for lawmakers. Brun did not immediately respond regarding his Wednesday meeting with Moulin.
As head of the 226-year-old Bank of France, Moulin would join the European Central Bank’s rate-setting governing council and oversee French bank regulation.
Even before proposing Moulin, Macron’s opponents criticized his placement of allies including Richard Ferrand to lead the constitutional court that reviews legislation and Amelie de Montchalin to direct the audit office that validates public accounts.
RN lawmakers claim these nominations seek to install anti-RN allies should they gain power in next year’s presidential contest.
“After Ferrand and Montchalin, we’re going to say enough is enough,” said RN lawmaker Philippe Ballard.
Polling data suggests next year’s presidential election second round will almost certainly include the anti-immigrant RN, which has promised to dismantle much of Macron’s social and economic policies.
Ferrand received approval by one vote last year in law committees of both houses, with RN lawmakers abstaining, while Montchalin’s selection required no parliamentary confirmation.
The Senate will prove crucial for Moulin, who has worked under both conservative and Macron administrations, with uncertainty over whether some Republicains will break away to oppose his nomination.
“It’s a safe bet that Republicains MPs will be split between those who believe it’s better to maintain a respectable profile on the right and those who want to punish the betrayal of one of their own who left them in 2017 to serve Macron’s camp,” Thay said.
