JErome Powell, Chairman of the American Federal Reserve, stated in 2025: “I didn’t save money because I found it boring and useless” : the job of head of a central financial institution has lengthy been moderately boring. For a long time, working a central financial institution was additionally one of the vital discreet jobs in energy. Few press conferences. No marketing campaign. The preferrred governor was the one whose identify we forgot. Monetary coverage was meant to be technical, generally boring, exactly to keep away from partisan passions. Those days are over.
Monday February 9, François Villeroy de Galhau introduced that he’ll go away the Banque de France in June 2026. His departure comes greater than a 12 months earlier than the deliberate finish of his mandate. His resolution comes as polls place the National Rally (RN) within the lead within the 2027 presidential election. By leaving earlier, he permits Emmanuel Macron to nominate his successor earlier than a potential political change.
Officially, the governor of the Banque de France invokes the sensation of getting achieved his mission and his assumption of the presidency of the inspiration of Apprentis d’Auteuil. But this timetable can’t be dissociated from the political context. The place of governor, even legally impartial, is a strategic lever. It additionally issues for the coverage of the European Central Bank (ECB), the place Christine Lagarde greeted a governor “loyal and devoted to the common good of France and Europe”.
Considerable political weight
The selection of successor may have lasting results. The time period is six years and extends past the following presidential election. Once appointed, the governor can solely be eliminated in distinctive circumstances. This structure provides the appointment appreciable political weight, at a time when central banks have turn out to be central gamers in public life.
In the United States, the trajectory of Jerome Powell reveals the identical evolution. The Federal Reserve, lengthy outdoors the partisan debate, is now on the coronary heart of the political confrontation. Donald Trump attacked Powell publicly, known as him a “stubborn mule” and threatened to revoke his mandate.
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