French Central Bank Governor Quits, Macron Shops for Successor

François Villeroy de Galhau has unexpectedly announced his early resignation as governor of the Bank of France.

The timing of Villeroy de Galhauis' perceived as a calculated effort to safeguard the institution's future leadership. (Photo: Sikarin Thanachaiary, World Economic Forum Flickr)

Analysts view the timing as a calculated effort to safeguard the institution's future leadership, Quirino Mealha reported for Euronews.

The French central bank governor handed in his resignation on Monday, which will take effect in June 2026. This unexpected departure occurs roughly 18 months before his second term was scheduled to conclude in October 2027.

The move strategically shifts the responsibility of selecting his successor to the current president of France, Emmanuel Macron.

If Villeroy de Galhau had completed his full tenure, the appointment of the next head of the Bank of France would have fallen to the winner of the April 2027 presidential election, which current polling suggests could favor a far-right candidate.

While the French central bank governor cited personal reasons for his departure—specifically to lead the Fondation Apprentis d'Auteuil, a charity for vulnerable youth—the timing is perceived as a calculated effort to safeguard the institution's future leadership.

Villeroy de Galhau reassured that “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.”

In a separate letter to Bank of France employees, the governor, who led the institution for almost 11 years, also acknowledged that “this decision may come as a surprise.”