Banque de France: the appointment of Emmanuel Moulin, former general secretary of the Élysée, validated by Parliament

Emmanuel Moulin, former secretary general of the Élysée, will become the new governor of the Bank of France, after Parliament did not oppose his appointment this Wednesday.

Parliament did not oppose this Wednesday the appointment of Emmanuel Moulin, former secretary general of the Élysée, at the head of the Bank of France. He promised this Wednesday before parliamentarians to be “a free man” and “independent” in this position, brushing aside fears of too close proximity to power.

A majority of parliamentarians from both chambers spoke out against the appointment of this close friend of the head of state (58 votes against, 52 for), but under the rules it would have been necessary for three-fifths of the votes cast to be unfavorable to hinder the appointment.

“I therefore stand before you as a free man, as a man of public service who has served the State for 30 years and who is committed to exercising his functions with complete independence, with complete impartiality,” declared Emmanuel Moulin during his hearing before the Senate Finance Committee.

“I have never abdicated either my convictions or my freedom of thought”

“I have never abdicated my convictions, my freedom of thought, nor my independence. I have exercised my functions under different governments with the general interest as my constant compass,” added this 57-year-old former Treasury director. “I do not think that my career is solely linked to that of the current president,” he insisted during a second hearing by the Finance Committee of the National Assembly, questioned about being “a loyal” of Emmanuel Macron.

To convince parliamentarians, Emmanuel Moulin ensured that he had the four qualities necessary for a governor of the Bank of France: “rich and diversified experience in economic policy”, “unfailing independence”, “management skills” and “a very strong European and international profile”.

He had also detailed the priority subjects which should hold his attention if he were appointed: “Monetary strategy in a context marked by a resurgence of inflation” with the war in the Middle East, “European sovereignty in monetary matters” or even “financial stability”.

In particular, he said he was “favorable” to the digital euro project, believing that “it is an essential asset for monetary sovereignty”. He also assured “that he is committed to maintaining the local role of the Banque de France” by “keeping a branch in each department”.

A senior civil servant having climbed all the financial levels of the State, Emmanuel Moulin began his career at the Treasury. Deputy director of the cabinet of former Minister of the Economy Christine Lagarde in 2007, he joined the Élysée in 2009 as economic advisor to President Nicolas Sarkozy.

After a stint in the private sector (Eurotunnel then Mediobanca), he returned in 2017 to the Ministry of Finance as chief of staff to Bruno Le Maire. He was then appointed director of the Treasury at the end of 2020, chief of staff to former Prime Minister Gabriel Attal in 2024 and secretary general of the Élysée in 2025.