Macron urges orderly ECB succession as rivals cry foul

French President Emmanuel Macron said on Thursday, October 29, that the search for Christine Lagarde's successor at the European Central Bank must be prepared "in an orderly and balanced way" with France's European partners, and he thanked her for her work, Reuters reported. Leaders of France's far left and far right responded by accusing him of having arranged her early departure so he can help choose the next ECB chief before he leaves office.reuters.com

Praise From the Élysée

In a post on X, Macron praised the former French economy minister. "Her career reminds us that stability can never be taken for granted: it is built through decisive action, a sense of the common good and confidence in our shared future," he wrote, adding: "Thank you for your contribution to a strong and resilient Europe," according to Boursorama, citing Reuters. AFP reported that he also praised her "European commitment" and "determined" leadership.boursorama.com+1

Earlier that day the ECB said Lagarde had told the Governing Council and European Council President António Costa that she will step down on February 7, 2027. Her term was due to end on October 31, 2027, AP noted. Costa said the process to name her successor "will be initiated today and will proceed without delay," AFP reported. At her press conference, Lagarde said she was leaving early because she wants "the freedom of speech, the freedom of expression and the freedom to engage on matters that are not monetary policy matters," CNBC reported.ecb.europa.eu+3

Opposition Cries Foul

Jean-Luc Mélenchon, the France Unbowed (LFI) presidential candidate, linked the move to the early exit of the Banque de France governor. He said Lagarde's departure was meant to "allow Macron to negotiate the next appointment with the chancellor," 20 Minutes reported, citing AFP. National Rally (RN) lawmaker Jean-Philippe Tanguy called it an "illiberal drift" by "Macron and the System." He accused the president of "locking down" the ECB after placing Emmanuel Moulin at the Banque de France and Amélie de Montchalin at the Cour des comptes, France's public audit court, according to the same report.20minutes.fr

Election Timing

The timing is the core of the dispute. Because Lagarde is leaving in February, European leaders can pick a new ECB president before France's presidential election, which AFP noted is a race in which eurosceptic far-right and far-left candidates lead the polls. The vote is scheduled for April 18, with a runoff on May 2, and Marine Le Pen is among the frontrunners, 20 Minutes reported. The succession will also be shaped by political bargaining and by France's worsening fiscal problems. Chief Economist Philip Lane and board member Isabel Schnabel are also due to leave the ECB next year, CNBC reported.cnbc.com+2