French Parliament approves Macron's pick to run Bank of France

French parliament approved Emmanuel Moulin on May 20, 2026, as the next governor of the Bank of France. Moulin, a former chief of staff to President Macron, clears the immediate political uncertainty around the central bank's leadership, which could calm short-term market noise. However, questions over his independence from Macron and accusations of political loyalty raise concerns about the future stance and credibility of France’s central bank—an outcome that could influence euro policy expectations and put pressure on EURUSD if investors fear politicisation ahead of the 2027 presidential election. Overall, approval reduces appointment risk but leaves lingering political-risk premium for the euro.