French central bank governor unexpectedly steps down early, successor appointment authority left to Macron

French central bank governor Francois Villeroy de Galhau unexpectedly resigned ahead of schedule, giving the power to choose his successor to current French President Emmanuel Macron rather than the possible future far-right president. This resignation decision will take effect in June, meaning that one of the most influential policy makers in Europe will leave office far earlier than his second term expires in October 2027. This is only six months away from the next presidential election in France, where a candidate from the far-right National Rally could win. Villeroy explained in a statement on Monday that he received an "irresistible" offer to manage a foundation serving disadvantaged youth and stressed that the decision to resign was a "personal choice." Regardless of his motives, the departure of the governor allows for a relatively smooth transition in France - the 2025 budget has already been finalized, in contrast to the tense mood among investors regarding the succession of the Federal Reserve chair.