In the race to succeed Christine Lagarde, the question of when leaders choose the next European Central Bank president is looming almost as large as who they pick.
That¡¯s a key lesson from the resignation of Bank of France chief Francois Villeroy de Galhau, whose early exit announced last week automatically means the selection of his replacement falls to Emmanuel Macron ¡ª rather than a possible future far-right president such as Marine Le Pen or her protege, Jordan Bardella.
Like Lagarde, the governor was meant to leave office in October 2027, probably giving the choice of successor to the next head of state after elections in the first half of next year. That same winner will weigh in on the selection of the ECB chief, unless Europe¡¯s leaders speed up their decision-making.
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