France's Elite Is Sounding the Alarm on the Far Right

Bank of France Governor Francois Villeroy de Galhau, Emmanuel Macron’s man at the European Central Bank, is stepping down a year early — ostensibly for personal reasons. But the quiet move is a dire warning on France’s future as officials brace for the possibility of a far-right leader in the Elysee Palace next year and as Europe fights for its survival in a Trumpian age.

Villeroy’s timing seems calculated to bombproof a top civil service job that’s hugely important to markets and monetary policy, even though France is only one rate-setting voice among many at the ECB. Putting Villeroy’s succession in the hands of Macron — who appears to be weighing either Benoit Coeure or the more political pick Emmanuel Moulin as replacements — ensures some kind of continuity going into the next administration. No prizes for guessing why this is a priority: Polls suggest next year’s presidential election will be won by Macron’s nemesis Marine Le Pen or her youthful No. 2 Jordan Bardella.