The president of the European Central Bank Christine Lagarde did not rule out the possibility of leaving her position early, as she considers the possibility of involvement in the political scene of France.
Her term at the ECB concludes in October 2027, however, as she stated to the newspaper Les Echos, an early departure is "possible", ahead of the French presidential elections the same year.
The European voice must be heard in France
Christine Lagarde stressed that the European dimension must be represented in the pre-election dialogue in France, pointing out:
"I believe that a European voice must be heard in the French presidential debate. If this debate leads to a perspective that downgrades the position of France in Europe, then it must be explained why this would be a painful path for the country and its citizens".
The possibility of political involvement remains open
Asked if she would consider personal involvement in the election campaign or even a candidacy, Christine Lagarde answered characteristically:
"I will ask myself some questions".
The political scene in France and the rise of the far right
According to the polls, the leader of the far-right party National Rally, Jordan Bardella, appears as the favorite to succeed president Emmanuel Macron, who will not be a candidate for re-election.
The first round of the elections is expected to take place in April, while in the event that no candidate gathers 50%, a second round between the first two will follow.
Bardella: change of course for the European Union
Jordan Bardella has spoken out in favor of a readjustment of the position of France in the European Union, arguing that the European Commission and the EU must operate "in favor of the states and not the other way around".
The statements of Lagarde on the stability of the ECB
Christine Lagarde appeared, however, to confirm her commitment to the ECB for the immediate future, noting:
"My term concludes in October 2027. My mission is the maintenance of price stability.
In a period of new turmoil, the captain of the ECB must remain on the ship".
Scenarios of political intervention without an early departure
Even if she remains in her position until the expiration of her term, Christine Lagarde does not rule out participation in the public dialogue around the presidential elections.
As she mentioned:
"I could have a frank conversation with some of the candidates in the coming months".
And she added:
"I would speak with a French and European voice, because I am deeply committed to both".
Fiscal pressure and political instability in France
The French government is attempting to pass difficult fiscal measures amounting to at least 4 billion euros, within the framework of the effort to reduce the public deficit and comply with the European limit of 3% of GDP by 2029.
The minister of finance Roland Lescure stressed that the political discussions around the elections of 2027 must not prevent the passage of this year's budget.
Political liquidity and government instability
Roland Lescure noted that France needs institutional stability, underlining that the budget and the pre-election processes must remain distinct procedures.
As he characteristically mentioned, an involvement of the two could lead to a deadlock in governance.
Political instability after 2022
Since the re-election of Emmanuel Macron in 2022, France has changed five prime ministers, a fact that reflects the growing political fragmentation and the difficulty of promoting reforms.
Lagarde: France facing difficult choices
Closing, Christine Lagarde underlined that France will be called upon to make difficult decisions:
"The candidates have a duty to examine the problems and propose solutions.
The citizens are fully aware of the situation and expect a word of truth and realistic solutions".'
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