François-Louis Michaud named new EBA Chair, strengthening France’s clout within the EU

Brussels – The leadership of the European Central Bank under Christine Lagarde, the Customs Authority, with Lille chosen as the headquarters for the new agency, and now the leadership of the European Banking Authority (EBA): France is “securing” a key aspect of the European Union’s functioning: control over money. The EU Council has appointed François-Louis Michaud as Chair of the EBA for a five-year term starting on 16 April, with the possibility of renewal.

Michaud’s appointment as head of the EBA had already been decided in January, when the Council had to choose between the French candidate and the Cypriot contender Constantinos Herodotou, the current governor of the Central Bank of Cyprus. On 26 February, the European Parliament’s Committee on Economic Affairs confirmed the selection, and today’s (30 March) approval is therefore a necessary and anticipated formality. However, the vote, especially in light of France already holding the presidency of the ECB and the recent award of the new Customs Authority, takes on an entirely new meaning and highlights France’s weight in the EU’s political‑institutional architecture.

Of course, the French candidate was high-profile, having already served as a former executive director of the same banking authority. As an expert in the field with a track record within the institution, the Council’s choice certainly represents continuity, but it also strengthens France’s influence in Europe.