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French President Emmanuel Macron is facing a major political challenge as lawmakers prepare to vote on his nomination of former chief of staff Emmanuel Moulin to lead the Bank of France. Critics argue the move is part of Macron’s effort to place trusted allies in key institutions ahead of the 2027 presidential election, where the far-right National Rally is expected to be a major contender.

The parliamentary vote is considered a key test of Macron’s influence as his presidency enters its final phase without a clear majority in parliament. Opposition lawmakers from both the left and right have questioned whether Moulin can remain politically independent after serving closely under Macron. However, supporters say Moulin is one of France’s most experienced economic policymakers and well-qualified for the central bank role.

If rejected, the nomination would mark an embarrassing setback for Macron and strengthen claims that his political power is weakening before the next election. The Senate vote is expected to be decisive, with conservative lawmakers divided over whether to back Moulin or oppose another Macron ally taking a powerful institutional position.

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France’s economy is poised to grow 0.2% in the fourth quarter of 2025, supported mainly by strong industrial activity, according to the Bank of France’s latest business sentiment survey. Although slower than the 0.5% recorded in the previous quarter, the country remains on track to meet or potentially exceed the government’s full-year growth target of 0.8%, showing resilience despite ongoing political instability.

The central bank’s survey of around 8,500 companies between Nov. 26 and Dec. 3 revealed that industrial performance continues to surpass expectations for the sixth straight month. Production of computer, electronic and optical goods led the surge, while automotive and agro-food sectors also showed renewed strength, broadening the industrial recovery.

In contrast, services and construction have remained mostly flat heading into December. Businesses expect industrial activity to continue growing, though at a slower rate, while services and building activity are forecast to show little change. Despite the political challenges facing minority governments in passing budgets, the industrial sector remains the backbone of France’s near-term economic momentum.

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