Macron Appoints Eric Lombard from Caisse des Dépôts as France's Finance Minister Amid Budget Challenge

Dec 23, 2024, 07:22 PM

President Emmanuel Macron has appointed Eric Lombard, a 66-year-old HEC graduate, as France's new finance minister as part of a new cabinet led by Prime Minister François Bayrou, announced on Monday. Lombard, who previously served as the director general of the state-backed financial group Caisse des Dépôts and worked at BNP Paribas and Generali France, takes on the role of minister of Economy, Finance, and Industrial and Digital Sovereignty. His appointment comes at a critical time as he faces the immediate challenge of enacting a budget for 2025, following the ousting of his predecessor Antoine Armand due to opposition to a deficit-cutting budget. Lombard, a seasoned banker with a background in both the private and public sectors, including as an advisor to Michel Sapin, is tasked with managing France's public finances amidst a context of significant public debt and deficit. He will be supported by two ministers and three delegated ministers in his new role.