ÉPREVILLE–EN-LIEUVIN, France – As European Central Bank President Christine Lagarde shook hands and tasted oysters on the bucolic grounds of a Norman manor on Saturday, some might have seen a presidential candidate in waiting.
But, Lagarde swears, there is nothing to see here.
Speaking as a special guest at the Fête de la Pomme, an apple-themed political gathering organized by Normandy's regional president Hervé Morin, Lagarde dodged questions over her involvement in the French presidential race and her early departure from the ECB — despite mounting speculation on both matters.
On stage, she even encouraged reporters who made the trip to Normandy to cover her potential political comeback to pack up early, promising that they would be disappointed.
But there are signs suggesting that the ECB chief, who entered into politics during the presidency of France's apple-loving Jacques Chirac, is increasingly willing to weigh in on the campaign.
While she promised to stay at least until the end of the year, Lagarde previously refused to rule out leaving before the end of her term, which ends in October 2027.
Earlier this week, she announced that she would publish her first autobiography, Lady First, in January. She also waded into the French presidential debate by rejecting French far-left presidential contender Jean-Luc Mélenchon’s proposal to wipe out government debt.
Her presence at the apple festival in the 15th-century Manoir de la Fortière — an unconventional locale for a central banker's speech — might be yet another signal. Opening the event, Morin said that he tried to invite her for years but never managed to make it work. Until this year.
“Everyone is happy to have you here and I realized to what extent you have an exceptional reputation,” said Morin, who worked with Lagarde when they both served as ministers under conservative president Nicolas Sarkozy, including during the 2008 financial crisis.
While Lagarde declined to say whether she would become involved in the campaign, participants to Morin’s annual political rally didn’t rule that out.
“Several people mention Lagarde as a presidential candidate, but she is the only one who can answer that question,” said centrist senator Catherine Morin-Desailly.
“She is a Norman, French and European figure who must, of course, play an active role in helping to shape and develop future platforms for the presidential election. Good candidates will call on her expertise, and I hope they do.”
With centrist candidates Gabriel Attal and Edouard Philippe competing against each other and Bruno Retailleau, the leader of the conservative Les Républicains, also taking part in the race, the center-right side of the presidential spectrum is already crowded.
For Kristina Pluchet, a senator from Les Républicains who backs Retailleau, other candidates including Christine Lagarde could very well join the race, but they should compete in a primary election.
With French bond yields rising and the government led by Sébastien Lecornu struggling to cut the deficit, Lagarde’s financial résumé could prove to be an asset — although she complained to a local producer that the oysters she had during her time as the International Monetary Fund boss in New York were washed with chlorine.
The ECB President didn’t give any hint on her political future in her speech. Instead, she used repeated references to calvados, Normandy's internationally famous apple brandy, to make the case for the benefits of EU membership.
She said that calvados, which could be found on the stands of the fête, can be better exported across the world thanks to the EU’s trade policy and is protected by the bloc’s geographical indications. And, unlike calvados which can flow freely between member states without tariffs, capital and services still face internal barriers imposed by member countries, she added.
“It is no surprise, then, that many of the people who want to build something new leave Europe altogether,” Lagarde said, calling for the emergence of a real capital markets union to rival the U.S..
As she walked back to a German-plated grey Mercedes S-Class, wearing a scarf with Normandy's two-leopards flag, Lagarde stopped for selfies, but kept sidestepping questions about her future.
