Éric Lombard has assumed duties as Minister of Economy and Finance, taking over from Antoine Armand. Tasked with preparing the 2025 budget, he will also oversee Industrial and Digital Sovereignty. With a notable career marked by significant achievements, including leading the Caisse des dépôts to substantial profits, Lombard has experience in crisis management and financial strategy. His engagement in cultural initiatives and candid communication style positions him as a key player in addressing France’s economic challenges.
Éric Lombard: A New Era in the Ministry of Economy and Finance
Éric Lombard has stepped into his role as Minister of Economy and Finance with immediate effect, following a swift transfer of power from Antoine Armand. His appointment, just before Christmas Eve, underscores the pressing demands of his new position. As he embarks on this critical journey, Lombard faces the challenge of crafting a budget for 2025 while navigating the complexities of parliamentary oversight. Additionally, he will oversee Industrial and Digital Sovereignty, supported by two ministers and three delegated officials.
A Journey Through Crisis and Triumph
Having experienced the profound impact of the September 11 attacks, Lombard’s career has been marked by significant achievements. Initially appointed by Emmanuel Macron in late 2017 to lead the Caisse des dépôts, he was re-elected in 2023, guiding this pivotal state financial institution to a remarkable net profit of €3.9 billion. Lombard’s expertise is evident in his establishment of the Bank of Territories, his intervention during the crisis of Orpea (now Emeis), and the strategic alignment of CNP Assurances with La Banque Postale. His technical acumen and relationship-building skills have not gone unnoticed; Philippe Wahl, head of La Poste, praised him for his exceptional capabilities. A senior civil servant acknowledged his effective performance during challenging times.
Graduating from HEC in 1981, Lombard’s career began at Paribas bank. He transitioned into politics during François Mitterrand’s presidency, advising Michel Sapin during crucial governmental roles. Following a political setback for the left in 1993, he returned to banking, where he excelled in mergers and acquisitions.
On the fateful day of September 11, 2001, Lombard was scheduled for a meeting in one of the World Trade Center towers. Arriving early at his BNP Paribas office near Wall Street, he witnessed the tragic events unfold. Reflecting on that day, he described feeling disoriented, struggling to comprehend the situation until late in the evening.
After managing insurance for BNP Paribas, Lombard joined Generali France in 2013 but was ousted four years later. This led him to express his desire to lead the Caisse des dépôts, following the departure of Pierre-René Lemas, who was pushed out upon reaching retirement age.
In addition to his financial responsibilities, Lombard is the president of the Théâtre des Champs-Élysées, showcasing his passion for culture and the arts. Known for his effective communication skills, he embraces media engagement and enjoys traveling. A lover of sailing and music, he authored “At the Heart of Useful Finance,” where he reflects on influential figures in his life, including his grandfather and the former Prime Minister Michel Rocard. Despite his accomplishments, some critics, like Salomé Vaillant from the Unsa union, note that he lacks a strong presence in social matters.
Having been considered for a role at Bercy as early as May 2022, Lombard has aligned himself with Emmanuel Macron’s vision, even voicing criticisms on various policies, including pension reforms. His candidness is expected to be an asset in negotiations with Brussels, especially as France grapples with a public deficit projected to reach 6.1% of GDP and a staggering public debt of €3,300 billion this year.