Emmanuel Moulin's account of Christine Lagarde's exit as personal rather than political matters less than what it leaves behind.

Moulin, who runs the Bank of France and sits on the Council, told a conference panel in Barcelona that Lagarde, 70, is going because she is ready for something new in her career. Bank of Spain Governor Jose Luis Escriva, on the same panel, called her explanation clear and convincing and said he and others fully accept it.

Lagarde's own words are less tidy. She announced last week that she will leave in February, ahead of schedule, and told reporters on Thursday that she wants to shed the political neutrality her post demands so she can again speak publicly on political issues. She has ruled out running for the French presidency.

The departures do not stop with her. Isabel Schnabel, who oversees markets, leaves in January for a job at the International Monetary Fund, and Chief Economist Philip Lane's term ends in May. Moulin noted that the timing opens the door to appointing three new Executive Board members to sit alongside the three who remain. That concentrates uncertainty in the bank's leadership just as the Council decides how much tightening to deliver in December.

The timing also hands the choice of successor to Macron. Lagarde leaves just before the first round of the French presidential vote to pick his successor, a race a far-right or far-left candidate might win, so Macron will help choose her replacement rather than the eventual winner. Moulin argues this lets heads of state and government build an institution that stays strong, trustworthy and independent. Eurozone leaders are expected to settle on a new president within the next few weeks.

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