France economy minister stands down amid rumors of presidency bid

France’s economy minister on Wednesday officially stepped down from his post but failed to confirm rumors of a potential bid for presidency.

At a ceremony in the Ministry of Finance in Paris, the outgoing Emmanuel Macron, 38, handed over power to the Finance Minister Michel Sapin who is due to take on both jobs.

The young minister’s resignation was announced in statement on the French government’s official website on Tuesday which said Macron was leaving office in order “to fully focus on his own political project.”

The former investment banker recently started his own political movement ‘En Marche,’ unsettling many within the Socialist Party, including President Francois Hollande, and triggering candidacy rumors.

During today’s ceremony however, Macron stopped short of confirming a widely expected centrist bid for presidency in the 2017 elections.

Instead he reiterated his intention to focus on his movement, which he hoped would unite France in the “start of a new project.”

He illustrated his intentions to create a secure economic plan for the country with a quote from Marcel Pagnol: “If you want to go out to sea without the risk of capsizing, don’t buy a boat: buy an island.”

Since his appointment as minister of the economy in 2014, Macron became known for his businessfriendly approach, which at times diverged from traditional party lines.

However, in a speech at the ceremony, Macron insisted that he was proud to have served under Hollande’s government.