The race for the Commission is a French affair – While Le Pen continues to make headlines for her political moves against the German ultra-right, Petit Napoleon is playing his cards in order not to lose influence in the next Commission. “France and everyone in the presidential ecosystem would like Draghi to play a role”, said Pascal Canfin, an MEP from Macron’s party. This is the first time the strategy has been openly discussed. There’s only one certainty: nobody wants von der Leyen anymore

The idea of installing Mario Draghi in one of the two top European jobs has all the beauty of the lofty intellectual schemes Emmanuel Macron likes to detail in his speeches about the future of the continent. It is also facing the same risk of crashing against political realities.

The French president has long been reported to be lobbying hard, opens new tab to install the former European Central Bank president and ex-Italian prime minister either at the head of the European Commission or as president of the European Council, the gathering of EU leaders.

There may be a case for turning to a man who is still basking in his reputation as euro zone saviour, even though Draghi’s foray into Italian politics at the head of a national unity government in 2021-2022 was more controversial, ending with the electoral victory of the hard-right party of Giorgia Meloni.

The euro zone is barely growing – with GDP up 0.4% in 2023, and 0.8% this year according to the IMF. And it needs to invest massively in the green transition, infrastructure and defence.

Macron and Draghi agree on the need to find new joint resources, either through borrowing or taxes. They also agree that Europe should reform and improve its competitiveness – a topic on which Draghi is preparing a report for Commission President Ursula von der Leyen, the woman Macron wants him to replace.

The French president will however struggle to install his Italian buddy in one of the two European top roles that will come up for grabs after European Parliament elections in June. Von der Leyen is campaigning hard to be reappointed, and would be the natural choice if the parties forming the conservative group in the EU Parliament win in the polls. It would take a strong showing by Macron’s liberal allies in the polls to justify unseating von der Leyen.

Promoting Draghi to head of the European Council presidency, where he could coordinate the EU leaders’ agenda, would not require a say from EU citizens and may be a better fit for the former Italian premier. But some government leaders may worry at the prospect of having a heavyweight in the job.

Both top roles require in any case unanimity among the 27 member states, which is far from a given. And Europe would play into the hands of populist critics who have argued that its institutional leaders are too often unelected bureaucrats without democratic mandates. Draghi has never run for election, and his only actual voters, in the successive jobs he has held, have been government heads. Macron at some point may realise that his campaign for Draghi is just a technocratic dream.