The Merovingian is a strong proponent that causality is the true nature of existence within the Matrix, not choice. As a result, his ideology directly conflicts with the efforts of the Oracle. In fact, the Merovingian's behavior strongly suggests that he despised the Oracle so much as to want her termination, suggesting that Trinity can bring him the "eyes of the Oracle" as ransom for Neo's release from Mobil Avenue. He has been known to momentarily abandon his hatred if it means his survival, as evidenced by the fact that when he decided to just give the Zion operatives Neo even without the eyes of the Oracle after he and his men were held by gunpoint by Trinity.
A connection to the Merovingian to the second failed Matrix may exist. The Merovingian surrounded himself with henchmen with remarkable abilities that other programs do not show. The Oracle, Persephone, and the Architect alluded to these programs in various conversations involving Neo. These programs inhabited the ill-fated second Matrix in an effort by the Architect to establish a primitive level of choice through frightening the human populace. When the second Matrix failed, the Merovingian kept many of these old programs for his own devices.
It has been confirmed that the Merovingian's prior purpose to exile was the Operating System (like Microsoft Windows or Mac OS X) for an earlier version of the Matrix, the second of the two Matrix betas. Thus the Merovingian's original role was a leadership position, coordinating activity and information in the Matrix beta. He would later make good use of these skills in exile as a power broker and trafficker of information. It also explains why the Merovingian is so skilled at rewriting Matrix code to create new custom objects.
Persephone has said that the Merovingian used to be "like Neo" when she spoke of initially falling in love with him. As the Merovingian's power lies more in subtle rather than gross manipulation of information, he may not be a previous One. Most assume Persephone is saying that the Merovingian was not always a cynical hedonist, but was once driven and purposeful.