France would back Klaas Knot for ECB president in exchange for chief economist role
France would support Dutch central banker Klaas Knot to succeed Christine Lagarde as ECB president if a French candidate gets the chief economist post, Reuters reports, citing people familiar with the discussions. The informal proposal, backed by President Emmanuel Macron, could face resistance from Germany as the ECB’s top jobs come into play amid speculation that Lagarde and board member Isabel Schnabel may leave early.
Bottom line — The informal deal would give France the chief economist role, but Germany is also seeking the post.
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Reuters says Banque de France Deputy Governor Agnes Benassy-Quere, former OECD chief economist Laurence Boone and Helene Rey are on Paris’s shortlist.
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Germany is eyeing the chief economist role, which Reuters describes as the ECB board’s second most influential post.
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Knot led the Dutch central bank from 2011 to 2025. A French official described him as a hawk who is flexible in response to economic data.
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Lagarde’s ECB mandate ends in October 2027; chief economist Philip Lane’s term expires in May, Reuters reports.
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POLITICO reports that Knot becoming president could mean Frank Elderson leaves the board, since both are Dutch and the board generally has one member per country.
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POLITICO says climate advocates fear a leadership change could stall further green measures, though existing ECB policies are not expected to be overturned.