Key facts
- France would back Klaas Knot for ECB President if a French candidate is appointed chief economist.
- The proposal has support from French President Emmanuel Macron.
- Germany also seeks the chief economist role, potentially creating political friction.
- Christine Lagarde's term as ECB President officially ends in October 2027.
- Klaas Knot is described as a pragmatic policy hawk.
- Pablo Hernandez de Cos is seen as Knot's main rival for the ECB presidency.
France is reportedly willing to support Dutch central banker Klaas Knot to succeed Christine Lagarde as European Central Bank president, provided that the influential position of ECB chief economist is given to a French candidate. This informal proposal, which has the backing of French President Emmanuel Macron, could lead to significant political negotiations within the euro zone, particularly with Germany, which also has ambitions for the chief economist role.
The race for the ECB presidency has intensified amid speculation that Lagarde, whose term officially ends in late 2027, might step down early. Her potential departure, along with that of fellow Executive Board member Isabel Schnabel, would accelerate decisions about leadership appointments.
Knot, who previously led the Dutch central bank, is characterized as a pragmatic policy hawk. His main rival for the presidency is seen as Pablo Hernandez de Cos, former governor of the Bank of Spain. France has identified Agnes Benassy-Quere, Laurence Boone, and Helene Rey as potential candidates for the chief economist position, aiming to maintain gender balance on the ECB's Executive Board.