France backs Klaas Knot for the ECB presidency in exchange for the chief economist position going to a French candidate

France is backing Dutchman Klaas Knot to succeed Christine Lagarde as president of the European Central Bank, according to sources cited by Reuters. The informal proposal, supported by President Emmanuel Macron, would entail the ECB’s chief economist position going to a French candidate.

The plan could trigger difficult negotiations with Germany, which is also seeking the position considered the institution’s second-most influential. Berlin would like to retain an important role in monetary policy and defend the ECB’s focus on price stability.

Klaas Knot, former governor of De Nederlandsche Bank from 2011 to 2025, is considered a pragmatic policymaker who favors a restrictive monetary policy. His main rival would reportedly be Spaniard Pablo Hernández de Cos, former governor of the Bank of Spain.

In exchange for supporting Knot, France could propose names such as Agnès Bénassy-Quéré, Laurence Boone or Hélène Rey for the chief economist position. Christine Lagarde’s term officially ends in October 2027, but an early departure would accelerate the reshuffle of the ECB’s leadership.