France Backs Dutch Central Banker for ECB Presidency: But Only with Chief Economist Role
France is backing Dutch central banker Klaas Knot to lead the European Central Bank (ECB) in place of Christine Lagarde, but only if a French candidate gets the powerful post of ECB chief economist. The proposal has the support of French President Emmanuel Macron, sources close to the matter said.
The informal deal would leave Germany with a seat on the Executive Board and her market operations portfolio, but officials there are eyeing the chief economist role for themselves. France wants the role for itself, citing its desire to preserve gender balance on the ECB's board.
Knot is viewed by market participants as a pragmatist who would take a hawkish stance on monetary policy, but flexible enough to shift course as economic data dictates. He led the Dutch central bank from 2011 to 2025 and has been mentioned as a potential candidate for the ECB presidency in recent weeks.