France Backs Klaas Knot for ECB Presidency in Exchange for Chief Economist Role

France has thrown its support behind Dutch economist Klaas Knot to succeed Christine Lagarde as president of the European Central Bank, according to sources cited by Reuters. The informal proposal, backed by President Emmanuel Macron, would see Knot become the next ECB president in exchange for the chief economist position being awarded to a French candidate.

The plan has potential implications for Germany, which is also vying for the chief economist role and wants to maintain its influence over monetary policy. Berlin is keen to defend the ECB's focus on price stability.

Klaas Knot, former governor of De Nederlandsche Bank from 2011 to 2025, is seen as a pragmatic policymaker who favors a restrictive monetary policy. He would reportedly face competition from Spaniard Pablo Hernández de Cos, former governor of the Bank of Spain.