France Seeks Chief Economist Role in Exchange for Knot Support

France has thrown its support behind Klaas Knot for European Central Bank (ECB) president, but only if he agrees to let a French candidate take on the role of chief economist. The move is part of a larger game of musical chairs at the ECB, with several key positions up for grabs by the end of 2027.

The current presidency of Christine Lagarde is technically set to expire in October 2027, but she may step down early due to growing expectations. Philip Lane's tenure as chief economist ends in May 2027, and Isabel Schnabel's executive board seat opens at the end of 2027.

Knot led De Nederlandsche Bank from 2011 until June 2025 and has been formally backed by the Dutch government since August 2026. He is considered a frontrunner for the presidency, with surveys suggesting he has an edge in coalition-building over his rival Pablo Hernández de Cos.

The support of France, the second-largest economy in the Eurozone, significantly improves Knot's chances of being elected president by the European Council. However, Germany may also be interested in the chief economist role, which could complicate negotiations.