Knot for ECB President: France Demands Chief Economist Post in Exchange

As European Central Bank (ECB) President Christine Lagarde's term approaches its end in late October 2027, major eurozone countries are jockeying for her successor. France is backing former Dutch central bank governor Klaas Knot for the top job, while demanding that a French national be appointed to the chief economist position as a quid pro quo, according to multiple sources.

The informal swap arrangement has the backing of French President Emmanuel Macron. Germany, however, is likely to push back strongly against this demand, setting the stage for intense political negotiations among the eurozone's major economies. The ECB president and five executive board members are appointed through consultations among the leaders of the 21 member states.

Knot served as governor of the Dutch central bank from 2011 to 2025 and has a reputation as a 'smart hawk', fundamentally inclined toward tightening but known for adjusting his stance flexibly in response to economic data. He was initially skeptical of Mario Draghi's 'whatever it takes' euro-defense pledge, but later acknowledged its importance.