France offers support for Knot as ECB president to secure economist post

France is informally offering to support former Dutch central bank governor Klaas Knot to succeed Christine Lagarde as European Central Bank president, provided a French national receives the influential chief economist post. The proposal, backed by current French President Emmanuel Macron, is expected to face strong resistance from Germany and could trigger broader negotiations over several ECB leadership positions. The succession race is intensifying amid speculation that Lagarde and German Executive Board member Isabel Schnabel could leave before their terms end in 2027, while Chief Economist Philip Lane’s term expires next May. ECB appointments require consensus among the 21 eurozone governments, with Germany, France and Italy wielding especially significant influence. Knot, who led the Dutch central bank from 2011 to 2025, is regarded as a pragmatic hawk who favors tighter policy but adjusts to changing economic conditions.