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

Jared Kim · 2026-09-16T11:20:36.536Z

This deal shows France prioritizing its own influence over picking the best person for ECB president.

France offers support for Knot as ECB president to secure economist post — Photo: World Economic Forum / Wikimedia Commons (CC BY 3.0)

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France would back former Dutch central bank governor Klaas Knot for European Central Bank president if a French national receives the chief economist post. The informal proposal is backed by President Emmanuel Macron. A French official said of Knot: "He is a hawk, but in a smart way." Knot led De Nederlandsche Bank from 2011 to 2025. His main rival is Pablo Hernández de Cos, now general manager of the Bank for International Settlements. Christine Lagarde's term ends in October 2027. She has said, "You are not going to see the back of me before 2027," while declining to rule out an early departure. Philip Lane's chief economist term expires in May 2027. Isabel Schnabel's term ends in December 2027; Handelsblatt reported she is in talks on a senior IMF role. France's shortlist for chief economist includes Agnès Bénassy-Quéré, Laurence Boone and Hélène Rey. Joachim Nagel is an alternative German candidate as Bundesbank president. What is contested: None on the core offer. Sources say Germany is expected to resist, opening broader talks over several posts. ECB appointments need consensus among 21 eurozone leaders, with Germany, France and Italy holding de facto permanent board seats. Early exits by Lagarde or Schnabel, and Germany's response, remain unresolved.