France backs Klaas Knot for ECB presidency in exchange for chief economist role

France has signaled informal support for Dutch candidate Klaas Knot to succeed Christine Lagarde as President of the European Central Bank (ECB). In exchange for backing Knot, Paris is seeking to secure the influential position of ECB chief economist for a French candidate.

The potential leadership reshuffle is driven by speculation that both Lagarde and Executive Board member Isabel Schnabel may step down before their mandates expire at the end of 2027. Additionally, the term of chief economist Philip Lane is set to end in May 2027. This has led to discussions regarding a “grand package” deal to fill multiple top vacancies within a similar timeframe.

Klaas Knot, who led the Dutch central bank from 2011 to 2025, is considered a frontrunner, though he faces competition from Pablo Hernández de Cos, the former governor of the Bank of Spain. While French support provides significant momentum, the proposal may face resistance from Germany, which also seeks influence over the bank’s key roles.