France would back Klaas Knot for ECB chief in bid for top economist role, sources say
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| The french flag flies over a historic building in Paris, France. File photo. |
PARIS/FRANKFURT — September 15, 2026
France would support former Dutch central bank governor Klaas Knot to become the next president of the European Central Bank if a French candidate receives the ECB's influential chief economist position, people familiar with the discussions said.
The informal proposal has the backing of French President Emmanuel Macron, according to the sources. The plan could face strong opposition from Germany, potentially leading to difficult negotiations among the euro zone's largest economies over the ECB's next leadership team.
Macron's office did not immediately comment, while Knot also declined to comment. The Dutch finance ministry and the ECB were not immediately available for comment.
The succession debate has intensified as questions grow over whether current ECB President Christine Lagarde and Executive Board member Isabel Schnabel could leave before their terms end in 2027. An earlier departure by either could bring forward decisions on several senior positions, including the chief economist role currently held by Philip Lane.
Knot led the Dutch central bank from 2011 until 2025 and is considered by market participants to favor tighter monetary policy while remaining willing to adjust his position when economic conditions change. A French official described him as a hawk but said he was pragmatic.
Knot is not the only candidate under discussion. Former Bank of Spain Governor Pablo Hernández de Cos is widely viewed as another leading contender for the ECB presidency and has been regarded as a flexible member of the bank's rate-setting Governing Council.
The choice of the next ECB president would also affect the distribution of senior positions among northern and southern euro zone countries. If de Cos were selected, the sources said, a northern European country would likely seek the chief economist role to maintain the existing regional balance.
France is seeking that position as part of its reported support for Knot. The chief economist is selected by the ECB president from among the members of the Executive Board and has a major role in shaping the bank's economic analysis and monetary policy discussions.
Three French candidates have been mentioned in connection with the position: Banque de France Deputy Governor Agnès Bénassy-Quéré, former OECD chief economist Laurence Boone and economist Hélène Rey, who is currently at the Bank for International Settlements.
A French appointment could also help maintain the gender balance on the ECB's Executive Board. Lagarde and Schnabel are currently the only women among its members.
Germany is expected to resist giving France control of the chief economist position, according to the sources. Berlin is also interested in the role, which is widely regarded as one of the most influential positions on the Executive Board.
The dispute comes as France faces pressure over its public finances, while Germany has traditionally placed greater emphasis on maintaining strict control over inflation. These differences could shape negotiations over the ECB's future leadership and policy direction.
The ECB president and the five other Executive Board members are appointed by agreement among the leaders of the euro zone's 21 countries. Germany, France and Italy, as the bloc's three largest economies, have traditionally played a particularly important role in such decisions.
Lagarde has said she intends to remain in office until 2027. Her eight-year term is formally due to end in October 2027, while Schnabel's current term expires two months later.
Speculation about an early departure has nevertheless continued. Schnabel has not commented on reports that she is discussing a possible senior position at the International Monetary Fund, while Lagarde has rejected suggestions that she will leave before 2027 without giving a more specific commitment beyond saying she would remain until then.
Any early departure could accelerate negotiations over the ECB's next leadership and create an opportunity for a wider agreement covering the president, Executive Board seats and chief economist position.
