Exclusive-France would back Dutch veteran Knot to lead ECB, wants chief economist job, sources say

France is backing Dutch central banker Klaas Knot to take the helm of the European Central Bank (ECB), provided the position of chief economist goes to a French candidate, according to sources familiar with the matter. Macron's office has not officially commented, but the French President's support for this informal proposal is well-known. However, the plan is expected to face significant resistance from Germany, potentially leading to intense political negotiations among the euro zone's influential leaders.

The decision comes amid speculation that ECB President Christine Lagarde and Executive Board member Isabel Schnabel might both resign before their terms end in late 2027, accelerating a planned reshuffle at the bank's top levels. Lagarde, a French national, and Schnabel, representing Germany, would leave behind a void that could be filled by Knot, the current Dutch central bank chief who served from 2011 to 2025.

Knot is seen as a pragmatic leader who leans towards tighter monetary policy but is adaptable enough to adjust based on economic data. Former Bank of Spain governor Pablo Hernández de Cos is considered his main rival, but his appointment would likely trigger a swap of the chief economist role with a northern European country to maintain balance.

France is keen on securing the chief economist position for itself, with Banque de France Deputy Governor Agnes Benassy-Quere and OECD economist Laurence Boone among the preferred candidates.