France backs Dutch central banker Klaas Knot for ECB presidency, seeks chief economist slot

France, with President Emmanuel Macron's backing, is prepared to endorse Dutch central-banker Klaas Knot to replace Christine Lagarde as president of the European Central Bank, provided the powerful chief economist position is filled by a French nominee. The informal proposal is likely to encounter resistance from Germany and sets up a contest between Knot and former Bank of Spain governor Pablo Hernandez de Cos. Paris's shortlist for the economist role includes Banque de France deputy governor Agnes Benassy-Quere, former OECD chief Laurence Boone and BIS senior Helene Rey, also helping preserve gender balance on the board.

The arrangement would free Germany’s seat for Isabel Schnabel’s successor while Berlin eyes the economist post. These talks arise amid speculation that Lagarde and Schnabel may step down before their terms end in 2027, prompting a broader reshuffle of ECB leadership.