France may support former Governor of the Central Bank of the Netherlands, Klaas Nott, for its succession Christine Lagarde in its leadership European Central Bank, under an agreement whereby a French candidate would be selected for the position of chief economist, according to sources who spoke to Reuters.
Although Lagarde's term extends until October 2027, rumors of early resignation persist throughout most of this year.
They shall follow persons deemed to be the main candidates for the Presidency of the ECB.
Claas Knott
The 59-year-old Knott, an economist specializing in monetary policy, served two full terms as head of the central bank of the Netherlands (from 2011 to 2025) and has since devoted most of his time to an advisory role or to promoting his nomination for the ECB presidency.
EPA/JEROEN JUMELET
His 14-year term of office on the Governing Council of the ECB —the institution setting interest rates— It can be divided into two distinct periods: a period of increasingly apparent hostility towards the economic stimulus measures promoted by ECB President Mario Dragi, and a period of absolute solidarity with Christine Lagarde, who succeeded Dragi in 2019.
Considered an advocate of strict monetary policy («falcon»), Knott took office in a troubled period, as the eurozone was experiencing a series of crises in the financial sector and in the debt front threatening to dismantle it. Although initially he had expressed reservations about Dragi's commitment to do «Whatever it takes» to save the euro, eventually changed attitude —Unlike his German counterpart— and described this move as a decisive moment.
However, in the following years it came into open conflict with Dragi, when the ECB launched a huge effort to stimulate the economy to revive inflation, which throughout the decade remained below the 2% target.
Initially, criticism was limited to private discussions, but it came out fully in the late 2019s, when Dragi promoted a new stimulus program despite the opposition of one third of policy makers — an unprecedented break for a collective body that usually makes decisions unanimously.
Under Lagarde's term, Knott was re- aligned with the common line, although from the outset he was in favour of a more rigorous policy in response to the historical rise in inflation in 2022.
As of 2021, Knott also served as chairman of the Financial Stability Board, a global body responsible for monitoring financial pressures and policy proposals.
Pablo Hernandez de Kos
The 55-year-old de Kosh, who is considered a supporter of loose monetary policy («pigeon»), led by 2025 of the Bank for International Settlements (BIS) – the global umbrella body of central banks.
EPA/JALAL MORCHIDI
He also served as Governor of the Bank of Spain for a six-year term, from 2018 to 2024 — a turbulent period that began with extremely low inflation, for the pandemic to follow and a historic cycle of interest rate increases aimed at reducing galloping inflation.
De Kos also served as chief economist of the Bank of Spain, moving on to the rare move of transition from staff to policy-making role, which reflects its success in upgrading the bank's research work.
His colleagues describe him as a realistic economist —Perhaps as someone who is not bound by fixed ideological lines to his decisions— who always documents his views with numerous elements and data, avoids doctrines and is distinguished for his group spirit.
Earlier this year, when some of the world's leading central bankers openly favored Jerome Powell—then President of the Federal Reserve (Fed)— against political pressure, de Kos reportedly played a decisive role in coordinating this initiative.
De Kos also gained international recognition when he served as president of the Basel Committee on Banking Supervision, the most important global forum dedicated to monitoring and harmonising banking rules.
Joachim Nagel
Nagel, 60, head of the Bundesbank since 2022, has radically changed Germany's relationship with the ECB.
While his predecessor, Jens Weidman, has been in open conflict with the ECB for years under Mario Dragi, Nagel has moderated his rhetoric and aligned himself with the general line, although he remains a supporter of a relatively strict monetary policy (the so-called «falcon»).
EPA/HANNIBAL HANSCHKE
His colleagues report that Nagel —who also holds a doctorate in economics— It shall make clear the «red lines» He is in a position to compromise on other issues, and has not opposed any key policy decisions during his term of office. — a significant change in relation to conflicts that characterized the term of office of its predecessors.
He has also supported the creation of the European Deposit Insurance System, a project to which Berlin has long opposed, fearing that the German taxpayer should bear the cost of the financial irresponsibility of others.
Nagel has strongly defended the ECB's independence, has refuted the political criticism that is being made at the bank and recently argued that some of the proposals of the far-right AfD party were counterproductive and could discourage investors.
As a member of the Social Democratic Party of Germany, Nagel previously held senior positions in the Bank of International Settlements (BIS) and in the KfW group.
Nadia Calvin
Calvinio, President of the European Investment Bank, has never expressed public interest in the position at the ECB, but its name refers at times to private discussions.
EPA/OLIVIER MATTHYS
Είναι γνωστή ως δεινή ομιλήτρια και ως αμείλικτο αλλά αποτελεσματικό διοικητικό στέλεχος — ιδιότητες καθοριστικής σημασίας για τη διοίκηση ενός μεγάλου οργανισμού και ενός Διοικητικού Συμβουλίου 27 μελών, τα περισσότερα εκ των οποίων έχουν συνηθίσει να κατέχουν ηγετικές θέσεις στις δικές τους κεντρικές τράπεζες.
Αν και η 57χρονη Καλβίνιο —πρώην υπουργός της ισπανικής κυβέρνησης— δεν είναι οικονομολόγος με εξειδίκευση στη νομισματική πολιτική, η περίπτωση της Λαγκάρντ έχει αποδείξει ότι αυτό δεν αποτελεί απαραίτητη προϋπόθεση.
Το φύλο της ενδέχεται επίσης να λειτουργήσει υπέρ της, δεδομένου ότι στο Συμβούλιο συμμετέχουν μόνο δύο γυναίκες, οι οποίες πρόκειται να αποχωρήσουν εντός του επόμενου έτους.
Source: Reuters
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