Klaas Knot, former president of De Nederlandsche Bank (DNB), is currently seen as the most likely successor to Christine Lagarde as President of the European Central Bank (ECB). This conclusion comes from a recent poll conducted by financial news agency Bloomberg among leading economists.
If appointed, Knot would become the second Dutch national to lead the ECB, following Wim Duisenberg, the institution’s first president.
Knot’s Experience Strengthens His Candidacy
Knot served as president of the Dutch central bank for 14 years, a term that ended last year. During this period, he also held a seat on the ECB’s Governing Council, giving him deep insight into European monetary policy.
His long-standing role in shaping eurozone policy has made him a familiar and respected figure among policymakers and economists alike.
Other Leading Contenders for the ECB Presidency
While Knot tops the list of likely successors, several other prominent figures are also being closely watched:
- Pablo Hernández de Cos – Head of the Bank for International Settlements and former Governor of the Bank of Spain
- Joachim Nagel – President of the German Bundesbank
- Isabel Schnabel – German economist and current ECB Executive Board member
Isabel Schnabel Rated Most Suitable by Economists
Despite Knot being the favorite in the polls, economists surveyed by Bloomberg ranked Isabel Schnabel as the most suitable candidate to succeed Lagarde when her term ends in October 2027.
Schnabel has been a member of the ECB Executive Board since 2020 and is widely respected for her economic expertise and policy rigor.
Obstacles Facing Schnabel’s Appointment
Several factors could complicate Schnabel’s path to the presidency:
- Her current ECB board term expires next year
- She is often labeled a policy “hawk”, favoring strict measures to control inflation
These factors may make political consensus harder to achieve.
Balancing Hawks and Doves in ECB Leadership
Earlier this month, Boris Vujčić, Governor of the Croatian central bank, was nominated as ECB Vice President. Known as a relatively strict policymaker, his appointment increases the likelihood that the next ECB president could be a more moderate or “dovish” figure to maintain balance at the top of the institution.
Lagarde Praises Knot and Schnabel
Christine Lagarde herself has publicly praised several potential successors.
“Klaas Knot has the intellect, stamina, and the rare ability to bring people together,” Lagarde said in October.
She has also spoken positively about Schnabel, stating recently that “there are many very strong candidates, and Isabel is certainly one of them.”
Other Possible ECB Presidential Candidates
Beyond the top contenders, Bloomberg also identifies additional highly qualified candidates:
- François Villeroy de Galhau – Governor of the Banque de France
- Fabio Panetta – Governor of the Bank of Italy
All are experienced central bankers with strong reputations within the eurozone.
Conclusion: A Closely Watched ECB Succession
As Christine Lagarde’s term approaches its final years, speculation around her successor continues to intensify. With figures like Klaas Knot and Isabel Schnabel leading the conversation, the decision will likely reflect not only expertise but also political balance within the eurozone.
The coming months and years will be critical as Europe prepares for a potential shift in monetary leadership.
