According to CoinMeta, Klaus Nolt, the candidate for President of the European Central Bank (ECB), stated that the policy tools used by the ECB to stabilize sovereign debt markets cannot replace the responsible management of public finances by individual countries. In an interview with an Italian newspaper on Sunday, Nolt said, "In some cases, it is inevitable for the ECB to take intervention measures. In the face of market disorder, the ECB can provide a protective barrier, but it cannot replace sound fiscal policies." Nolt has previously served as Governor of the Dutch Central Bank and is currently competing with Spanish candidate Pablo Hernández de Cos for the position of next ECB President. Previously, Lagarde announced that she would step down on February 7, 2027, nearly nine months ahead of the end of her original eight-year term. As France's debt issues have revived memories of the eurozone sovereign debt crisis in the market, the competition for the ECB President position may also depend on which candidate is better equipped to handle financial market turmoil and resist the selling pressure in the bond market.