The candidate for the position of head of the European Central Bank (ECB), Claes Knott, said that the regulator's tools for stabilizing the public debt markets cannot replace a responsible fiscal policy. As reported by Bloomberg, Knoth believes the ECB can act as a "shield" against market shocks, but ensuring the sustainability of Eurozone currencies remains the task of national governments. Kenneth is now in the running for the job of ECB president following the early departure of Christine Lagarde on February 7.