Membre - Cercle des économistes

Present positions 

Professor at the University Paris 1 Pantheon Sorbonne

Professor at the Paris School of Economics

Non-resident researcher, Bruegel

Member of the High Council for Financial Stability

Member of the Council of Mandatory Contributions 

Member of the Conseil National de Productivité

Membre of the Conseil général de la Banque de France

Previous positions 

Member of the Policy committee to the French Ministry of finance

Chairperson of the Conseil d’Analyse économique (Council of Economic Analysis)

Professor, University Lillle 2, University Paris – Nanterre and Ecole polytechnique

Director at CEPII, Centre for Prospective Studies and International Information

Columnist, France-Culture

President of the French Association of Economic Sciences

Educations and degrees 

PhD in Economics at the University Paris IX – Dauphine

Graduated, Ecole Supérieure de Commerce de Paris

Main publications 


Economic Policy, with B. Coeuré, P. Jacquet et J. Pisani-Ferry, De Boeck, 4th edition 2017

Interest Rates, with L. Boone et V. Coudert, la Découverte, 3rd edition 2015.

Economic Policy, withB. Coeuré, P. Jacquet et J. Pisani-Ferry, De Boeck, 4th edition 2017.

The international monetary system: an introduction, Livre sonore, De Vive Voix, 58 min., 2012

Economy of the Euro, with B. Coeuré, La Découverte, collection Repères, 3rd edition, 2014.

International Monetary Macroeconomics, Economica, 2nd edition 2015.

Journal articles

« The impact of yuan internationalization on the instability of the international monetary system » avec Y. Forouheshfar, Journal of International Money and Finance, 57, 115-135, 2015.

« On the inclusion of the Chinese renminbi in the SDR basket », with D. Capelle – International Economics, 139, 133-151, 2014.

« The Impact of Market Regulations on Intra-European Real Exchange Rates », with D. Coulibaly – Review of World Economics, 150 (3), 529-556, August 2014.

“Fiscal sustainability in the presence of systemic banks: the case of EU countries”, with G. Roussellet – International Tax and Public Finance, 21(3), 436-467, 2014

Book chapters and other publications

Macroprudential developments in the macroeconomic policy framework in the euro area, Annales des Mines, août 2018, pp. 79-83.

“Unequal imbalances”, in Ordo-liberalism vs. Anglo-Saxon-Latin pragmatism: Incompatible economic philosophies?, CEPR ebook, 22 novembre 2017.

Europe’s Political Spring: Fixing the Eurozone and Beyond, with Francesco Giavazzi, Vox-EU, 31 mai 2017.

The euro zone in search of coordination, Revue Française d’Economie, n°125 spécial « L’Europe après 60 ans », 1er trimestre, 2017.

Making the most of the European single market, avec V. Aussilloux, C. Fuest et G. Wolff, Note du Conseil d’Analyse Economique n°38, février 2017. Making the best of the European single market, Bruegel Policy Contribution n°3, 2017.

“Making the European semester more efficient”, in Investment and growth in advanced economies, Conference proceedings, ECB forum on central banking, Sintra, 26-28 June 2017, pp. 325-332.

“Jobs union”, in A. Bénassy-Quéré and F. Giavazzi, eds., Europe’s political spring: fixing the eurozone and beyond, CEPR ebook, 31 May 2017.

Reconciling risk sharing with market discipline: A constructive approach to euro area reform, Franco-German Report, 17 janvier 2018,  CEPR Policy Insight No. 91, avec M. Brunnermeier, H. Enderlein, E. Farhi, M. Fratzscher, C. Fuest, P.-O. Gourinchas, P. Martin, J. Pisani-Ferry, H. Rey, I. Schnabel, N. Véron,  B. Weder di Mauro, and J. Zettelmeyer.

“The International Monetary System in Perpetual Search of Stability”, in Bergsten, C. F. and A.G. Russell, International Monetary Cooperation: Lessons from the Plaza Accord after Thirty Years, chapter 13, Peterson Institute of International Economics, April 2016, pp. 237-260.

“A sovereignless currency”, In Baldwin, R. and F. Giavazzi, eds., How to Fix Europe’s Monetary Union, CEPR e-book, 2016.

Which fiscal union for the euro zone?, avec X. Ragot et G. Wolff, Note du Conseil d’Analyse Economique n°29, février 2016.

“Maastricht flaws and remedies”, In Baldwin, R. and F. Giavazzi, eds., The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR e-book, 2015.

“The euro as an international currency”, In Badinger, H. and V. Nitsch (eds.), Handbook of the Economics of European Integration, 2015.


Research interests

International monetary issues; European integration; economic policy




Central bankers like to see their job as purely technical: as independent agencies, they are untrusted with the task of achieving one or several objectives through activating their various monetary instruments. Although the mandates vary across central banks, all of them include the objective of maintaining the internal and sometimes external value of the domestic currency. Central banks are also lenders of last resort for commercial banks. Hence they guarantee the liquidity of the banking sector, provided the latter remains solvent.

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