On 1 January 2012 he was nominated to the executive board of the European Central Bank. From 2009 to 2011 he was deputy director general of the French Treasury and from 2007 to 2009, head of multilateral affairs, G7 finance sous-sherpa and co-chair of the Paris Club. In 2009 he co-chaired one of the four G20 Working Groups responsible for preparing the Leaders summit in London and in 2011, as part of the reform of the international monetary system, the G20 Sub-Working Group on Global Liquidity Management. He also teaches at Sciences Po in Paris and his academic work focusses on European economic policy and the international monetary system. His most recent books include: Economic Policy: Theory and Practice, Oxford University Press, New York, 2010 (with Agnès Bénassy-Quéré, Pierre Jacquet and Jean Pisani-Ferry); Le monde a-t-il encore besoin de la finance?, PUF/Descartes & Cie, Paris, 2009; Quelles réformes pour sauver l'État?, PUF/Descartes & Cie, Paris, 2011 (co-edited with Jean-Paul Betbèze) and Dealing with the New Giants: Rethinking the role of Pension Funds, CEPR, 2006 (with Tito Boeri, Lans Bovenberg and Andrew Roberts).