Dr. Philippe P. Moutot

Dr. Philippe P. Moutot


Senior Economist and principal advisor on monetary policy strategy for central banks. Created and led team to study, propose and negotiate monetary policy for the European Central Bank.  Principal negotiator of the Maastricht Treaty sections that initiated and implemented the process for creation of the Euro and the European Central Bank. Matches deep research to knowledge and forecasting of current outlook and to direct experience of policy-making.  Recent concentration on the consequences of the current technological revolution to identify new policies and assess major risks.


Fluent in French and English. Able to read and understand German and Spanish.


Professional Experience

Dec 2012-AUG 2017   PRINCIPAL ADVISOR, Directorate General Economics, European Central Bank

  • Advises P. Praet, Member of the Executive Board, concerning Monetary Policy, Financial Stability, International and Research issues and all European issues of relevance to monetary policy.
  • Supports the Directorate General Economics as part of three-member senior management team.
  • Developed and leads a Research Project on the role of cash constraints for the interpretation of monetary/credit aggregates and risk premia in the context of Monetary Policy. Member of the Editorial Board of the Journal: “Accounting, Economics and Law: A Convivium”.
  • Represents the ECB in international OECD EPC & BIS regional meetings as well as meetings of Chief Economists on Monetary Policy.
  • Represents the ECB in discussions with banks, hedge funds, chief financial officers, and national economic committees.

Mar 2005-Dec  2012    Director, Monetary Policy, Deputy Director general, economics

European central bank

  • Analyzed and assessed both the appropriateness of the monetary policy stance and strategy; prepared monetary policy decisions; analysed and monitored the Euro area’s financial systems
  • Oversaw the work of the Fiscal Policy Division and served as a member of the ECB’s Liquidity Committee.
  • Alternate ECB member of the EU Economic and Financial Committee and Eurogroup Working Group (EWG).
  • Represented ECB at both OECD Economic Policy Committee and Economic Developments Review Committee meetings. Oversaw technical discussions in the context of International Monetary Fund’s yearly Article 4 review missions to the Euro Area.

july 1998 – Feb 2005   deputy director general, economics - European central bank

  • Prepared monetary policy decisions and monitored, analysed, studied and forecast Euro area’s monetary, economic, financial and fiscal developments and policies.
  • Chairman of the Eurosystem’s (ECB+Euro Area national central banks) Working Group on Forecasting and ECB representative in the Eurosystem’s Monetary Policy Committee: in charge of developing, negotiating, and publishing the quarterly Eurosystem’s projections.
  • Shared the leadership of 200-member staff and developed, then supported the structure, rules of functioning, and overall consistency of the organization.

1994 – June 1998        Head of Division for stage three - European Monetary institute

  • Researched and supported negotiation and implementation of a process for all issues connected to the functioning of the future European System of Central Banks, including changeover to the euro, the monetary policy, the operational framework, the ECB modelling and strategic options, and ERM 2 and financial stability issues.

1992 – 1994                 Deputy Director, Foreign Relations, Banque de France


  • Led analysis of issues relating to the European Monetary Union, the International Monetary System, the French Franc Zone, and international debt rescheduling; provided technical assistance to former Sowjet countries and fostered bilateral relations with foreign central banks.
  • Represented the Banque de France in BIS meetings, including the Gold and Foreign Exchange Committee, and the Foreign Exchange Policy Subcommittee since 1990.  

1990 - 1992                 Head of the Studies Unit of the Foreign Exchange Division,
Banque de France

  • Directed theoretical and applied studies, and research on foreign exchange policy, ERM issues and economic developments in EMS, G10 countries, and EMU, including negotiation of ECB statutes. Participation in daily meetings on foreign exchange markets.
  • Studied and advocated the need to integrate payment systems and centralise banking supervision in view of EMU
  • Provided technical assistance to countries in transition (Lithuania, Moldova, Russia) on central banking and foreign exchange policies

1986 - 1989                 Economist in the exchange and trade relations department (etr), international monetary fund

  • Managed and negotiated issues related to the balance of payments, debt, debt rescheduling, and exchange rates for the IMF’s missions to Senegal, Burundi, Congo, Guinea-Bissau, Angola, and Panama

1980 - 1984                  Economist, Balance of Payments Division, Banque de France

1979 - 1980                  Economist,  - Centre d’Etudes et de Prospective Internationales  Center for International Studies and Outlook (CEPI)



1984- 1991                  University of Chicago, Economics Department

  • Doctor of Philosophy (Ph.D.), Money Theory


1984 - 1985                 University of Chicago, Economics Department

  • Master of Arts (M.A.), Money Theory

1978 - 1980                 Universite de paris-I, University of Paris-1

  • Diplôme d’Etudes Approfondies

1975 - 1978                  Institut d’etudes politiques de paris (iep)

  • Diplôme de l’Institut d’Etudes Politiques

1974 - 1977                  Ecole Nationale des Ponts et Chaussees (ENPC)

  • Diplôme d’Ingénieur Civil des Ponts et Chaussées

1972 – 1974                Lycee Louis le Grand, Paris, Mathematiques Superieure et Speciale

  • Baccalauréat A (Literature),

1969-1972                   Lycee J. J. Rousseau, Sarcelles

  • Baccalauréat C (Maths)


teaching activities


2014 - 2015                       Lecturer at Institut des Relations Internationales et Stratégiques (IRIS) on: « ‘The Euro in the Making : Lessons and Ways Ahead”

1993 - 1994                       Lecturer in Economics at Ecole Nationale d’Administration (ENA), Paris .

1982 - 1984                       Lecturer in International Economics at  Ecole des Hautes Etudes Commerciales (HEC).

1980 - 1984                      Assistant Professor in Economics at Ecole Nationale des Ponts et Chaussées (ENPC).


list of publications


  • « France-Allemagne : Cultures Monétaires et Budgétaires » edited by Soléne Hazouard, René Lasserre, and Henrik Uterwedde, in chapter III in Roundtable on « Quel rôle doit jouer la BCE aux yeux des responsables politiques français et allemands et quelle est sa politique actuelle ? » Travaux et documents du CIRAC, CIRAC 2015.
  • “La refondation du système monétaire et financier international, edited by Regis Chemain, chapter on « La crise et le cadre des politiques économiques et monétaires » ,Cahiers internationaux nº25, Editions Pedone 2011.
  • “Macroeconomic Performance in a Globalising Economy”, edited by R. Anderton and G. Kenny, co-author with G. Vitale of Chapter 8 on “Monetary Policy Strategy in a global environment”, Cambridge University Press 2011.
  • “Enhancing Monetary Analysis, edited by L. Papademos and J.Stark: co-author with F. Drudi and T. Vlassopoulos of Chapter 2 on “Monetary Analysis in the ECB’s Monetary Policy Process”, European Central Bank 2010
  • “Hacia dónde va la política monetaria? Opciones para las economías emergentes”, Chapter on“The conduct of Monetary Policy in the Euro Area”, December 2008, Flar
  • «  Les banques centrales doivent-elles être indépendantes ? » Editions Prométhée, with Edwin Le Heron, 2008
  • “The monetary Transmission Process: recent developments and lessons for Europe”, edited by the Deutsche Bundesbank,  discussion of an article by A. Weber on “Asymmetric Interest Rate Policy: Causes and consequences”, Frankfurt 2001
  • “What financial system for the year 2000?”, edited by M. Abreu, V. Mendes, Chapter on “International Issues form the point of view of Central Bankers”, CEMPRE CISEP, Lisbon, December 1999.
  • “The European Single Market”, edited by H.M. Scobie, Chapter on “What might explain the September 1992 speculative attacks on the French Franc?” Chapman and Hall, London 1994




  • “Modelling bond markets and their instabilities”, with Curato, I. and Guberovic, R., accepted for presentation at SASE Conference on June 24 2016 in Berkeley. To be submitted to Journal of Finance.
  • “What is the major risk for central bankers today?”, accepted for presentation at Royal Economic Society Conference on 22 March 2016 in Brighton and at SASE Conference on June 24 2016 in San Francisco.
  • “Power of Inaction or Ability to Learn in Action within a Political Process? Comments on the book "The Power of Inaction" by Cornelia Woll, Journal of Accounting, Economics and Law - A Convivium; http://www.degruyter.com/view/j/ael.2016.6.issue-1/ael-2015-0009/ael-2015-0009.xml
  • “Systemic Risk and Financial Development in a Monetary Model without Banks”, presented to SASE conference on 12-13 July 2014 in Chicago, to be submitted to Econometrica after publication of paper on “Modelling bond markets and their instabilities”.
  • “Macroeconomics and Systemic Risk: Must Central Bankers Go Back to their Future?”, Journal of Banks and Banking Systems, October 2014; businessperspectives.org/journals_free/bbs/2014/BBS_en_2014_03_Moutot.pdf
  • “The Stability and Growth Pact: Crisis and Reform”. ECB Occasional Paper Series No 129, with L. Schuknecht, P. Rother and J. Stark, October 2011. Also published in CESifo DICE Report Autumn 2011.
  • “Systemic Risk and Financial Development in a Monetary Model”, ECB Working Paper Series No. 1352, June 2011.
  • “How are the Eurosystem’s Monetary Policy Decisions Prepared?”, with A. Jung, and F.P. Mongelli, Journal of Common Market Studies, Vol 48 No 2, March 2010
  • ‘Monetary Policy Strategy in a Global Environment’, with Giovanni Vitale , ECB Occasional Paper No. 106, 2009
  • The Working of the Eurosystem - monetary policy preparations and decision-making – Selected issues, with Alexander Jung and Francesco Paolo Mongelli, ECB Occasional Paper No 79, 2008
  • “The role of Other Financial Intermediaries in Monetary and Credit Developments in the Euro Area”, Philippe Moutot, Dieter Gerdesmeier, Adriana Lojschová and Julian von Landesberger, ECB Occasional Paper No 75, 2007
  • "Strategies for Euro Area Membership", with Anatoli Annenkov, Bank of Valetta Review No 27, Spring 2003
  • “La politique monétaire européenne: un bilan après trois ans”, with Alexander Jung, Revue d’Economie Financière, numéro 65, 2002.
  • “Monetary Policy and Co-ordination in a Globalised World”, with Giovanni Vitale, Revue Economique Volume 52, Number 2, March 2001.
  • Commentaire de l’article “Quelle règle monétaire et budgétaire en Union Economique et Monétaire?” de
    Artus, J.-P. Pollin et A. Penot, Revue d’Economie Politique No. 3, 1999.
  • “Monnaie électronique – enjeux prudentiels et impact sur la politique monétaire”, with Jean-Michel Godeffroy (and the help of Marie-Françoise Gabarre-Esteva and Benjamin Sahel), Revue d’Economie Financière, Numéro 53, 3/1999.
  • “Developing a framework for monetary policy operations - the European example”, paper presented at the “Seminar on open market operations” organised by the IMF and the People’s Bank of China in Dalian, China, 1997.
  • “Monetary policy in a European Monetary Union: instruments, strategy and transmission mechanisms”, published conference proceedings of the “Conference on monetary policy in transition: strategies, instruments and transmission mechanisms”, Oesterreichische Nationalbank, Vienna, 1997.
  • “The monetary framework for the European Monetary Union”, List Forum für Wirtschafts- und Finanzpolitik 23 (1997).
  • Comments on “Which instruments for the European System of Central Banks?” by Hermann Remsperger, “International bankers forum: international conference on European monetary policy”, organised by the Association for the Monetary Union of Europe, Kronberg, 30 November and 1 December 1995.
  • “The characteristics and the management of exchange rates: the case of the French Franc in 1992-93”, Cahiers Economiques et Monétaires, Banque de France No. 43, 1994. http://gallica.bnf.fr/ark:/12148/cb343796043/date
  • “Speculative attacks against the French Franc and defense of its parity between September 1992 and May 1993”, working paper, Congrès AFSE, September 1993.
  • “The FF/DM parity during the early nineties: an empirical assessment of target zone effects”, with A. Magnier, Econometric Society European meeting in Uppsala, European Economic Review, 1993.
  • “Redefining reforms”, with M. Aglietta, in “Russie: l’an II de la transition”, Revue d’Economie Internationale No. 54, 2nd quarter 1993.
  • “What might explain the September 1992 speculative attacks on the French Franc?” in “The European Single Market: monetary and fiscal policy harmonisation” edited by H.M. Scobie, Chapman and Hall, London 1994.
  • “The systemic risk and its prevention”, with M. Aglietta, Cahiers Economiques et Monétaires
    41, Banque de France, 1993. http://gallica.bnf.fr/ark:/12148/cb343796043/date
  • “Evolution of financial organisation of large countries and prevention of the systemic risk in EMU”, with M. Aglietta, Cahiers Economiques et Monétaires No. 41, Banque de France, 1993. http://gallica.bnf.fr/ark:/12148/cb343796043/date
  • “The consequences of EMU for the banking sector”, Recherches Economiques de Louvain No. 59, 1993.
  • Comments on “Assessing target zone credibility: mean reversion and revaluation expectations in the ERM”, 1979-1992 by L.E.O. Svensson, European Economic Review 37-4, pp. 794-800, May 1993.
  • Comments on “Are the stability of exchange rates and the financial liberalisation causing monetary instability and fiscal imbalance in Europe?” by E. Girardin, Cahiers Economiques et Monétaires No. 40, Banque de France.
  • “Exchange rates and target zones”, with D. Namur, Cahier de Recherche No. 91204, CRIEGE, Université de Paris XIII, June 1991.
  • “Money in a non-linear dynamic and stochastic two-agent model”, doctoral thesis, University of Chicago working paper, June 1991.
  • “Toward a solution of non-linear and stochastic utility maximising models”, University of Chicago working paper, June 1987.
  • “Balance of payments of financial conglomerates and of the public sector”, with Menda and Errera, Cahiers Economiques et Monétaires No. 20, Banque de France, 1985.
  • “External constraint and domestic monetary policy”, la Documentation Française, 1983:
    public report of Commissariat Général du Plan.
  • “Recent innovations in the international capital markets”, with Terry and Nadal, les Cahiers de l’IDEF, Banque de France No. 16, 1982.
  • “The evolution of international trade in mechanical and electrical goods between 1967 and 1977”,
    Revue d’Economie Industrielle No. 14, 1980.
  • “The French machinery industry”, as a co-author of a public report, Ministère de l’Equipement,
    Paris, 1977.


ACADEMIC References

  • Robert E. Lucas, University of Chicago, Chicago – USA
  • Lars P. Hansen, University of Chicago, Chicago – USA
  • Michel Aglietta, Paris, France.