Laurent Clerc is Director for research and risk analysis at the Autorité de Contrôle Prudentiel et de Résolution, the French supervisor of banks and insurance companies. Previously, he held various positions at the Banque de France, notably as Director for Financial Stability and Director for Monetary and Financial Studies. He also worked as an economist at the Bank of England, the ECB, the OECD and the French Economics and Finance Ministry.