Emmanuel Moulin has headed up the French Treasury since 2 November 2020. He is assisted in his duties by a Deputy Director General, Muriel Lacoue-Labarthe, who was appointed on 4 January 2021. Agnès Bénassy-Quéré serves as Chief Economist.

Directorate General

Emmanuel Moulin

Emmanuel Moulin, Director General of the Treasury

With degrees from Sciences-Po, Essec, Université Paris II and ENA, Emmanuel Moulin joined the Directorate General of the Treasury in 1996 as Deputy Head of the Transport Bureau, and then served as Deputy Head of the Policy and Monetary Treasury Bureau from 1998 to 2000. He was appointed Alternate Executive Director of the World Bank in Washington before becoming Secretary General of the Paris Club from 2003 to 2005.

In 2006, he joined Citigroup as a senior banker, with responsibility for the public sector in France and Belgium.

In 2007, he was appointed Deputy Chief of Staff to Christine Lagarde, then Minister for the Economy, Finance and Industry, where he dealt with macro-economic and financial issues as well as European and international affairs.

In June 2009, he joined the French Presidency as economic adviser to President Nicolas Sarkozy.

Emmanuel Moulin joined the Eurotunnel Group in May 2012 as Deputy CEO and then CFO starting on 1 January 2014. In February 2015, he became Managing Director of Mediobanca.

In May 2017, he was appointed Chief of Staff to the Minister for the Economy, Finance and the Recovery, Bruno Le Maire.


muriel lacoue-labarthe

Muriel Lacoue-Labarthe, Deputy Director General of the Treasury

Muriel Lacoue-Labarthe is a senior civil administrator. She has served as  Head of the “Concentration and Subsidies” Bureau at the Directorate General for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) (2004-2005), National expert seconded to the European Commission’s Directorate-General for Competition (2005-2007), Head of the “Single Market, Consumer Protection, Competition, State aid and Armaments” department at the Secretariat General for European Affairs (2007-2010), Head of the European Strategy and Coordination Bureau at DG Trésor (2010-2012), Adviser on European and International Financial Affairs in the Private Office of the Minister for the Economy and Finance (2012-2014), Deputy Director for European Affairs at  DG Trésor (2014-2016) and Adviser on Policy and Strategy  at the European Commission’s Directorate-General for Economic and Financial Affairs (2016-2017).

From 2017 to 2020, she was Deputy Director in charge of trade policy, investment and financial crime and, after 1 September 2020, Head of the Bilateral Affairs and International Business Development Department (SABINE) at DG Trésor. 


Agnès Bénassy-Quéré

Agnès Bénassy-Quéré, Chief Economist

Agnès Bénassy-Quéré is a professor at the University of Paris 1 Panthéon-Sorbonne and at the Paris School of Economics, a non-resident fellow at Bruegel and head of the Center for Economic and Policy Research (CEPR)’s European Economic Architecture Research and Policy Network.

She is also a member of the High Council for Financial Stability, the Banque de France’s General Board, the Tax Policy Council, the National Productivity Council, the Franco-German Council of Economic Experts, the French Council of Economic Advisers (Cercle des économistes) and she is an associate researcher at CESifo.

She initially worked at the Ministry for Finance and Industry, before moving to the universities of Cergy-Pontoise, Lille 2, Paris-Ouest, and the Ecole Polytechnique. She subsequently served as Deputy Director, then Director of the Centre d'études prospectives et d'informations internationales (CEPII, a Paris-based research institute in international economics) and President-Delegate of the Council of Economic Analysis. Her research focuses on the international monetary system and macroeconomic policy in Europe. In 2000, she was awarded the prize for the best young economist in France.

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