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1. Jacques MISTRAL. Head of Economic Studies, IFRI, Paris. Professor of Economics. Born on September 22nd, 1947 in Toulouse (France). Married, 3 children ...



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Head of Economic Studies, IFRI, Paris
Professor of Economics
Born on September 22nd, 1947 in Toulouse (France)
Married, 3 children
Artillery Officer
Ecole Polytechnique (1967)
Doctorat en économie appliquée – University Paris IX Dauphine, 1973
Doctorat de Sciences Economiques – University Paris I, 1977
Professor of Economics – (Agrégation de Science économiques, 1977)
Sept. 2007
Head of Economic Studies, Ifri (Institut français des relations internationales), Paris
2006 -2007
Advisor to the
Directeur général du trésor et de la politique économique, Ministère des
finances -Paris
2005 - 2006
Minister-financial counsellor, French Embassy in Washington
Senior fellow, Kennedy School of Government, Harvard University
Member of the “Conseil d’Analyse Economique” (Prime Minister’s office)
2001 - 2005
Minister-financial counsellor, French Embassy in Washington
2000 - 2001
Special Advisor to the Minister of the Economy, Finance and Industry
1992 - 2000
Executive Vice President, Axa Group
1988 - 1991
Economic Advisor to the Prime Minister, Michel Rocard.
1977 - 1988
Professor of Economics
1969 - 1977
Economist, Minister of Finance.
I started my professional life as an economist at the Ministry of finance at a time when new methods
based on the use of econometric models were introduced in the Government ; this was a time of
external difficulties for France (devaluation in 69, oil shock in 73) which proved particularly
demanding for these new instruments.
I have been called in 1988 by the Prime Minister, Michel Rocard, as a member of his team and I
have been his Economic Advisor during three years. In this position, I have been involved in every
aspect of the Government action : elaboration, negotiation, explanation and finally assessment. The
major fields in which I have been active have been Fiscal Policy, Employment Policy, Health and
Retirement. Writing speeches and visiting Foreign Governments
were another part of the job.
I have been called again in 2001 as a Special Advisor to the Minister for the Economy, Finance and
Industry ; the major new involvement in this period has been with the European (Eurogroup and
Ecofin meetings) and international (G7) agendas.
Finally, I have been proposed in 2001 the position of Minister for financial affairs at the French
Embassy in Washington which gave me another broad international experience in a particularly
stimulating period.
1969 - 1977 Economist at the Ministry of Finance
- Staff Economist for the balance of payments forecast ; Economist in the
econometric model group ;
- Head of short term forecasts.
1988 - 1991
Economic Advisor to the Prime Minister
- Designing the economic policy framework ; liaison with the Ministry of
- with Parliament ; writing economic speeches of the PM ; contacts with the
- Working on specific macro-issues : employment (first measures
alleviating labour costs for less-skilled people), health, retirement, and
micro-issues : households bankruptcy, product liability, privacy…
- Visiting foreign countries with the PM (USA, Japan) ; personal emissary
of the Prime Minister towards foreign governments (Chile, Poland,
Mexico) ; liaison with the Russian Government regarding the transition to
a market economy.
2000 - 2001 Special Advisor to the Minister of Economy, Finance and Industry
- Responsibility for the European (Eurogroupe and Ecofin meetings ;
French Presidency of the Union in 2000) and international (G7) agendas.
Among many topics : Lamfalussy report,
stability pact, oil shock,
enlargement, introduction of the euro.
2001 - 2006
Minister for financial affairs, French Embassy in Washington
- Information of the French Authorities regarding the US economy and
economic policies ; bilateral ministerial meetings with the US authorities ;
- Follow-up of the financial industries (Banks, Insurers, Markets) : activity
and performance, regulation and supervision ; transatlantic financial
dialogue ;
- Liaison with US authorities (Treasury, Fed, SEC, CBO…) ; pleading for
French attractiveness.
AXA is a global financial company (P&C insurance, life insurance, reinsurance, asset management)
with a revenue of 72 EurosBillion in 2004, assets under management of 869 EurosBillion and
earnings of 3 EurosBillion. AXA is present in Europe, in the US (formerly, The Equitable Life for
insurance and Alliance Capital for asset management) and in Asia.
During my tenure with AXA, I had the responsibility of restoring the situation of a particularly
troubled part of the Group (major international risks, a business similar to the Lloyd’s), to head the
Asian operations when the group was quickly expanding in the Pacific Region, from Australia to
China, to head the Human and finally the Finance Departments (following the merger with UAP).
1992 - 1993
CEO AXA Marine/Aviation/Transport
- Merging the marine departments of the AXA companies ;
- Restoring the financial situation of the London based subsidiary ;
- Designing new rules of underwriting, appropriate reserving, innovative
reporting tools, adequate market access.
1993 - 1995
Executive Vice President for Asia
- Achieving the acquisition of National Mutual in Australia ;
- Negotiating a partnership with Dongbu in Korea ;
- Supervising the launch of a start-up in Japan (AXA Japan) ;
- Getting the first French license with Chinese Authorities ;
- Member of the Board of AXA Asian Companies : Melbourne, Tokyo,
Hong-Kong, Singapour, Seoul.
1995 - 1997
Executive Vice President for Human Resources (18 000 staff)
- Managing incentives for senior executives (bonuses, stock-options…),
designing letters of objectives and follow-up, recruitments and firings ;
- Negotiating the social contract : wages, retirement, training ;
- Negotiating the creation of a European Social Committee for the Group .
1997 - 2000
Executive Vice President for Finance (Turn-over, 20 EurosBillion)
- Merging the finance departments of AXA and UAP in France ;
- Opening financial statements after the merger ; accounting, reporting,
reserving policy (actuarial department) ; consolidation ;
- Reducing expenses, delivering synergies ; relations with auditors and
ratings agencies ; introduction of the AXA share on Wall Street ;
- Designing a new strategic plan for the AXA Group in France ;
- Member of the Board of AXA companies in France.
October 2008