Pierre C Boyer is Full Professor of Economics at École polytechnique – CREST (Center for Research in Economics and Statistics). He is Research Fellow at the Centre for Economic Policy Research (CEPR), Deputy director of the Institut des Politiques Publiques (IPP), the Programme Director of the research group “Democracy and Institutions” at the IPP in Paris, and a Fellow at the CESifo. His research interests include public economics, political economy, European integration, and banking regulation. His research has been published in the American Economic Review, the Quarterly Journal of Economics, Econometrica, the American Economic Journal: Economic Policy, the Journal of Financial Intermediation and the Journal of Public Economics.