He is a full professor at the Paris Institute for Political Studies ("Sciences Po").He was a Professor of Economics at Paris West University Nanterre La Défense and Sciences Po, and was Minister of Economy and Finance from 1997 to 1999, as part of Lionel Jospin's Plural Left government. He belongs to the right wing of the Socialist Party (PS) (which is on the center-left of French politics). He was nominated in the 2006 primary elections of his party to become a candidate for the French presidential election in 2007. Ségolène Royal defeated him in these elections in November 2006.