  We show that the so-called Phi-derivable approximations can be combined with
the exact renormalization group to provide efficient non-perturbative
approximation schemes. On the one hand, the Phi-derivable approximations allow
for a simple truncation of the infinite hierarchy of the renormalization group
flow equations. On the other hand, the flow equations turn the non linear
equations that derive from the Phi-derivable approximations into an initial
value problem, offering new practical ways to solve these equations.
