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Policy Contribution

Fair value accounting is the wrong scapegoat for this crisis

The ongoing financial crisis has revived the longstanding debate about fair value accounting. This policy contribution by Nicolas Véron argues that in times of market disruption, no accounting standards could lead to consensual outcomes, and that fair value remains better than proposed alternatives. Rather than reducing its scope, policymakers should focus on capital requirements standards […]

By: Date: May 29, 2008 Topic: Finance & Financial Regulation

The ongoing financial crisis has revived the longstanding debate about fair value accounting. This policy contribution by Nicolas Véron argues that in times of market disruption, no accounting standards could lead to consensual outcomes, and that fair value remains better than proposed alternatives. Rather than reducing its scope, policymakers should focus on capital requirements standards (Basel II), where the negative effects of ‘pro-cyclicality‘ are concentrated.

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Parliamentary Testimony

Dutch Senate

Limiting the ECB's QE program via a treaty change: is there a need?

Analysis on possible ECB treaty mandate provided to the House of Representatives of the Netherlands.

By: Fabian Amtenbrink, Dirk Bezemer, Maria Demertzis and Lex Hoogduin Topic: Dutch Senate, Finance & Financial Regulation, Testimonies Date: January 14, 2021
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Upcoming Event

Jan
26
14:00

Green bonds and green finance innovation

Invitation-only event to discuss innovations in green finance and sovereign and EU issuance of green bonds

Speakers: Dion Bongaerts, Niall Bohan, Moritz Kraemer, Alexander Lehmann, Michael Mainelli, Dirk Schoenmaker and Alexandre Vincent Topic: Energy & Climate, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

Jan
28
14:00

How could regulators address financial firms’ dependency on cloud and other critical IT services providers?

At this closed-door event Dirk Clausmeier, Head of IT security at the German Ministry of Finance will discuss financial institutions use of cloud service providers.

Speakers: Dirk Clausmeier and Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

Feb
9
14:00

Mobilising equity finance for Europe’s recapitalisation challenge

At this invitation-only event the panellists and invited audience will discuss what sources of equity finance can help Europe emerge from the recession.

Speakers: Alexander Lehmann, Thomas Wieser, Laurent Zylberberg, James Chew and Katja Langenbucher Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Blog Post

Economic recovery after COVID-19 requires a clear vision for a healthy banking sector

The EU framework for crisis management and state aid in the banking sector urgently needs updating.

By: Alexander Lehmann and Reiner Martin Topic: Finance & Financial Regulation Date: December 16, 2020
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Blog Post

Can the gap in the Europe’s internal market for banking services be bridged?

The European Union has made significant progress to a more unified banking market but frictions remain between euro and non-euro countries. Without a coordinated approach to remaining issues in completing banking union, the gap could widen.

By: Thomas Wieser Topic: Finance & Financial Regulation Date: December 7, 2020
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Past Event

Past Event

The forthcoming reform of EU Anti-Money Laundering Policy

At this event John Berrigan will be in discussion with Nicolas Veron and an invited-audience on how to create an strategy for countering money-laundering in Europe.

Speakers: John Berrigan and Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 2, 2020
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Policy Contribution

Green certificates: a better version of green bonds

"The current design of green bonds means they aren't fulfilling their potential. We propose an alternative: issuance of regular bonds with attached green certificates that ensure earmarking for green purposes. The new design would reduce financing costs and in turn would provide incentives to start a greater number of environmentally-friendly projects."

By: Dion Bongaerts and Dirk Schoenmaker Topic: Energy & Climate, Finance & Financial Regulation Date: November 26, 2020
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Blog Post

Europe’s banking union should learn the right lessons from the US

In revived discussions on European banking union, some have suggested a new regime to deal with failing banks, alongside existing ones, drawn from parts of the United States’ bank resolution framework. This fragmented approach could be counterproductive. Europe should adopt a unitary regime, like the US, that applies to all banks irrespective of size.

By: Anna Gelpern and Nicolas Véron Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: October 29, 2020
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Past Event

Past Event

Completing the banking union in the age of Next Generation EU

Invitation only event to discuss the banking union.

Speakers: Tuomas Saarenheimo and Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: October 27, 2020
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Blog Post

Common eurobonds should become Europe’s safe asset – but they don’t need to be green

The plan to fund the European Union’s recovery programme via debt issuance has raised hopes that a new type of euro-denominated safe asset could emerge. As a priority, the European Commission needs a strategy to create a liquid and transparent market in EU bonds. For now, funding through EU green bonds would complicate that effort.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: September 28, 2020
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Opinion

Europe’s recovery gamble

Next Generation EU, was rightly hailed as a major breakthrough: never before had the EU borrowed to finance expenditures, let alone transfers to member states. But the programme and its Recovery and Resilience Facility amount to a high-risk gamble.

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: September 25, 2020
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