Nicolas Véron
Nicolas Véron is a senior fellow at Bruegel and at the Peterson Institute for International Economics in Washington, DC. His research is mostly about financial systems and financial reform around the world, including global financial regulatory initiatives and current developments in the European Union. He was a cofounder of Bruegel starting in 2002, initially focusing on Bruegel’s design, operational start-up and development, then on policy research since 2006-07. He joined the Peterson Institute in 2009 and divides his time between the US and Europe.
Véron has authored or co-authored numerous policy papers that include banking supervision and crisis management, financial reporting, the Eurozone policy framework, and economic nationalism. He has testified repeatedly in front of committees of the European Parliament, national parliaments in several EU member states, and US Congress. His publications also include Smoke & Mirrors, Inc.: Accounting for Capitalism, a book on accounting standards and practices (Cornell University Press, 2006), and several books in French.
His prior experience includes working for Saint-Gobain in Berlin and Rothschilds in Paris in the early 1990s; economic aide to the Prefect in Lille (1995-97); corporate adviser to France’s Labour Minister (1997-2000); and chief financial officer of MultiMania / Lycos France, a publicly-listed online media company (2000-2002). From 2002 to 2009 he also operated an independent Paris-based financial consultancy.
Véron is a board member of the derivatives arm (Global Trade Repository) of the Depositary Trust and Clearing Corporation (DTCC), a financial infrastructure company that operates globally on a not-for-profit basis. A French citizen born in 1971, he has a quantitative background as a graduate from Ecole Polytechnique (1992) and Ecole Nationale Supérieure des Mines de Paris (1995). He is trilingual in English, French and Spanish, and has fluent understanding of German and Italian.
In September 2012, Bloomberg Markets included Véron in its second annual 50 Most Influential list with reference to his early advocacy of European banking union.
Disclaimer of external interests
Declarations of interests 2020
Featured work
The US and Swiss messes may nudge the EU towards better international bank capital standards compliance
Bank collapses show the importance of strong capital and liquidity positions and should signal to the EU the benefits of closer adherence to Basel III
Will China’s new financial regulatory reform be enough to meet the challenges?
This paper aims to inform the discussion in relation to China with accounts of experiences in large and complex financial sectors.
Comparing notes on the banking turmoil
This members-only event was aimed at inspiring conversation around the collapse of the Silicon Valley Bank
Fully reimbursing SVB depositors may prove to be a bad move (via CNN)
Reimbursing all SVB and Signature Bank depositors — even if their deposits are worth millions of dollars will have long-term impacts.
Much of the Global South is on Ukraine’s side
The idea that the Global South is taking a neutral stance over the war in Ukraine is overstated.
How useful have the EU's financial sanctions on Russia been?
How Europe should answer the US Inflation Reduction Act
This policy brief explains what is in the IRA, the impact on the EU and other economies, and how the EU should react.
Macroeconomic and fiscal tensions and the outlook for Czechia
At this invitation-only event Mojmir Hampl discussed macroeconomic trends in Czechia.
Is it time to worry about systemic financial risk?
Invitation-only finance focus event at Francesco Mazzaferro joined us to discuss the ESRB’s recent risk assessment
Completing Europe’s banking union: economic requirements and legal conditions
This contribution analyses the deficiencies of the current framework and identifies possible responses, in line with three levels of reform ambition.
How to get the European Banking Union unstuck
War in Ukraine: Financing the victory
How can Europe financially support Ukraine in the short term?
The advance of China’s private sector pauses, but the trend is unclear
The drop in the previous private-sector advance should not be viewed as the start of a new trend of continuous decline, at least not yet.
China’s top ranked corporations are not as opaque as they may seem
Even though most large Chinese SOEs are not listed, they generate most of their revenue from their listed subsidiaries.
Bruegel Annual Meetings, 6-7 September 2022
The Annual Meetings are Bruegel's flagship event which gathers high-level speakers to discuss the economic topics that affect Europe and the world.
The European Single Access Point legislation
At this event we welcomed Ward Möhlmann to take stock of the European Commission's legislative proposal on the European Single Access Point (ESAP).
The Bufferati concept: A radical new bank capital model
At this event Sam Woods engaged in a conversation with the audience about the Bufferati concept.
Is China’s private sector advancing or retreating?
A look into the Chinese private sector.
Now is not the time to confiscate Russia’s central bank reserves
As the costs of Ukraine’s resistance mount, there are increasing calls to confiscate these frozen reserves to finance Kyiv’s war and reconstruction.
The European Union should sanction Sberbank and other Russian banks
EU should extend harsh sanctions to most or all of the largest Russian banks, including the largest that plays a central role in its financial system.
Putin’s Russia is a minnow compared to the Cold War Soviet Bloc
For the time being at least, based on the non-military metrics considered here, Moscow’s global heft is a shadow of its former Soviet self.
Is the private sector retreating in China? Not among its largest companies
China’s largest private-sector companies are expanding more quickly than state-owned enterprises (SOEs).
The private sector advances in China: The evolving ownership structures of the largest companies in the Xi Jinping era
This paper documents recent structural changes in China’s corporate landscape, based on company level data.
Six reasons why backstopping Russia is an increasingly unattractive option for China
China has too much to lose from aligning with Russia over Ukraine.
War in Europe: the financial front
Russia is reeling from massive financial sanctions, while Ukraine’s financial system is battered but remains functional, and the EU and global financi
War in Ukraine: implications for the global financial system and central banks
A special episode of the Sound of Economics Live on the global financial system and central banks in the wake of sanctions imposed on Russia.
The EU’s new foreign investment screening mechanism
At this members-only event Damian Levie joined us to discuss the European Commission's new foreign investment screening mechanism
How to deal with small banks: consolidation, tailoring and the fintech challenge
Small banks face multiple challenges. What structural changes are needed to tackle these pressures?
The UK strategy for Green Finance
This members-only event discussed the UK's strategy for greening the financial system.
Tailoring prudential policy to bank size: the application of proportionality in the US and euro area
In-depth analysis prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON).
Brexit and European finance: Prolonged limbo
It will take longer than many had anticipated for the dust to settle on the post-Brexit financial landscape and its respective implications for the EU
European banks: under global competitive pressure?
Bruegel Annual Meetings, Day 2 - European banks have lost stature and remain generally low-profitability, low-valuation in comparison to their global
Bruegel Annual Meetings, 1-3 September 2021
The 2021 Annual Meetings gathered high-level speakers and participants to discuss how to recover from the crises brought on by the Covid pandemic
Italy’s experience of dealing with a large stock of troubled assets
This members-only event welcomed Paolo Angelini, Deputy Governor of the Bank of Italy, to discuss the Italian experience of NPL sales.
Multilateralism in banking regulation and supervision
This members-only event welcomed Carolyn Rogers Secretary General of the Basel Committee on Banking Supervision.
Prospects for improving securities and financial reporting oversight in the EU
This members-only event welcomed Eva Wimmer, Head of the Directorate-General for Financial Market Policy at the German Federal Ministry of Finance.
The state of the policy debate on the EU crisis management and deposit insurance framework
This members-only event welcomed Jan Reinder De Carpentier, Vice-Chair of the Single Resolution Board for a conversation with an invited audience.
Financial services: The Brexit dust begins to settle
The phase of greatest Brexit-related uncertainty for the European financial sector ended on 1 January. Although too early to discern more than the bro
What lies ahead for the UK economy?
Nicolas Veron moderated a discussion with Jon Cunliffe to discuss the challenges and opportunities facing the UK economy.
COVID-19 credit-support programmes in Europe’s five largest economies
This paper assesses COVID-19 credit-support programmes in five of the largest European economies, and examines how countries have dealt with trade-off
Money laundering and hybrid threats: Has COVID-19 made it all worse?
Will the European Union and its member states be ready to control this risk – even if competition for financial inflows intensifies?
How could regulators address financial firms’ dependency on cloud and other critical IT services providers?
At this event Dirk Clausmeier, Head of IT security at the German Ministry of Finance discussed financial institutions use of cloud service providers.
Memo to the European Commissioner for Financial Services Policy
The Commissioner for Financial Services Policy should define and promote a vision for a sustainable global financial regulatory and supervisory order,
The forthcoming reform of EU Anti-Money Laundering Policy
John Berrigan will be in discussion with Nicolas Veron and an invited-audience on how to create an strategy for countering money-laundering.
Can Europe build a Capital Markets Union without a strong European markets supervisor?
At this invitation - only event we discussed Europe’s Capital Markets Union.
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 par
Completing the banking union in the age of Next Generation EU
At this invitation-only event President of the Eurogroup Working Group - Tuomas Saarenheimo discussed the future prospects of the banking union.
Evaluating the European Commission’s control of state aid in the banking sector
Evaluating European Commission’s control of state aid to banks in the period 2013-2018.
Government-guaranteed bank lending six months on
In March and April 2020, European governments announced massive credit support programmes. After an initial surge, take-up appears to be stabilising (
Bruegel Annual Meetings 2020 - Day 3
Third day of Bruegel Annual Meetings.
Bruegel Annual Meetings 1-3 September, 2020
Bruegel's flagship event transformed into a virtual conference for pandemic times
Government-guaranteed bank lending: beyond the headline numbers
Loan guarantees have been a major part of the COVID-19 support packages offered by European governments to companies. The actual take-up numbers so fa
Tackling too-big-to-fail banks: have the reforms been effective?
Evaluation of the global reforms implemented to deal with "too-big-to-fail banks".
The Wirecard debacle calls for a rethink of EU, not just German, financial reporting supervision
The spectacular collapse of Wirecard AG should serve as a wake-up call for the European Union on the need to pool the relevant supervisory mandates at
Insuring for pandemic-related losses, in this crisis and future ones
What remedies and lessons for the insurance sector in the time of pandemic?
Study on the differences between bank insolvency laws and on their potential harmonisation
This study identifies the national insolvency procedures applicable to banks and analyses key differences between them, notably concerning the circums
Banking regulation in the Euro Area: Germany is different
Despite progress in recent years towards a single banking policy framework in the euro area – a banking union – much of the German banking system has
Corporate credit in Europe: How bad is the outlook?
Corporate credit and COVID-19.
Is the United States reneging on international financial standards?
The new Fed rule is a material breach of Basel III, a new development as the US had hitherto been the accord’s main champion. This action undermines t
Banks in pandemic turmoil
The banking system is critical to society and requires attention and support. In doing so, however, tough love is preferable to complacency.
Hybrid threats in the financial system
This one-day workshop focused on hybrid threats in the context of the financial system by examining vulnerabilities and raising awareness, looking for
A European anti-money laundering supervisor: From vision to legislation
In fighting anti-money laundering, the European Commission should act fast toward creating a central supervisory authority.
The UK election viewed from continental Europe: Meh
It will take more than the vote on December 12 to make the continent pay attention to the UK. Viewed from the continent, the UK election is one more e
A Major Step Toward Combating Money Laundering in Europe
Combating money laundering in Europe took a momentous step with finance ministers of France, Germany, Italy, Latvia, the Netherlands, and Spain puttin
Bank resolution: consistency and predictability
Closed-door workshop on various aspects of bank resolution.
Brexit and Finance: Brace for No Impact?
Amid the daily high drama of Brexit, it is easy to lose track of the structural shifts, or lack thereof, that may be associated with the UK’s possible
Banking disrupted by FinTech and Big Tech
Today banks are facing competition from non-bank firms whose core strategy is based on technological innovation - Big Tech and Fin Tech. What is in st
Questions on financial services policy for Valdis Dombrovskis, Executive Vice-President-designate of the European Commission
Completing the banking union is the dominant task in the financial services area for the next five years. In the short term, the Commission should aff
Banking, FinTech, Big Tech: Emerging challenges for financial policymakers
FinTech and Big Tech firms are both increasingly stepping on banks’ traditional turf. This column introduces the 22nd Geneva Report on the World Econo
The EU is in the US trade war crosshairs. It should further raise its game
The incoming European Commission faces a dilemma on the transatlantic trade relationship, because of the unpredictable policies of the Trump administr
EU trade policy amid the China-US clash: caught in the crossfire?
What risks face the EU with regard to China’s strategic aims in trade policy and how can the EU respond? The US effort to isolate China poses particul
Bruegel Annual Meetings 2019
Bruegel's 2019 Annual Meetings will be held on 4-5 September and feature the launch of Bruegel's Memos to the New European Commission.
Bruegel Annual Meetings 2019, 4-5 September
The 2019 Annual Meetings featured the launch of Bruegel's memos to the new European Leadership, proposing how to deal with future policy challenges
An Effective Regime for Non-viable Banks: US Experience and Considerations for EU Reform
The US regime for non-viable banks has maintained a high degree of stability and public confidence by protecting deposits, while working to minimise t
Tech-enabled payment processes: policy implications of new developments
What challenges does a shift towards new payment processes imply for EU financial services policy?
How comprehensive is the EU political realignment?
Has the left-right divide become obsolete in EU politics?
European Parliament election results: The long view
Following the latest European elections, the author updates his previous analysis of trends in the share of European Parliament seats among ‘mainstrea
The emerging new geography of financial centers in Europe
What shape is the new financial continent of Europe?
Taking stock of the Single Resolution Board: Banking union scrutiny
The Single Resolution Board (SRB) has had a somewhat difficult start but has been able to learn and adapt, and has gained stature following its first
The European Union must change its supervisory architecture to fight money laundering
Money laundering scandals at EU banks have become pervasive. The authors here detail the weaknesses the current AML architecture's fundamental weaknes
Does Europe’s anti-money laundering framework need a regime change?
Proposal for a more efficient fight against money laundering.
A better European Union architecture to fight money laundering
A series of banking scandals in multiple EU countries has underlined the shortcomings of Europe's anti-money laundering regime. The impact of these sh
Bruegel Annual Meetings 2018
The 2018 Annual Meetings will be held on 3-4 September and will feature sessions on European and global economic governance, as well as finance, ener
Integrity of official statistics under threat
Andreas Georgiou has unwittingly become an international icon for statistical integrity. His continuing politically-motivated persecution is highly da
Germany’s savings banks: uniquely intertwined with local politics
German savings banks, known as Sparkassen, form an important feature of the country's banking assets. Unlike in other European countries, German Spark
The European Union must defend Andreas Georgiou
Andreas Georgiou’s case raises disturbing questions about the integrity of European statistical processes. Forceful action by EU authorities on Mr Geo
EU financial services policy since 2007: crisis, responses and prospects
This paper presents a holistic overview and assessment of the European Union (EU)’s financial services policy since the start of its financial crisis
Completing Europe’s banking union means breaking the bank-sovereign vicious circle
Several euro area leaders, including the German chancellor, her finance minister, and the French president, have recently referred to the need to “com
Making a reality of Europe’s Capital Markets Union
It is high time to make the CMU project real.The authors of this publication suggest that capital markets will only transform with concrete action and
Bank assets and business models: addressing complexity
At this event, we discussed the lack of transparency and problems in valuing correctly significant parts bank assets in the euro area based on an exte
Breaking the Stalemate on European Deposit Insurance
Many EU-level reports have highlighted a European Deposit Insurance Scheme (EDIS) as a necessary component of banking union, but none of these options
Reconciling risk sharing with market discipline: A constructive approach to euro area reform
This publication proposes six reforms to improve the Eurozone’s financial stability, political cohesion, and potential for delivering prosperity.
Bad News and Good News for the Single Resolution Board
A first report on a key plank of the European Union’s banking union reflects on shortcomings thus far, but also suggests that recent improvements migh
Sovereign Concentration Charges are the Key to Completing Europe’s Banking Union
The past crisis revealed that most euro-area banks have disproportionate sovereign exposure in their home country. Charging banks for sovereign concen
Brexit: When the banks leave
More than a tenth of the City’s business is now bound to go, but how much worse could things get?
Sovereign Concentration Charges: A New Regime for Banks’ Sovereign Exposures
Europe’s banking union has been central to the resolution of the euro-area crisis. It has had an encouraging start but remains unfinished business. If
A ‘twin peaks’ vision for Europe
The organisation of the European Supervisory Authorities (ESAs) is based on a sectoral approach with one ESA for each sector, with separate authoritie
A European perspective on overindebtedness
The sequence of crisis and policy responses after mid-2007 was a gradual recognition of the unsustainability of the euro-area policy framework. The ba
A resilient Euro needs Franco-German compromise
In a piece signed by 15 leading French and German economists, Nicolas Véron lays out a path to a more sustainable Euro. Germany will need to accept so
Europe’s fourfold union: Updating the 2012 vision
The depiction of the euro area/European Union (EU) as a ‘fourfold union’ emerged in the first half of 2012 at the height of the euro-area crisis. In t