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
Even though most large Chinese SOEs are not listed, they generate most of their revenue from their listed subsidiaries.
The idea of confiscating the Bank of Russia’s frozen reserves is attractive to some, but at this stage in the Ukraine conflict confiscation would be c
Sanctions on Sberbank and most other Russian banks should be imposed by the EU, without delay and at no major cost to either itself or like-minded cou
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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, providing a complementary perspective to t
China has too much to lose from aligning with Russia over Ukraine.
Russia is reeling from massive financial sanctions, while Ukraine’s financial system is battered but remains functional, and the EU and global financi
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).
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
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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
This paper assesses COVID-19 credit-support programmes in five of the largest European economies, and examines how countries have dealt with trade-off
The Commissioner for Financial Services Policy should define and promote a vision for a sustainable global financial regulatory and supervisory order,
FinTech and Big Tech firms are both increasingly stepping on banks’ traditional turf. This column introduces the 22nd Geneva Report on the World Econo
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 banking union has been central to the resolution of the euro-area crisis. It has had an encouraging start but remains unfinished business. If
This publication proposes six reforms to improve the Eurozone’s financial stability, political cohesion, and potential for delivering prosperity.
Andreas Georgiou has unwittingly become an international icon for statistical integrity. His continuing politically-motivated persecution is highly da
In revived discussions on European banking union, some have suggested a new regime to deal with failing banks, alongside existing ones, drawn from par
In March and April 2020, European governments announced massive credit support programmes. After an initial surge, take-up appears to be stabilising (
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
This study identifies the national insolvency procedures applicable to banks and analyses key differences between them, notably concerning the circums
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
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
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
The banking system is critical to society and requires attention and support. In doing so, however, tough love is preferable to complacency.
In fighting anti-money laundering, the European Commission should act fast toward creating a central supervisory authority.
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
Combating money laundering in Europe took a momentous step with finance ministers of France, Germany, Italy, Latvia, the Netherlands, and Spain puttin
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
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
The incoming European Commission faces a dilemma on the transatlantic trade relationship, because of the unpredictable policies of the Trump administr
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
Following the latest European elections, the author updates his previous analysis of trends in the share of European Parliament seats among ‘mainstrea
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
Money laundering scandals at EU banks have become pervasive. The authors here detail the weaknesses the current AML architecture's fundamental weaknes
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
German savings banks, known as Sparkassen, form an important feature of the country's banking assets. Unlike in other European countries, German Spark
Andreas Georgiou’s case raises disturbing questions about the integrity of European statistical processes. Forceful action by EU authorities on Mr Geo
This paper presents a holistic overview and assessment of the European Union (EU)’s financial services policy since the start of its financial crisis
Several euro area leaders, including the German chancellor, her finance minister, and the French president, have recently referred to the need to “com
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
Many EU-level reports have highlighted a European Deposit Insurance Scheme (EDIS) as a necessary component of banking union, but none of these options
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
With US inward turn, China should get a bigger role to bolster system
The past crisis revealed that most euro-area banks have disproportionate sovereign exposure in their home country. Charging banks for sovereign concen
More than a tenth of the City’s business is now bound to go, but how much worse could things get?
The organisation of the European Supervisory Authorities (ESAs) is based on a sectoral approach with one ESA for each sector, with separate authoritie
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
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
Precautionary recapitalisation, a tool for public intervention in the banking sector defined in the Bank Recovery and Resolution Directive (BRRD), is
While precautionary recapitalisation is a legitimate instrument for bank crisis management, the conditions set for it by BRRD (Bank Recovery and Resol
Italy’s banking problem has been left unaddressed for too long. Similar to Japan in the 1990s, it is best understood as a combination of structural an
The combination of banking union and Brexit justifies a reform of the European Banking Authority (EBA) and the European Securities and Markets Authori
This Policy Contribution shows that listed banks with dispersed ownership are the exception rather than the rule among the euro area’s significant ban
As the Commission launches a review of European financial supervision, the authors argue that Europe needs to move towards a twin peaks model – dividi
Brexit offers EU-27 countries a chance to take some of London’s financial services activity. But there is also a risk of market fragmentation, which c
The EU27 needs to upgrade its financial surveillance architecture to minimise the financial market fragmentation resulting from Brexit
Reform of the European Union financial supervisory and regulatory architecture and its implications for Asia
This Working Paper reviews recent developments in the EU’s financial supervisory and regulatory architecture with a view to draw out lessons for regi
"Laid Low" is an important addition to the burgeoning literature on the euro-area crisis and its main contribution is to assemble essential factual ma
The current fairly peripheral role of China in the global financial regulatory system is increasingly problematic. The system needs a guiding vision i
Nicolas Véron argues that EU banking union can only be complete if the vast amounts of domestic sovereign debt held by many banks are reduced
Just as the City owes much of its current awe-inspiring prosperity to European integration, the brutal realities of Brexit will make it shrink, not th
The recently published in-depth evaluation of the International Monetary Fund (IMF)’s role in the euro area crisis highlights important contrasts in t
Nicolas Véron reviews in-depth the role played by the IMF in understanding the financial-sector dynamics of the euro-area crisis. The IMF was the firs
Following the UK vote to exit the European Union, the fragility of the Italian banking system has come into the spotlight. The Economist described it
Up until the British rebuff on 23 June 2016, the European Union had always been in expansion mode, also known in EU parlance as enlargement. The UK vo
The new European banking supervision system is broadly effective and, in line with the claim often made by its leading officials, tough and fair, but
The Blueprint provides a review of the first 18 months of European banking supervision. It reviews the overall situation and the
situation in a numbe
London could lose its status of a global financial hub if there is a Brexit. Who would win the business that London would lose?
Financial supervisors must provide the public with more information about the European banking sector in order to ensure financial stability. The leve
Concerns about Europe’s banks contributed to turmoil in global financial markets in February, but Europe’s new banking sector policy regime should gra
Nicolas Véron argues that there are two major oversights in Dr Schuknecht’s anti-European Deposit Insurance outburst, respectively about deposit insur
Statement prepared for the European Parliament’s ECON Committee Public Hearing of 1 December 2015
This paper outlines guidelines for policymakers pursuing financial stability in developing Asia. It aims at supporting Asian policymakers’ judgment b
Nicolas Véron comments on the Capital Markets Union Action Plan launched by the European Commission on 30 September 2015.
Nicolas Véron takes us back to the very early days of Bruegel in 2005.
Even with all the risks in mind, we are convinced that in terms of financial stability and beyond, the half a banking union that has been undertaken w
Bruegel scholar Nicolas Véron argues in this thought-provoking essay that banking union ultimately enabled the European Central Bank’s announcement th
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On Friday, December 5, the Basel Committee on Banking Supervision published its reports on the compliance of rules adopted last year in the European U
The results of the European Parliament election of May 22-25 have been described as “a shock, an earthquake”. The long-term trends, however, indicate
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Sunday, October 26 was D-Day for Europe’s banks: at noon in Frankfurt, the European Central Bank (ECB) announced the results of its “compreh
To enable Mr Hill’s overworked staff to enjoy a rare sunny weekend in Brussels, ready-made answers to next week's remedial hearing are suggested
Prepared for the Interparliamentary conference organized by the Italian Presidency of the European Council in Rome.
Five years ago, the declarations of the G20 in landmark leaders’ summits in London and Pittsburgh listed specific commitments on financial regulatory
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Alibaba’s coming of age underlines a continuous trend of the last half-decade. For all the fashionable talk of China’s dominant state capitalism&
Evidence given to the Select Committee on the European Union, Economic and Financial Affairs (Sub-Committee A).
Memos to the new EU leadership.