
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
Featured work

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

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.

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

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

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

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

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,

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

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 (

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

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

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

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.

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

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

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

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

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

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

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

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

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

Precautionary recapitalisation: time for a review?
While precautionary recapitalisation is a legitimate instrument for bank crisis management, the conditions set for it by BRRD (Bank Recovery and Resol

Precautionary recapitalisations: time for a review
Precautionary recapitalisation, a tool for public intervention in the banking sector defined in the Bank Recovery and Resolution Directive (BRRD), is

Charting the next steps for the EU financial supervisory architecture
The combination of banking union and Brexit justifies a reform of the European Banking Authority (EBA) and the European Securities and Markets Authori

The governance and ownership of significant euro-area banks
This Policy Contribution shows that listed banks with dispersed ownership are the exception rather than the rule among the euro area’s significant ban
EBA relocation should support a long-term ‘twin peaks’ vision
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 should drive integration of EU capital markets
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

Making the best of Brexit for the EU27 financial system
The EU27 needs to upgrade its financial surveillance architecture to minimise the financial market fragmentation resulting from Brexit
Giving Asia its due in global financial regulation
With US inward turn, China should get a bigger role to bolster system
ECB finally addressing Italian bank woes
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

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
Not so low: A review of Paul Blustein’s book on the IMF and the euro area crisis
"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

Financial regulation: The G20’s missing Chinese dream
The current fairly peripheral role of China in the global financial regulatory system is increasingly problematic. The system needs a guiding vision i
Breaking the vicious circle
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
The City will decline—and we will be the poorer for it
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 IMF’s performance on financial sector aspects of the euro area crisis
The recently published in-depth evaluation of the International Monetary Fund (IMF)’s role in the euro area crisis highlights important contrasts in t

The IMF’s role in the euro-area crisis: financial sector aspects
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
Italy’s banking problem is serious but can be fixed
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
The UK / EU separation: how fast does it happen?
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
European banking supervision: compelling start, lingering challenges
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

European banking supervision: the first eighteen months
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
With Brexit London would lose business as a global financial centre
London could lose its status of a global financial hub if there is a Brexit. Who would win the business that London would lose?
The European Union remains a laggard on banking supervisory transparency
Financial supervisors must provide the public with more information about the European banking sector in order to ensure financial stability. The leve
Market turbulence highlights bumpy transition to Europe’s new bank policy regime
Concerns about Europe’s banks contributed to turmoil in global financial markets in February, but Europe’s new banking sector policy regime should gra
European Deposit Insurance: a response to Ludger Schuknecht
Nicolas Véron argues that there are two major oversights in Dr Schuknecht’s anti-European Deposit Insurance outburst, respectively about deposit insur

EU Endorsement of the IFRS 9 Standard on Financial Instruments Accounting
Statement prepared for the European Parliament’s ECON Committee Public Hearing of 1 December 2015

Enhancing financial stability in developing Asia
This paper outlines guidelines for policymakers pursuing financial stability in developing Asia. It aims at supporting Asian policymakers’ judgment b
Europe’s Capital Markets Union and the new single market challenge
Nicolas Véron comments on the Capital Markets Union Action Plan launched by the European Commission on 30 September 2015.
Bruegel’s multiple births
Nicolas Véron takes us back to the very early days of Bruegel in 2005.

Europe’s radical banking union
Bruegel scholar Nicolas Véron argues in this thought-provoking essay that banking union ultimately enabled the European Central Bank’s announcement th

Capital Markets Union: a vision for the long term
This Policy Contribution presents facts about EU capital markets, issues that should be taken into account in the development of CMU policy, correspon
The European Union is the global laggard on Basel III
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
Chart of the week: Political groups in the European Parliament since 1979
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

Defining Europe's Capital Markets Union
The new European Commission has signalled that it will work to create a ‘capital markets union’. This is understood as an agenda to expand the non-ban
The ECB’s bank review: Kill the Zombies and heal the wounded
The European Central Bank’s comprehensive assessment of euro area banks has had an encouraging start. But complacency could still lead to another fail
Europe’s Banking Union starts on an encouraging note
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
Flash Cards for European Commissioner-designate Jonathan Hill
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

Banking union in nine questions
Prepared for the Interparliamentary conference organized by the Italian Presidency of the European Council in Rome.

The G20 financial reform agenda
Five years ago, the declarations of the G20 in landmark leaders’ summits in London and Pittsburgh listed specific commitments on financial regulatory
Europe’s Single Supervisory Mechanism: Most small banks are German (and Austrian and Italian)
A closer look at the ECB’s list shows that the smaller banks are concentrated in a limited number of countries, much more so than larger ones. Germany
Chart: Alibaba IPO underlines rise of Chinese private sector
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&
Europe's half a banking union
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

Inquiry on 'Review on the EU financial regulatory framework
Evidence given to the Select Committee on the European Union, Economic and Financial Affairs (Sub-Committee A).

EU to DO 2015-2019
Memos to the new EU leadership.
Euro crisis turning point: Two years of Banking Union
The anniversary of Europe’s banking union is worth celebrating. Two years ago, and for lack of alternative options, Europe’s leaders avoided their usu
The G20's financial reform agenda
How unequal is the European Parliament’s representation?
The European citizens’ relative lack of interest in the European Parliament is often blamed by critics on its inherent inequality of representation.&n
Is “losing” Alstom really a symbol of France's relative decline?
Irrespective of the economics, the factual observation remains unambiguous. French-headquartered companies are well represented among the population o