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
At this invitation-only online event Piotr Tomaszewski will discus the Poland's unique experience with bank resolution
A symphony in progress: shaping a new agenda for Europe
At this invitation only event Mihails Kozlovs and Edouard Fernandez-Bollo discuss report on EU supervision of banks’ credit risk
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
This paper aims to inform the discussion in relation to China with accounts of experiences in large and complex financial sectors.
This members-only event was aimed at inspiring conversation around the collapse of the Silicon Valley Bank
Reimbursing all SVB and Signature Bank depositors — even if their deposits are worth millions of dollars will have long-term impacts.
The idea that the Global South is taking a neutral stance over the war in Ukraine is overstated.
This policy brief explains what is in the IRA, the impact on the EU and other economies, and how the EU should react.
At this invitation-only event Mojmir Hampl discussed macroeconomic trends in Czechia.
Invitation-only finance focus event at Francesco Mazzaferro joined us to discuss the ESRB’s recent risk assessment
This contribution analyses the deficiencies of the current framework and identifies possible responses, in line with three levels of reform ambition.
How can Europe financially support Ukraine in the short term?
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.
Even though most large Chinese SOEs are not listed, they generate most of their revenue from their listed subsidiaries.
The Annual Meetings are Bruegel's flagship event which gathers high-level speakers to discuss the economic topics that affect Europe and the world.
At this event we welcomed Ward Möhlmann to take stock of the European Commission's legislative proposal on the European Single Access Point (ESAP).
At this event Sam Woods engaged in a conversation with the audience about the Bufferati concept.
A look into the Chinese private sector.
As the costs of Ukraine’s resistance mount, there are increasing calls to confiscate these frozen reserves to finance Kyiv’s war and reconstruction.
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.
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.
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.
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
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.
At this members-only event Damian Levie joined us to discuss the European Commission's new foreign investment screening mechanism
Small banks face multiple challenges. What structural changes are needed to tackle these pressures?
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).
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
Bruegel Annual Meetings, Day 2 - European banks have lost stature and remain generally low-profitability, low-valuation in comparison to their global
The 2021 Annual Meetings gathered high-level speakers and participants to discuss how to recover from the crises brought on by the Covid pandemic
This members-only event welcomed Paolo Angelini, Deputy Governor of the Bank of Italy, to discuss the Italian experience of NPL sales.
This members-only event welcomed Carolyn Rogers Secretary General of the Basel Committee on Banking Supervision.
This members-only event welcomed Eva Wimmer, Head of the Directorate-General for Financial Market Policy at the German Federal Ministry of Finance.
This members-only event welcomed Jan Reinder De Carpentier, Vice-Chair of the Single Resolution Board for a conversation with an invited audience.
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
Nicolas Veron moderated a discussion with Jon Cunliffe to discuss the challenges and opportunities facing the UK economy.
This paper assesses COVID-19 credit-support programmes in five of the largest European economies, and examines how countries have dealt with trade-off
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.
The Commissioner for Financial Services Policy should define and promote a vision for a sustainable global financial regulatory and supervisory order,
John Berrigan will be in discussion with Nicolas Veron and an invited-audience on how to create an strategy for countering money-laundering.
At this invitation - only event we discussed Europe’s Capital Markets Union.
In revived discussions on European banking union, some have suggested a new regime to deal with failing banks, alongside existing ones, drawn from par
At this invitation-only event President of the Eurogroup Working Group - Tuomas Saarenheimo discussed the future prospects of the banking union.
Evaluating European Commission’s control of state aid to banks in the period 2013-2018.
In March and April 2020, European governments announced massive credit support programmes. After an initial surge, take-up appears to be stabilising (
Third day of Bruegel Annual Meetings.
Bruegel's flagship event transformed into a virtual conference for pandemic times
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
Evaluation of the global reforms implemented to deal with "too-big-to-fail banks".
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
What remedies and lessons for the insurance sector in the time of pandemic?
This study identifies the national insolvency procedures applicable to banks and analyses key differences between them, notably concerning the circums
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 and COVID-19.
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.
This one-day workshop focused on hybrid threats in the context of the financial system by examining vulnerabilities and raising awareness, looking for
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
Closed-door workshop on various aspects of bank resolution.
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
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
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 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
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.
The 2019 Annual Meetings featured the launch of Bruegel's memos to the new European Leadership, proposing how to deal with future policy challenges
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
What challenges does a shift towards new payment processes imply for EU financial services policy?
Has the left-right divide become obsolete in EU politics?
Following the latest European elections, the author updates his previous analysis of trends in the share of European Parliament seats among ‘mainstrea
What shape is the new financial continent of Europe?
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
Proposal for a more efficient fight against 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
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
Andreas Georgiou has unwittingly become an international icon for statistical integrity. His continuing politically-motivated persecution is highly da
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
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
Many EU-level reports have highlighted a European Deposit Insurance Scheme (EDIS) as a necessary component of banking union, but none of these options
This publication proposes six reforms to improve the Eurozone’s financial stability, political cohesion, and potential for delivering prosperity.
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
The past crisis revealed that most euro-area banks have disproportionate sovereign exposure in their home country. Charging banks for sovereign concen