A solution for Europe's banking problem

Publishing date: 12 June 2009
Authors: Nicolas Véron Adam Posen

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Nicolas Véron and Adam Posen believe Europe should build new long term European joint-action to face the likely high rising number of insolvent banks on the continent. The authors propose on the one hand, a centralised triage and restructuring process of bad European banks lead by a new temporary European Institution, a European Bank Support Authority (EBSA), and on the other hand, long-term EU Institutions dedicated to the completion of an integrated market.

About the authors

Nicolas Véron

Nicolas Véron is a Senior Fellow at Bruegel. He specialises in financial systems and financial reform.

His research includes global financial regulatory initiatives, financial sector policy in the European Union and selected developments in other jurisdictions. He has authored or co-authored numerous policy papers on themes such as financial stability, banking and capital market supervision, crisis management, financial reporting, financial sanctions, anti-money laundering and economic nationalism.

He speaks English, French and Spanish.

Nicolas is also a Senior Fellow at the Peterson Institute for International Economics. He is a board member of the global repository and derivatives arm of the Depository Trust and Clearing Corporation, a financial infrastructure company that operates on a not-for-profit basis. Before his involvement in the creation of Bruegel in 2002-2005, he had early professional experience in the French government and private sector. In 2012, Bloomberg Markets included him in its annual 50 Global Most Influential list with reference to his early advocacy of European banking union.
Adam Posen

Adam S. Posen is the president of the Peterson Institute for International
Economics.

Adam Posen is President of the Peterson Institute for International Economics. From 2009-12, during the global financial crisis, he served as an external voting member of the Bank of England’s Monetary Policy Committee, and was a globally recognized advocate of activist macroeconomic policy response to the crisis. He is the author or editor of six books, and has served as a visiting scholar or consultant to central banks throughout Europe, North America, and East Asia. He is in his fifth term as an Economic Advisor to the US Congressional Budget Office. He received his PhD in Political Economy from Harvard University, and has been the recipient of fellowships and major research grants from the European Commission, the Ford Foundation, the Sloan Foundation, and the US National Science Foundation.