In this paper, presented to the Economic and Monetary Affairs Committee of the European Parliament, Nicolas Véron discusses whether the EU should adopt the controversial IFRS 8 standard, a convergence project on how companies should report the performance of their individual business segments....

This paper discusses the creation of a European Banking Union. First, we discuss questions of design. We highlight seven fundamental choices that decision makers will need to make: Which EU countries should participate in the banking union? To which categories of banks should it apply? Which...

Europe's banking system has been in a state of systemic fragility since 2007-08. The current phase is marked by a sequence of interactions between sovereign problems and banking problems, resulting in gradual contagion to more countriesand more asset classes. The banking and sovereign crises are...

Credit rating agencies (CRAs) have not consistently met the expectations placed on them by investors and policymakers. It is difficult, however, to improve the quality of ratings through regulatory initiatives. In the short term, changes to the CRAs' regulatory environment, in a context of high...

Five years after the first tremors in Europe's banking system, what makes the crisis unique is the absence of a democratically accountable decision-making framework; there is an 'executive deficit' that compounds Europe's democratic deficit. The author argues that the only way to resolve the...

Problems in the banking system are at the core of the current crisis. The establishment of a banking union is a necessary (though not sufficient) condition for eventual crisis resolution that respects the integrity of the euro. The European Commission's proposal for the establishment of a Single...

In this paper, Nicolas Veron argues that the EU regulatory response to the crisis has been generally slower in the EU than in the United States, for four main reasons: swifter financial crisis management and resolution in the US; structural differences in legislative processes; the EU's...

This Policy Contribution reproduces the text of a letter sent by Senior Fellow Nicolas Véron to Gerrit Zalm, the Chairman of the International Accounting Standards Committee Foundation (IASCF) in response to the Foundation's public consultation on Part 2 of its Constitution Review. Véron...

New obstacles to the European banking union have emerged over the last year, but a successful transition remains both necessary and possible. The key next step will be in the second half of 2014, when the European Central Bank (ECB) will gain supervisory authority over most of Europe's banking...