Nicolas Véron

Europe's Banking Exception

My column today in La Tribune is on the idiosyncrasies of Europe's banking industry, and how deals such as the one unfolding with ABN Amro may gradually drive this sector towards more competition and restructuring. Banking reform might be underestimated as a way to unlock Europe's growth potential.

Download Tribune_070430_en.pdf to read the column in English, and Download Tribune_070430.pdf to read it in French.

The Shifting (Electric) Power Equation

In yesterday's La Tribune, my column was an attempt to draw lessons from the announced carve-up of Endesa in Spain. I interpret it as a triumph for the European Commission's vision of electricity markets. Early comments received describe my assessment as too optimistic: what do you think?

Download Tribune_070416_en.pdf to read the piece in English, and Download Tribune_070416.pdf to have it in French.

The Global Accounting Experiment

Bruegel just released my new study, The Global Accounting Experiment on the future of international accounting standard-setting, the second in its new Blueprint series.

In my opinion, accounting provides a unique case study of global economic governance in the making. This 'experiment' currently faces two significant challenges: the International Accounting Standards Board has not built enough legitimacy as a global policymaking entity, and there is a high risk that implementation within the European Union will not be consistent enough to fulfil the promise of financial statements' comparability.

The Global Accounting Experiment includes specific recommendations to the IASB, the EU, the US, the investment community and other participants so that this ambitious endeavour does not end in failure.

I also published a condensed version of the main arguments in the May issue of Financial World, the London-based industry monthly: Download FinancialWorld_May07.pdf.

Another related piece on IASB governance was published by Telos, a French-speaking discussion website.

Halliburton: Pariah or Precursor?

This week, my column in La Tribune is devoted to Halliburton's unexpected decision to move its headquarters to Dubai. An indiosyncratic move by an idiosyncratic, scandal-ridden company - or a harbinger of things to come?

Download Tribune_070402.pdf to read the piece as originally published in French, and Download Tribune_070402_en.pdf to read it in English.