Nicolas Véron

A Realistic Bridge Towards European Banking Union

Bruegel and the Peterson Institute both published this new paper, in which I emphasize the crucial importance of the handover of supervisory authority to the ECB in late 2014 and of its adequate preparation. This transition will most likely include a wave of bank restructuring that will shape the future of Europe's banking policy framework. 

Click here to upload the version published by Bruegel. 

Click here to upload the version published by PIIE. 

The texts of the two versions are identical. 

Non-Bank Credit and Financial System Resilience

This paper, also downloadable from the Bruegel website, was initially prepared for a joint conference of the Peterson Institute and the CF40 (China Finance 40) Forum in Beijing on April 13-14, 2013, and published in the conference volume. It is meant as a preliminary basis for future research and tentatively explores the role of non-bank credit in financial systems beyond the focus on "shadow banking". Specifically in the US, the unique development of non-bank credit channels appears correlated with higher systemic resilience, in contrast with bank-dominated Europe.