Ecole Nationale Supérieure des Mines de Paris, FranceIngénieur des Corps Techniques de l'EtatFrance · Paris
Ecole Polytechnique, FranceIngénieur PolytechnicienFrance · Palaiseau
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ABSTRACT: The system of multilateral rules and institutions that constitute the global economic governance regime trails the rapid transformation of the world economy. That system needs to adapt to geopolitical changes and to a growing number and diversity of participants in global economic integration, and must coexist with regionalism and market-led governance. Globalisation could proceed with weak global governance, but not without significant risks to its sustainability. The EU, which has a stake in the multilateral system and most likely a comparative advantage in institutional design, should be a key player in its reform agenda. The difficulty of the task is no excuse for avoiding it and for hiding behind US leadership. To equip itself with the ability to take initiatives towards reform, the EU requires changes in its own internal governance and its external representation. Contrary to conventional wisdom, these changes need not imply a federalisation of external relations.International Journal of Public Policy 02/2008; 3(1):118-139.
Article: IFRS sustainability requires further governance reform. Bruegel Policy Contribution 2009/14, December 9, 2009Nicolas. Veron[show abstract] [hide abstract]
ABSTRACT: 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 writes that a broader strategic readjustment on the part of the IASCF is necessary if the Foundation hopes to regain the support of the global investment community, its most crucial group of stakeholders. The Foundation must make itself more responsive and accountable to the investment community, a requirement that has become more urgent due to the crisis.
Article: An assessment of ther G20's initial action terms. Bruegel Policy Contribution 2010/08, September 2010Stephane Rottier, Nicolas. Veron[show abstract] [hide abstract]
ABSTRACT: In this policy contribution, Bruegel Senior Fellow Nicolas Veron and Stephane Rottier, National Bank of Belgium, score and grade the implementation and follow up of the 47 action items that were outlined in the G20 summit in 2008. This paper complements their policy brief titled 'Not all financial regulation is global' (on this archive).
Stephane Rottier, Nicolas. Veron[show abstract] [hide abstract]
ABSTRACT: The Financial Crisis has intensified the focus on financial regulation at global level, placing it at the top of the G20 agenda. However, global convergence is made more difficult by financial multipolarity, meaning the increased diversity of political preferences reflecting the rise of emerging economies, and financial reregulation, or the trend towards stronger regulation of financial systems to buttress financial stability. In this Policy Brief Nicolas Véron and Stéphane Rottier suggest policy priorities for global leaders in a context where global harmonisation of all aspects of financial regulation cannot be achieved, but action is needed at global level to prevent fragmentation of capital markets. This paper is complemented by the same authors' "An Assessment of the G20's initial action items. Bruegel Policy Contribution 2010/08, September 2010 (on this archive), which assesses the implementation and follow-up of the 47 action items included in the G20's agenda since its first summit in Washington in 2008.
Nicolas. Véron[show abstract] [hide abstract]
ABSTRACT: The US Securities and Exchange Commission has conducted a public consultation on a “roadmap” it proposed late last year to adopt International Financial Reporting Standards in America. This debate takes particular relevance as the crisis has highlighted the importance of accounting standards as an instrument of economic policymaking, with a high-profile controversy about “mark-to-market” accounting. Nicolas Véron responds with suggestions about how the SEC should both support IFRS, and push for reforms of standard-setting governance and globally consistent enforcement.