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French Economist Nicolas Véron Testifies Before U.S. Senate

French Economist Nicolas Véron Testifies Before U.S. Senate

Published on August 3, 2012
On Wednesday, August 1st, French economist Nicolas Véron testified on the future of the Eurozone in front of the U.S. Senate Committee on Foreign Relations.

His testimony focused on the creation of a "fourfold union" in order to enable better executive decision making in the European Union. The four components include a banking, fiscal, competitiveness, and political union. They should be advanced interdependently and in parallel increments.

Confident that European leaders will eventually ensure the survival and success of their monetary and economic union, Mr. Véron highlighted the need for pragmatic, short term actions before having completed all aspects of a long term framework, especially regarding banking issues.

His testimony did however also include recommendations for the long term, including a regionally-based deposit insurance system and a central resolution authority for failing banks. He also stressed the crucial importance of institutional reform, including of the European Parliament and of its control over executive decision-making, to achieve more democratic accountability in the European process.

Mr. Véron divides his time between Bruegel, a Brussels-based economic policy think tank, and the Peterson Institute in Washington, D.C. Prior to joining the think tank community, he held various positions in the public and private sector in France, including corporate adviser to France’s labor minister (1997–2000), chief financial officer of the publicly listed Internet company MultiMania / Lycos France (2000–2002), and independent financial services consultant.

A complete transcript of Nicolas Véron’s testimony is available here.

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