It is quite possible that a reformed Maastricht framework of truly self-responsible member states – in other words, the European Monetary Union as it was planned to be – will guide us to a sustainable monetary union. Or the peoples of Europe might indeed make the leap to a substantial deepening of European integration, particularly in terms of economic and fiscal policies.
One of the reasons why formal and transparent corporate governance structures are necessary in larger firms is that complex organisations are often vulnerable to what economists call “principal agent problems”. An agent is someone endowed with executive authority by a principal to 4  serve the interests of the latter.