It can no longer rely on a “permissive consensus” and must rest on an institutional architecture that is both effective and legitimate. Moreover, as people increasingly see the impact of policy decisions with European relevance on individual outcomes, it needs to be emphasised that they – and not only the Member States – are partners in the European social contract.
This can be taken care of by making boards more accountable to all stakeholders and making their functioning transparent. Over the years, we have tried to align our transparency and disclosure standards to global best practices. But we need to ask questions. Is the voice of independent directors always independent? Do bank CEOs countenance criticism from the board?