There is considerable divergence in the understanding and practice of corporate governance in general, and in respect of banks, in particular, but there is also an increasing tendency towards convergence. The cultural context may be difficult to capture but the legal, institutional and attitudinal contexts do vary perceptibly across countries.
This objective has never been compromised in the 14 years of the euro so far and it will not be compromised in the future. The ECB’s attachment to the primary objective of price stability remains unquestioned. The proposal of the European Commission provides for the establishment of a separate Supervisory Board within the ECB, which will include representatives from national authorities.