I have briefly spoken on the role of the Codes of BCSBI and the need to keep them dynamic.
By contrast, any Europeanisation of economic and fiscal policies would call for Community instruments – especially the instrument of financial transfers – and an efficient supranational institution. Neither is provided for – quite deliberately – in the EC Treaty. Consequently, there is no “representative vis-à-vis the outside world” of the non-existent single economic and fiscal policy of the euro area.