But Europeans now have to recognise that such choices need to be fully in line with the sustainability imperative. Across countries What does the social contract mean at European level? Here again, there are two dimensions to consider: a horizontal and a vertical dimension. The horizontal dimension concerns the rights held and responsibilities borne by each Member State vis-à-vis its partners.
Its launch was preceded by the comprehensive assessment of the balance sheets of the euro-area’s largest banking groups, which was designed to increase transparency and confidence. It was the first test of the new system, requiring a close comparison of national supervisory practices and cultures.