The emerging European corporate governance model: Anglo-Saxon, Continental, or still the century of diversity?

During recent years the European Commission has been active in creating a 'level playing-field' for European companies through the creation of a harmonized regulatory framework. The Europeanization of national corporate governance models was seen as an important part in this endeavour. However, the likely policy consequences are far from clear and the direction of corporate governance convergence in Europe is still a matter of debate. One key question is whether national governance models across Europe will converge as a result of the European regulatory framework and, if so, what the shape of the European corporate governance model will be. This article advances the view that, owing to EU decision-making procedures and the diversity of national corporate governance models across Europe, it is difficult to ensure that the European project of governance convergence is underpinned by a dominant coalition promoting a well-articulated corporate governance model.