For Siemens, Alcatel, Aventis, Danone or Telef nica, it has become a shared religion. This has created shock waves throughout the economy. European executives are forced to expose themselves constantly and to permanently justify their actions. Continental Europe is becoming more American its capitalism has become more financial in very real terms. But Europe remains glued to its history - the state still plays an important role in the economy, even in the financial system.
Many European bosses have misgivings when it comes to the creation of shareholder value.
Without worrying their Anglo-Saxon shareholders, they secretly admit that they do not want a shareholder dictatorship to rise in their court under the pretext of shareholder democracy. Joined by a large portion of European public opinion, these business leaders would rather see a stakeholder society than a shareholder society. A company, they say, must not work exclusively for its shareholders - and its short term interests. In the race between General Motors and Volkswagen, there is permanent competition between the company that saves on its cars to please shareholders and one which values the quality of its product so as not to disappoint its owners . They are convinced that in the long term, the former will be better off than the latter.