This has not been a salutary week for European corporate governance. AtVolkswagen in Germany and atIndustriv?rden in Sweden, a system intended to encourage stability and long-term growth has instead created self-indulgence.

At VW, Ferdinand Pi?ch was ejected as chairman of the supervisory board by other members, including union representatives and politicians, after he tried to destabilise Martin Winterkorn, the chief executive. Mr Pi?ch, a member of one of the families that control VW, had done the same to Bernd Pischetsrieder in 2006. This time, he failed.

At Industriv?rden, which along with the Wallenberg family controls more than half the value of the Swedish stock exchange, there was spectacular misbehaviour. Anders Nyrén was fired as chief executive on Monday after a scandal over the misuse of corporate jets by executives at SCA, the forestry and paper group, and their families.