“The people do not need any additional institution to interpret the Word.”
And yet, many of the adherents are interpretating not based upon an individual thought, but upon the institutionalized version of Calvin, Luther, and Wesley.
But none of those gentleman are considered by the Reformed faithful to be infallible when it comes to matters of faith and morals. It is the charisma of infallibility held by the Pope and the Magesterium that lay the authority to interpret Scripture on them.
It is also important to distinguish the Ecclesiology(sp) of most Protestant denominations from that of the Catholic and Orthodox Church. Some good articles on Reformed teaching on the Church can be found here:
http://www.reformed.org/ecclesiology/index.html
For the Catholic there are 4 marks of the Church. It is One. It is Holy. It is Apostolic. It is Catholic. This Church is visible.
For Reformed the primary mark of the Church is that the Word is rightly preached there. I don’t know what other marks they hold.
This statement seems to be an abt summation of Reformed belief on the visibility of the Church “The universal Church, which is invisible, consists of the whole number of the elect, which were purchased for God with Christ’s blood from [Dan 3:4; 5:19; Rev 7:9; 10:11; 11:9; 13:7; 14:6; 17:15] every tribe and tongue and people and nation.”
The institutional version of Calvin, Luther and Wesley is not in the mind of our Protestant brethern the same as what we call the One, Holy, Apostolic Catholic Church.