The ECB plan to investigate and scrutinize European banks has never sat well with the German political body, nor with the financial one.
Peter Praet, of the German Finance MInistrym has sounded the alarm on the ECB's plan to oversee banks, citing overload fears.
He cites a lack of sufficient manpower in the form of enforcement agencies at the Euro zone adoption, which in his mind, is causing overload that could lead to a spate of problems.
He says that the ECB is burdened with ever increasing responsibilities that it is not able to discharge. Praet is also the ECB's chief economist.
Praet says that the immense challenge could result in inequalities if the workload is not distributed to and shared with other regulating bodies.
Another recommendation that Praet is proposing would see the publication of the minutes of the ECB, a move to increase transparency on the operations of the ECB, which has been in the past accused of catering to certain countries more than others.
Source : France 24/ 7.12.13
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