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ECB 'in danger of overload', says chief economist

Published: July 12, 2013
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Source: Yahoo Finance

The European Central Bank risks being overloaded by its new and huge task of watching over banks, executive board member Peter Praet warned in a newspaper interview on Friday.

"The eurozone was set up with too few institutions actually capable of acting. We're now paying the price for that," he said.

"We're being entrusted with more and more tasks," Praet, who is the ECB's chief economist, told the business daily Handelsblatt.

"I wouldn't call this a politicisation" of the central bank, "but a possible overburdening," Praet said.

Ever since the start of the eurozone's troubles, the ECB has been seen as the only institution capable of acting quickly enough to put out the crisis fires.

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