ECB mulls delegating power to ease oversight burden

Frankfurt

THE European Central Bank (ECB) is considering delegating more power to its supervisory arm to avoid monetary policy makers becoming entangled in low-level details, said people familiar with the matter.

Since assuming oversight of the euro area's largest lenders in November, ECB officials have come to the conclusion that the legal requirement for each decision to be seen by the 25-member Governing Council is not sustainable, the sources said, asking not to be named as the deliberations are not public. An ECB spokesman declined to comment.