Almost instantly, the Governing Council of the ECB shaped into a truly collegial body, a “team”, rather than a collection of individuals. Not only has this transformation preserved the Governing Council from the emergence of national biases. It also has inspired in its members a profound sense of common ownership of decisions.
In order to reduce the risk of fraud in such accounts, while allowing operations in these accounts, due diligence should be exercised by ensuring the genuineness of transactions, verification of signature and identity, etc. However, banks have to ensure that the customer is not inconvenienced in any manner.