The financial industry is bloated and will benefit from the downsizing it is due to face, said Axel Weber, the president of Germany's central bank and a member of the European Central Bank's rate-setting governing council.

In an interview with vox.eu, an economics website, he said finance had grown disproportionately large as a percentage of GDP relative to the industry and service sectors, and that this would have to change. New regulations would reduce the profitability of banks, but that was