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How detailed has management to be in an EU FP7 Project?

Answer: 

Management depends on the complexity of the project.
Management can be much more detailed in difficult phases of a project. As a co-ordinator one of your tasks is to follow the progress of your project to avoid undue delays. Especially in the first phase of the project you need to monitor the people if they are on the right track. Delays in critical tasks will trickle down and have an effect of the entire project. The focus of all partners in a project has to be on agreeing on objectives.
As a co-ordinator you have to pay attention that the partners deliver their reports in time. Delays in reporting leads to a delay of the interim payments for the whole project.