(Personally, I've never used 14 ga wire, ever instead prefer 20 ga.) you'll over heat the wire and maybe burn your house down.
![200 amp breaker 200 amp breaker](https://images.homedepot-static.com/productImages/43646aa7-5384-4c81-b5a7-03588b3f55b3/svn/ge-2-pole-breakers-thqmv200dp-64_1000.jpg)
You can't use 14 ga wire for a 15 amp circuit and then one day decide to 'upgrade' the circuit by popping a 20 amp breaker in the panel.
![200 amp breaker 200 amp breaker](https://dh778tpvmt77t.cloudfront.net/images/products/7269.jpg)
So, to keep from over maxing the particular wire used in the circuit, the panel MUST have the right-sized circuit breaker. The larger the wire gauge (smaller number) the more amps and volts it can handle. The primary concern is the wire ampacity (amperage capacity) a 14 ga wire will handle a maximum amperage of 15 amps/120 Volts 12 ga, 20 amps/120 Volts 10 ga, 30 amps/240 Volts. We all know that if you exceed the maximum load of an individual circuit you will have a problem. However, all those circuits are not on at the same time and most likely no circuit is running at their maximum load. Let's say they total to 250 amps in our example. (For example, a dozen 15 amp breakers and five or so 20 amp breakers. So, you can have a number of circuits that, added up, may well exceed 200 amps. The voltages of 220 or 110 are not the defining factor, it's the maximum rated Amperage of the Main breaker and of course the individual circuits are designed for the maximum amperage of the individual circuit breakers. Providing the incoming power lines is adequately sized to carry the load, here where I live the "panel" maximum is controlled by the Main or Master circuit breaker. IS defined by the main circuit breaker, is it not?
![200 amp breaker 200 amp breaker](https://cdn11.bigcommerce.com/s-0cnuc/images/stencil/2048x2048/products/24342/650088/apidtvl5f__78519.1565304983.jpg)
Okay, so I'm NOT an electrician but, the "panel", beyond the design of the overall contacts, plates, etc.