We critically examine the internal consistency of a set of minimal assumptions entering the theory of fault-tolerant quantum error correction for Markovian noise. These assumptions are: fast gates, a constant supply of fresh and cold ancillas, and a Markovian bath. We point out that these assumptions may not be mutually consistent in light of rigorous formulations of the Markovian approximation. Namely, Markovian dynamics requires either the singular coupling limit (high temperature), or the weak coupling limit (weak system-bath interaction). The former is incompatible with the assumption of a constant and fresh supply of cold ancillas, while the latter is inconsistent with fast gates. We discuss ways to resolve these inconsistencies. As part of our discussion we derive, in the weak coupling limit, a new master equation for a system subject to periodic driving.