The Lords EU Committee has published a report on “European Banking Union: Key issues and Challenges” aimed at informing the UK Government’s position on the process towards a European Banking Union, which in its first stage involves the creation of a Single Supervisory Mechanism (SSM) headed by the European Central Bank and the amendment of EBA voting procedures to ensure that Member States not participating in the SSM can defend the interests of the Single Market. To achieve this, the Lords EU Committee proposes that EBA voting rules should be reformed to give more power to countries with the largest financial service sectors. They also warn about UK isolation in debates of fundamental importance. (Source: Lords Committee Publishes Report on European Banking Union)