The Council has adopted legislation creating a Single Supervisory Mechanism (SSM) for credit institutions in the Eurozone and other participating Member States. This follows the agreement reached with EP in trilogue negotiations earlier this year and EP's joint statement with the European Central Bank on the latter's accountability when acting as supervisor. The final text of the legislation will be published in the Official Journal of the EU and come into force soon. The SSM will be fully effective one year later. (Source: Council Approves SSM)