The trilogue negotiations between Council and EP have resulted in an agreement on the creation of the Single Supervisory Mechanism (SSM), which is the first step towards a European Banking Union. EP highlighted its scrutiny role over the European Central Bank, which will be at the cusp of the SSM. Those powers of scrutiny will be set out in an inter-institutional agreement. The Commission explained that the integrity of the Single Market has been protected by strengthening EBA’s powers and giving Member States outside the Eurozone a veto on EBA’s decisions and the option to join the SSM. (Source: Banking Supervision Deal Struck by EP Negotiators and Irish Presidency and An Important Step Towards a Real Banking Union in Europe