The Council of the European Union adopted two Regulations creating a single supervisory mechanism (SSM) for the oversight of banks and other credit institutions thus establishing one of the main elements of Europe's banking union. The SSM will be composed of the European Central Bank (ECB) and the supervisory authorities of the member states. It will cover the euro area as well as non-eurozone countries that choose to participate. The ECB will have direct oversight of eurozone banks, although in a differentiated manner and in close cooperation with national supervisory authorities. It will be responsible for the overall functioning of the SSM. The ECB will assume its supervisory tasks twelve months after entry into force of the legislation, subject to operational arrangements. One the two regulations adopted confers supervisory tasks on the ECB (9044/13), whilst the other modifies regulation 1093/2010 on the European Banking Authority (EBA) as concerns the EBA's interaction with the SSM (22/13).