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This article illustrates the interrelation between the EU law and international law in the institutional set-up of the close co-operation arrangement in the Single Supervisory Mechanism, the first arm of the European Banking Union. Based on the legal status of the unilateral acts of states in public international law, the article sheds light on the legal character of the unilateral undertaking of the non-euro Member State to abide by European Central Bank acts. The article challenges the official opinions on the lack of a transfer of sovereignty from national to Union level and alleges the illegality of the close co-operation mechanism, given the legal restraints inferred from the case law of the Court of Justice of the European Union.
