The decision-making of the two functions have been purposefully kept separate and on supervisory matters the new Supervisory Board will have a predominant role, even if the Council must still approve these decisions afterwards. The two functions will also have separate staff, restrictions on exchange of confidential information and are even located in separate buildings in different sides of Frankfurt.
So, apart from the institutional set-up, what does the banking union mean to the euro area and the European system of central banks? I would expect the primary benefits to relate to its impact on broader financial stability and the degree of European financial integration.