MW:Euro area sets supervisory legislation deadline
By Sarah Turner
SYDNEY (MarketWatch) -- The European Council wrapped up the first day of a two-day meeting early Friday and said that it has set a time limit of January 1 for agreeing a legislative framework for a single supervisory mechanism. Work on operational implementation of the legislation will take place in 2013, the council said. The council reiterated comments it made in June when it said that an effective supervisory mechanism needs to be introduced before banks may be able to be directly recapitalized.
