Nicosia, 14/09/2012 (Agence Europe) - German finance minister Wolfgang Schäuble doubts that the European Stability Mechanism, the eurozone's new bailout fund with lending capacity of €500 billion, will be able to directly bail out struggling banks by 1 January 2013. He was speaking at the ECOFIN Council in Nicosia on Friday 14 September. He believes that adopting of the draft legislation to give the European Central Bank (ECB) ultimate powers over supervision of all banks in the eurozone (a condition set by Germany for direct bank recapitalisation) will not be possible in 2012. French economy minister Pierre Moscovici, however, said that he supported Michel Barnier's desire to get everything signed and sealed before 31 December 2012. Internal Market Commissioner Michel Barnier says it will not be easy to do, but it is necessary. The Commission interprets Schäuble's comments as meaning that direct bank recapitalisation will not be automatic once the ECB becomes the ultimate bank supervisory body for the eurozone. A unanimous decision by finance ministers is needed to give the ECB this power. (MB/transl.fl)