Michel Barnier, the European Union’s financial services chief, said he expects the single banking supervisor for the euro area will begin operating in March 2014.

Barnier also said today he expects to see the adoption by March 2014 of a bank resolution authority for the 17-country region. The European Commission is now working on such a proposal.

Barnier spoke to reporters in Washington.

To contact the reporter on this story: Sandrine Rastello in Washington at srastello@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net