Emergent Time and the M5-Brane
  We consider the maximal super-Yang-Mills theory in 5 Euclidean dimensions with SO(5) R-symmetry and 16 supersymmetries. We argue that the strong coupling limit of this theory (with a possible UV completion) has an emergent time dimension and gives a description of the 5+1 dimensional Lorentz invariant (2,0) theory of the M5-brane, compactified on a timelike circle with radius R=g^2/4\pi^2 . Our discussion involves issues of quantization of Euclidean theories without time. 
C.M. Hull and N. Lambert
hep-th