The guidelines must be implemented and become an integral part of national bank supervisory authorities’ internal risk management and decision-making systems by the end of the year.

EU negotiators have also reached agreement on the setting up of new financial watchdogs. A European Systemic Risk Board (ESRB) will be accompanied by three new European Supervisory Authorities: a European Banking Authority (EBA – based in London and to replace the CEBS), a European Insurance and Occupational Pensions Authority (EIOPA – based in Frankfurt), and a European Securities and Markets Authority (ESMA – based in Paris).

The UK Government and others have expressed fears that these new bodies could impinge on Member States’ fiscal sovereignty but according to the agreement, they will only be able to overrule their national counterparts in three agreed scenarios: when the supervisor is in breach of EU law, when there is a disagreement between two or more national supervisors and when an emergency has been called by Member States.

The legislation is now due to be formally adopted by EU finance ministers and the European Parliament this month and should be up and running by January 2011.

The Commissioner has proposed four possible avenues: a direct tax on tax-payers; a tax on financial transactions; a tax on air transport; and a tax on revenue generated by the sales of greenhouse gas emissions certificates (currently collected by the State).

However, many governments, including the UK’s, are opposed to the idea, stating that taxation must continue to be decided at national level.

The issue is set to dominate at the next meeting of EU economy ministers, on 7 September.

According to the Commission, the sports sector can help address structural weaknesses and challenges in the European economy and contribute to EU economic growth and employment, in part due to the strong links between the sports sector and other economic fields, such as production, retail, infrastructure, tourism, education, media and betting.

Targeted sport policies could therefore be used to promote regional development and job creation but not until more comprehensive and comparable EU-wide data exist, a shortcoming this study (due to be launched at the end of the year) will seek to address.

It highlights some of the reasons SMEs enter EU-funded projects, the skills they bring and the factors influencing the extent to which they benefit from the projects.

More information is available on the Commission website.

The report gives an overview of the data and recent trends in the EU and globally in the priority areas of action under the sixth Environmental Action Programme.

More information and a copy of the report are available on the Commission website.

Under ETS, firms can meet a part of their emission reduction obligations by paying for projects that reduce or prevent emissions in developing countries under the UN’s Clean Development Mechanism (CDM) and being rewarded with credits to attain their own reduction targets back home.

The Commission’s proposal and impact study will be published before December’s high-level climate conference in Cancún (where CDM reform will be one of the key issues), but only formally adopted in 2011.

The Commission has estimated that more energy-efficient lamps will save the average European household somewhere between €25 and €50 per year and could lead to a reduction of up to 15 million tonnes in CO2 emissions annually.

European consumer organisations however are calling for an education campaign, stating that high-tech terminology could be lost on consumers, a better disposal system for fluorescent bulbs and further reduction of their mercury content.

Environmentalists are also wary of the ban, noting that equally energy wasting light bulbs such as standard halogens will not be affected by it.

The JCR’s Institute for Environment and Sustainability (IES), which leads the European Platform on Life-Cycle Assessment, has developed three sets of indicators on resources (resource-efficiency, eco-efficiency and resource productivity), products and waste management, which it hopes will help to implement modern lifecycle-based environmental policies across the EU.

In order to stimulate youth access to culture, the study has drawn up a typology of best practice to be implemented, such as financial incentives giving young people the right to reductions, cultural centres specifically designed for the young, the use of new technologies to bring youth closer to culture and initiatives on culture and creativity in school curricula.

At national and local levels, the study above all recommends including access to culture as a key priority in all policies relating to young people and developing adequate legislation.

Finally, the EU institutions are also invited to facilitate the exchange of information and best practice between Member States, encourage the formation of European cultural networks and make young people familiar with the cultural heritage of other European countries.

More information and a copy of the report can be found on the Commission website.

The Commission wants to bring about a “culture shock” and genuine “revolution” of existing Brussels communication methods, including a “personalisation” of EU politics centred on the Commission President as EU figurehead, a stronger centralisation in the delivery of messages making it harder to leak confidential documents to the press, a more specialised use of Commission communications staff, a general reshuffle of senior Commission employees, and ensuring all Commission representation offices in Member States become the ‘eyes and ears’ of the Commission, with a direct link to its communications department.