The Committee of European Banking Supervisors (CEBS) has published new guidelines for bank stress tests which would see EU banks tested under tougher conditions than those used in recent probes to ensure they are financially sound and able to resist financial turbulence.

The Committee of European Banking Supervisors (CEBS) has published new guidelines for bank stress tests which would see EU banks tested under tougher conditions than those used in recent probes to ensure they are financially sound and able to resist financial turbulence.

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 European Budget and Financial Programming Commissioner, Janusz Lewandowski, is to launch a debate on the idea of creating a European tax, the revenue from which would be paid directly into the EU budget, allowing Member States to reduce their own national contributions.

The European Budget and Financial Programming Commissioner, Janusz Lewandowski, is to launch a debate on the idea of creating a European tax, the revenue from which would be paid directly into the EU budget, allowing Member States to reduce their own national contributions.

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.

The European Commission is to assess the macro-economic impact of sport in the EU to help design policies that can contribute more effectively to the overarching goals of the Europe 2020 strategy for growth and jobs.

The European Commission is to assess the macro-economic impact of sport in the EU to help design policies that can contribute more effectively to the overarching goals of the Europe 2020 strategy for growth and jobs.

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.

A study has been published by the European Commission on the role and impact of SME participation in FP5 and FP6, both in a social and economic context.

A study has been published by the European Commission on the role and impact of SME participation in FP5 and FP6, both in a social and economic context.

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.

According to the recently published 2009 Environment Policy Review, the EU still has much to do to achieve the objectives it has set itself to improve the quality of the environment in Europe, and especially as regards biodiversity loss, renewable energy and emissions reduction.

According to the recently published 2009 Environment Policy Review, the EU still has much to do to achieve the objectives it has set itself to improve the quality of the environment in Europe, and especially as regards biodiversity loss, renewable energy and emissions reduction. A more effective use of natural resources and the fight against climate change also remain major challenges.

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.

The European Commission is preparing measures to limit the use of carbon credits from industrial gas projects in its Emissions Trading Scheme (ETS) after 2012 by introducing further quality restrictions.

The European Commission is preparing measures to limit the use of carbon credits from industrial gas projects in its Emissions Trading Scheme (ETS) after 2012 by introducing further quality restrictions.

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.

On 1 September, the second stage of an EU ban on selling incandescent light bulbs began, this time for 75 Watt bulbs, after last year’s ban on those of 100 Watt following the European Commission’s Regulation on the eco-design of household lamps.

On 1 September, the second stage of an EU ban on selling incandescent light bulbs began, this time for 75 Watt bulbs, after last year’s ban on those of 100 Watt following the European Commission’s Regulation on the eco-design of household lamps.

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 European Commission’s in-house research facility, the Joint Research Centre (JRC), has developed new product lifecycle indicators to assess EU Member States’ progress towards achieving sustainable development and a greener economy.

The European Commission’s in-house research facility, the Joint Research Centre (JRC), has developed new product lifecycle indicators to assess EU Member States’ progress towards achieving sustainable development and a greener economy.

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.

The Interarts Foundation, together with the European Commission, has carried out a study on access to culture by young people, which it believes is fundamental if they are to play a full part in society. Money and geographical and time restraints are the main obstacles, as is a lack of legislation on the issue, not yet considered a priority in youth or culture policies.

The Interarts Foundation, together with the European Commission, has carried out a study on access to culture by young people, which it believes is fundamental if they are to play a full part in society. Money and geographical and time restraints are the main obstacles, as is a lack of legislation on the issue, not yet considered a priority in youth or culture policies.

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 European Commission’s communication strategy is undergoing structural change in a re-branding focused on President Barroso, increased centralisation of public communications, a new organisational chart and a key reshuffle of top officials.

The European Commission’s communication strategy is undergoing structural change in a re-branding focused on President Barroso, increased centralisation of public communications, a new organisational chart and a key reshuffle of top officials.

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.