(2) In its Resolutions of 5 February and 21 November 2002, the European Parliament endorsed the four-level approach advocated in the Final Report of the Committee of Wise Men on the regulation of European securities markets and called for certain aspects of that approach to be extended to the banking and insurance sectors subject to a clear Council commitment to reform to guarantee a proper institutional balance.

(3) In its Resolutions of 5 February 2002 and 21 November 2002, the European Parliament endorsed the four-level regulatory framework advocated in the Final Report of the Committee of Wise Men on the regulation of European securities markets and called for certain aspects of that approach to be extended to the banking and insurance sectors, subject to a clear Council commitment to guarantee a proper institutional balance.

In addition to commitments under the Common Fisheries Policy, EU decisions on annual fishing decisions should take account of international policy commitments, such as the obligation to rebuild stocks to levels at which a maximum sustainable yield can be taken.[2] While the implementation of this commitment is still under discussion and is the subject of a separate Commission Communication[3], it is necessary to take steps to ensure that some progress is made towards this political commitment, or at least that Community decisions do not contradict it.

1. strongly WELCOMES the recent entry into force of the Kyoto Protocol, which is the first ever legally binding instrument to combat climate change containing quantified emission limitation or reduction commitments and which constitutes an essential first step towards meeting the ultimate objective of the United Nations Framework Convention on Climate Change ("the Convention") of stabilising greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system; REAFFIRMS that, with a view to meeting this objective, overall global ...[+++]annual mean surface temperature increase should not exceed 2°C above pre-industrial levels; EMPHASISES the findings of the Third Assessment Report of the Intergovernmental Panel on Climate Change (IPCC TAR) that significant further steps will be necessary to mitigate greenhouse gas emissions and limit adverse effects of climate change;

Support will be payable annually on the basis of the additional costs and income foregone arising from such commitments, with annual payment levels of maximum € 500 per livestock unit.

As regards revenue, commitments and administrative expenditure, the Court considers the transactions underlying the consolidated annual accounts to be legal and regular.