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Meetings Calendar 2006
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EU finances

 

The Constitutional Treaty reorganises the Union's finances on the basis of own resources, the multiannual financial framework and the budgetary procedure.

The system of own resources is laid down in a European law adopted unanimously by the Council of Ministers (Council) after consulting the European Parliament. That law does not enter into force until it is approved by the Member States. It may establish new categories of own resources or abolish existing resources.

The multiannual financial framework is adopted unanimously by the Council in a European law. However, there is an option ("passerelle" clause) to adopt a unanimous decision authorising approval of the financial framework by a qualified majority.

The new budgetary procedure abolishes the distinction between compulsory and non-compulsory expenditure. The new balance between the Council and the European Parliament is established by a new codecision right, which gives the European Parliament the "last word" under certain conditions.

Date: 01.01.2006