Glossary

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Budget of the European Union

All the European Union’s income and expenditure is subject to its annual forecasting and is part of the community budget.

The budget is based on several principles, including:
- unity: all income and expenditure are brought together in one single document;
- annuality: budgetary operations are linked to an annual strategy;
- equilibrium: spending must not exceed income.

Every year, the European Commission is in charge of submitting a draft budget to the two institutions that share budgetary authority – Council and the European Parliament. The Council adopts its position on the draft budget and conveys it to the European Parliament and, if it approves the Council’s position, the budget is considered adopted. However, if Parliament adopts amendments, the conciliation committee must then be assembled in order to find an agreement. It is up to the President of Parliament to announce that the budget is definitively adopted.

To stabilise the annual budgets, they are the object of multiannual agreements between the three institutions on budgetary discipline.

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