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As the European Union's only directly elected institution, the European Parliament stands at the heart of European representative democracy, the foundation upon which the EU is built. Since its creation, the Parliament's powers have evolved significantly, and it is now a fully fledged legislative body and forum for discussion and engagement, whose influence is felt in virtually all areas of EU activity. This paper offers an overview of the European Parliament's main powers, demonstrating how they ...

EU's financial rules (recast)

Ve stručnosti 06-03-2024

In May 2022, the European Commission published a proposal to adjust and align the EU's financial rules to the 2021-2027 multiannual financial framework. The Parliament and Council have now reached a provisional agreement on a new version of the EU's financial rules, enhancing the EU's financial interests. The new rules will ensure that EU funding is more transparent, more digital and clearly reflects the Union's values, as defended by Parliament. Parliament is due to vote on the provisional agreement ...

During the February II session, Parliament is due to vote on giving consent to the first-ever revision of the EU's multiannual financial framework (MFF). That revision will provide €21 billion of additional funds, including €17 billion for Ukraine. Parliament has repeatedly demanded that the EU's long-term budget be revised urgently, to enable the EU to rise effectively to the challenges it faces. The agreement reached between Parliament and the Council ensures stable medium-term financial support ...

For the first time ever, the European Parliament and the Council have agreed to revise the ceilings of the EU's multiannual financial framework. The agreement affects the remaining years of the current financial period: 2024 to 2027. The European Parliament had demanded a revision to enable the EU to rise to its challenges effectively. At the special European Council meeting on 1 February 2024, the EU Heads of State or Government reached a highly anticipated decision on the revision following the ...

Having failed to agree on the revision of the EU's 2021-2027 budget at the December European Council meeting, Member States will attempt to break the impasse at an extraordinary meeting on 1 February 2024.

In May 2023, the European Parliament decided to postpone its decision on granting discharge to the European Council and the Council for the 2021 budget owing to a number of critical observations. Parliament's Committee on Budgetary Control has re-examined the situation but, given the Council's lack of willingness to cooperate on the discharge procedure, cannot take an informed decision. It therefore recommends in this second and final report, not to grant discharge to the two institutions. The vote ...

The EU's long-term budget for 2021 to 2027 was set at €1.1 trillion, together with a specific instrument to support the EU's recovery from the pandemic, Next Generation EU (NGEU), providing €750 billion (2018 prices). Since 2021, the EU budget has already mobilised significant additional resources to cope with the pandemic and its impact, providing direct support totalling €70 billion to help EU citizens and enterprises, and countries outside the EU, cope with the COVID 19 crisis. In 2022, Russia's ...

New financing needs, not foreseen when the EU's long-term budget for 2021 to 2027 was finalised, have arisen in recent months, reflecting multiple crises. From the very outset, in 2021, implementation of the EU's 2021-2027 budget faced challenging circumstances, with the pandemic and its consequences. In response, the EU and its Member States mobilised €3.7 trillion overall, with the EU budget providing direct support of €70 billion to help EU citizens and enterprises, and countries outside the EU ...

On 14 July 2021, the European Commission adopted the 'fit for 55' package of legislative proposals to meet the new EU objective of a minimum 55 % reduction in greenhouse gas (GHG) emissions by 2030. The package is part of the Commission's European Green Deal, which aims to set the EU firmly on the path towards net zero GHG emissions (climate neutrality) by 2050. The fit for 55 package includes a regulation establishing a new social climate fund (SCF). The aim of the SCF is to help vulnerable households ...

The EU budget is extremely tight. Borrowing costs related to the European Union recovery instrument (EURI), which have risen significantly due to the rise in interest rates, are putting further pressure on the budget. This undermines the EU's capacity to finance its priorities or react to unforeseen events, and puts flagship programmes at risk. A report by Parliament's Committee on Budgets calls for an urgent revision of the EU's long-term budget – to be in place by the start of 2024 – providing ...