Draft Treaty establishing the European Union

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Part Five THE FINANCES OF THE UNION

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Article 70 General provisions

Article 70 General provisions

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1. The Union shall have its own finances, administered by its institutions, on the basis of the budget adopted by the budgetary authority which shall consist of the European Parliament and the Council of the Union.

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2. The revenue of the Union shall be utilized to guarantee the implementation of common actions undertaken by the Union

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Any implementation by the Union of a new action assumes that the allocation to the Union of the financial means required shall be subject to the procedure laid down in Article 71(2) of this Treaty.

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