Draft Treaty establishing the European Union

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Part Five THE FINANCES OF THE UNION

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Article 74 Financial programmes

Article 74 Financial programmes

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1. At the beginning of each parliamentary term, the Commission, after receiving its investiture, shall submit to the European Parliament and the Council of the Union a report on the division between the Union and the Member States of the responsibilities for implementing common actions and the financial burdens resulting therefrom.

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2. On a proposal from the Commission, a multiannual financial programme, adopted according to the procedure for adopting laws, shall lay down the projected development in the revenue and expenditure of the Union. These forecasts shall be revised annually and be used as the basis for the preparation of the budget.

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