Draft Treaty establishing the European Union

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Part Five THE FINANCES OF THE UNION

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Article 75 Budget

Article 75 Budget

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1. The budget shall lay down and authorize all the revenue and expenditure of the Union in respect of each calendar year. The adopted budget must be in balance. Supplementary and amending budgets shall be adopted under the same conditions as the general budget. The revenue of the Union shall not be earmarked for specific purposes.

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2. The budget shall lay down the maximum amounts for borrowing and lending during the financial year. Save in exceptional cases expressly laid down in the budget, borrowed funds may only be used to finance investment.

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3. Appropriations shall be entered in specific chapters grouping expenditure according to its nature or destination and subdivided in compliance with the provisions of the Financial Regulation. The expenditure of the institutions other than the Commission shall be the subject of separate sections of the budget; they shall be drawn up and managed by those institutions and may only include operating expenditure.

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4. The Financial Regulation of the Union shall be established by an organic law.

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