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Draft Treaty establishing the European Union

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Draft Treaty establishing the European Union

 

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Article 76 Budgetary procedure

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1. The Commission shall prepare the draft budget and forward it to the budgetary authority.

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2. Within the time-limits laid down by the Financial Regulation:

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(a) On first reading, the Council of the Union may approve amendments by a simple majority. The draft budget, with or without amendment, shall be forwarded to the Parliament;

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(b) on first reading, the Parliament may amend by an absolute majority the amendments of the Council and approve other amendments by a simple majority;

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(c) if, within a period of fifteen days, the Commission opposes the amendments approved by the Council or by the Parliament on first reading, the relevant arm of the budgetary authority must take a fresh decision by a qualified majority on second reading;

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(d) if the budget has not been amended, or if the amendments adopted by the Parliament and the Council are identical, and if the Commission has not exercised its right to oppose the amendments, the budget shall be deemed to have been finally adopted;

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(e) on second reading, the Council may amend by a qualified majority the amendments approved by the Parliament. It may by a qualified majority refer the whole draft budget as amended by the Parliament back to the Commission and request it to submit a new draft; where not so referred back, the draft budget shall at all events be forwarded to the Parliament;

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(f) on second reading, the Parliament may reject amendments adopted by the Council only by a qualified majority. It shall adopt the budget by an absolute majority.

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3. Where one of the arms of the budgetary authority has not taken a decision within the time-limit laid down by the Financial Regulation, it shall be deemed to have adopted the draft referred to it.

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4. When the procedure laid down in this Article has been completed, the President of the Parliament shall declare that the budge stands adopted and shall cause it to be published without delay in the Official Journal of the Union.

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