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Document 12016E314
Consolidated version of the Treaty on the Functioning of the European Union#PART SIX - INSTITUTIONAL AND FINANCIAL PROVISIONS#TITLE II - FINANCIAL PROVISIONS#CHAPTER 3 - THE UNION'S ANNUAL BUDGET#Article 314 (ex Article 272(2) to (10), TEC)
Consolidated version of the Treaty on the Functioning of the European Union
PART SIX - INSTITUTIONAL AND FINANCIAL PROVISIONS
TITLE II - FINANCIAL PROVISIONS
CHAPTER 3 - THE UNION'S ANNUAL BUDGET
Article 314 (ex Article 272(2) to (10), TEC)
Consolidated version of the Treaty on the Functioning of the European Union
PART SIX - INSTITUTIONAL AND FINANCIAL PROVISIONS
TITLE II - FINANCIAL PROVISIONS
CHAPTER 3 - THE UNION'S ANNUAL BUDGET
Article 314 (ex Article 272(2) to (10), TEC)
OJ C 202, 7.6.2016, p. 183–185
(BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
In force
ELI: http://data.europa.eu/eli/treaty/tfeu_2016/art_314/oj
7.6.2016 |
EN |
Official Journal of the European Union |
C 202/183 |
Article 314
(ex Article 272(2) to (10), TEC)
The European Parliament and the Council, acting in accordance with a special legislative procedure, shall establish the Union's annual budget in accordance with the following provisions.
1. |
With the exception of the European Central Bank, each institution shall, before 1 July, draw up estimates of its expenditure for the following financial year. The Commission shall consolidate these estimates in a draft budget. which may contain different estimates. The draft budget shall contain an estimate of revenue and an estimate of expenditure. |
2. |
The Commission shall submit a proposal containing the draft budget to the European Parliament and to the Council not later than 1 September of the year preceding that in which the budget is to be implemented. The Commission may amend the draft budget during the procedure until such time as the Conciliation Committee, referred to in paragraph 5, is convened. |
3. |
The Council shall adopt its position on the draft budget and forward it to the European Parliament not later than 1 October of the year preceding that in which the budget is to be implemented. The Council shall inform the European Parliament in full of the reasons which led it to adopt its position. |
4. |
If, within forty-two days of such communication, the European Parliament:
|
5. |
The Conciliation Committee, which shall be composed of the members of the Council or their representatives and an equal number of members representing the European Parliament, shall have the task of reaching agreement on a joint text, by a qualified majority of the members of the Council or their representatives and by a majority of the representatives of the European Parliament within twenty-one days of its being convened, on the basis of the positions of the European Parliament and the Council. The Commission shall take part in the Conciliation Committee's proceedings and shall take all the necessary initiatives with a view to reconciling the positions of the European Parliament and the Council. |
6. |
If, within the twenty-one days referred to in paragraph 5, the Conciliation Committee agrees on a joint text, the European Parliament and the Council shall each have a period of fourteen days from the date of that agreement in which to approve the joint text. |
7. |
If, within the period of fourteen days referred to in paragraph 6:
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8. |
If, within the twenty-one days referred to in paragraph 5, the Conciliation Committee does not agree on a joint text, a new draft budget shall be submitted by the Commission. |
9. |
When the procedure provided for in this Article has been completed, the President of the European Parliament shall declare that the budget has been definitively adopted. |
10. |
Each institution shall exercise the powers conferred upon it under this Article in compliance with the Treaties and the acts adopted thereunder, with particular regard to the Union's own resources and the balance between revenue and expenditure. |