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How is the budget decided?

presentation of the financial procédure
The financial procédure

Based on the multiannual financial framework in force and the budget guidelines for the coming year, the European Commission prepares the draft budget, and submits it to the Council and Parliament. The budgetary authority, comprised of the Council and the Parliament, amends and adopts the draft budget.

In case of disagreement between Parliament and Council a specific Conciliation Committee is convened with the task of reaching agreement on a joint text within a period of 21 days, subject to the approval of both arms of the budgetary authority. If the joint text is rejected by the Council, the European Parliament has the right to ultimately approve the budget.

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