The entry into force of the Lisbon treaty in December 2009 means the EU's current financial rules need an upgrade. Most importantly, a new regulation on the multiannual financial framework will replace the current agreement between the EU institutions, thus giving the EU's multiannual budget more legal clout, without changing the amounts already agreed.
Changes regarding the budgetary procedure are proposed to the EU's financial manual, the Financial Regulation. The package focuses on the most pressing issues, necessary for the smooth running of the EU budget; with further upgrades still in the pipeline, including the financing of the EU's new foreign service.
Lisbon treaty budgetary package: