What role does the EP play in the EU budget? 

The Parliament determines the EU's annual budget together with the Council. However, annual budgets have to comply with parameters set-out in the EU's seven-year "multiannual financial framework" . This long-term budget requires Parliament's approval in order to be adopted.

The EP also plays a crucial role in scrutinising EU budget spending through the yearly “discharge procedure”.

Following up on Council recommendations, the EP signs off annual accounts and makes recommendations to further improve budget management, ascertaining whether or not the European Commission upholds principles of sound financial management and abides by established spending rules and regulations.

The Parliament grants separate general budget management approval to EU institutions, decentralised agencies and joint endeavours.