What role does the EP play in the EU budget? 

Parliament decides, together with Council, on the EU's annual budgets. The annual budgets have to remain within the limits set by the EU's seven-year financial framework. This long-term budget needs Parliament's approval to be adopted.

After the end of each year, MEPs scrutinize how the European Commission and EU countries have spent the money in order to decide whether to grant each institution discharge, i.e. final approval of how the budget for a specific year has been implemented.