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Financial perspective

(Photo: European Commission)

The EU decides a 'financial perspective' that sets limits on EU spending for different categories of expenditure. This is part of the budget procedure, it takes place before the estimates of the institutions’ expenditures and the Commission’s setting up of the preliminary draft budget. The financial perspective is regulated by an inter-institutional agreement between the Commission, Council and Parliament.

The EU summit in Copenhagen in December 2002 decided a financial perspective which included the costs for enlargement of the EU. The figures were then included in the accession treaties. This meant that the EU Parliament was side-lined from influencing the expenditures. The EU Parliament first reacted by threatening to delay the enlargement process, but finally gave its assent and won a higher amount.

In 2006 a new conflict about the economically guidelines for 2007-2013 occurred between the Council and the European Parliament. The Parliament first insisted on the result form the summit in December 2005. A compromise, which included more money to the new member states, was reached under the Austrian presidency.  

The future

The adoption of the financial perspective will be regulated by the Lisbon Treaty by unanimity which can late be altered to qualified majority.