The European Parliament has three important functions – legislation, budgetary policy and supervision. In the legislative line it’s worth mentioning that the European Parliament shares legislative functions with the EU Council. After signing the treaty of Nice there is a so-called system of mutual decisions, according to which the European Parliament and the EU Council have equal powers and any bill discussed should be heard by two readings. The two bodies form the budgetary committee, which developed the EU budget. And finally the European Parliament conducts control over the activity of the European Committee.
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