| Summary: | The adoption of the budget of the European Union is carried out through a special legislative procedure. This is a version of the regular procedure, which is specially adapted to the particular characteristics of the budgetary process. The budgetary function in the European Union is exercised by the Council together with the European Parliament. The two institutions have equal powers in the budgetary procedure, following the Treaty of Lisbon (signed in 2007). Budgetary
powers involve the determination of the total amount and distribution of the annual expenditure of the European Union as well as the revenue needed to cover it. The EU's long-term budget and NextGenerationEU (NGEU - the temporary instrument designed to stimulate recovery) will form the largest incentive package ever funded in Europe.
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