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Wednesday, 26 October 2016

Implementation of the EU budget

The Commission implements the budget on its own responsibility and in cooperation with the Member States, subject to the political control of the European Parliament. The Commission implements the revenue and expenditure of the budget in accordance with the Treaties and with the provisions and instructions set out in the Financial Regulation, under its own responsibility and within the limit of the appropriations authorised (1.5.3). The Member States cooperate with the Commission so that the appropriations are used in accordance with the principles of sound financial management, i.e. economy, efficiency and effectiveness.

Source: European Parliament