Page "Council of the European Union" Paragraph 15

Furthermore, the legislative branch officially holds the Union's budgetary authority.

The EU's budget ( which is around 116. 4 billion euro ) is subject to a form of the ordinary legislative procedure with a single reading giving Parliament power over the entire budget ( prior to 2009, its influence was limited to certain areas ) on an equal footing to the Council.

If there is a disagreement between them, it is taken to a conciliation committee as it is for legislative proposals.

But if the joint conciliation text is not approved, the Parliament may adopt the budget definitively.

In addition to the budget, the Council coordinates the economic policy of members.