Page "Council of the European Union" Paragraph 8

The primary purpose of the Council is to act as one of the two chambers of the EU's legislative branch, the other chamber being the European Parliament.

However the Council only has legislative initiative in limited sensitive areas.

It also holds, jointly with the Parliament, the budgetary power of the Union and has greater control than the Parliament over the more intergovernmental areas of the EU, such as foreign policy and macroeconnomic coordination.

Finally, before the entry into force of the Treaty of Lisbon, it formally held the executive power of the EU which it conferred upon the European Commission.