Brussels, 19/01/2011 (Agence Europe) - On Tuesday 18 January, the Council of Ministers of the EU decided to forward a draft Council regulation setting the multi-annual financial framework for the period from 2007 to 2013 to the European Parliament (EP) for approval. It also put the draft inter-institutional agreement between the EP, the Council and the Commission on budgetary cooperation and sound financial management to the EP. The aim of the two texts is to adapt current EU budgetary rules to the provisions to the Lisbon Treaty. They also take account of the EP's wish to maintain flexibility in the management of the multi-annual financial framework by providing a “contingency margin” amounting to up to 0.03% of EU gross domestic income over and above the caps set by the 2007-2013 financial framework as a last resort should unforeseen circumstances arise. The financial framework regulation states that the sums made available by the mobilisation of the contingency margin should be from the margins indicated under one or more of the financial framework headings for the current financial year or future financial years.
The draft inter-institutional agreement says that the decision to mobilise the contingency margin should be taken jointly by the two branches of the budgetary authority, the Council decision being reached by qualified majority and the EP decision by a majority of MEPs and three fifths of votes cast. (L.C./transl.rt)