Brussels, 02/03/2011 (Agence Europe) - On Wednesday 2 March, COREPER (Committee of Permanent Representatives from EU member states) approved a memorandum of understanding (MoU) between the European Parliament and the Council of Ministers of the EU on cooperation in the annual exercise granting a discharge on execution of the budget. This MoU is aimed at replacing the “gentleman's agreement” of 1970 and involves a paradigmatic change by introducing the principle of transparency and mutual accountability. The “gentleman's agreement” stipulated that the two institutions would not interfere in each other's budgetary affairs. At a more practical level, the MoU stipulates that the Council provide the EP with sufficient information on its budgetary and financial management and that it answer EP questions on comments made by the European Court of Auditors. This will enable the EP to exert its authority in the context of the discharge. In order to enable the Council to exert its own authority, the EP will be obliged to provide the Council with the same information about its budgetary and financial management. This new approach will have to perfectly reflect Article 319 of the Treaty. (L.C./transl.fl)