Article 317

LONDON – Europe is now haunted by the spectre of debt. All European leaders quail before it. To exorcise the demon, they are putting their economies through the wringer.

Negotiating the details of the „Fiscal Compact“ Treaty: Much ado about nothing -

Before S&P dropped the bomb on Friday that France and Austria were losing their Triple-A-rating, most of the crisis reporting last week had been concerned with the different drafts for the new “Fiscal Compact” Treaty to be signed at the euro summit at the end of January.

Main Menu

RSS News Feeds

Quizzes on the EU

Why not quiz yourself on the European Union?

Integration / Institutions / Decision-Making / Policy Areas

EU Quizzes

Article 317

The Commission shall implement the budget in cooperation with the Member States, in accordance with the provisions of the regulations made pursuant to Article 322, on its own responsibility and within the limits of the appropriations, having regard to the principle of sound financial management. Member States shall cooperate with the Commission to ensure that the appropriations are used in accordance with the principles of sound financial management.

The regulations shall lay down the control and audit obligations of the Member States in the implementation of the budget and the resulting responsibilities. They shall also lay down the responsibilities and detailed rules for each institution concerning its part in effecting its own expenditure.

Within the budget, the Commission may, subject to the limits and conditions laid down in the regulations made pursuant to Article 322, transfer appropriations from one chapter to another or from one subdivision to another.

Next >