The Treaty amends certain budgetary provisions of the Treaties establishing the European Coal and Steel Community, the European Economic Community, the European Atomic Energy Community, and of the Treaty establishing a Single Council and a Single Commission of the European Communities.
The amendments:
1. Revise the annual budgetary procedure, giving the European Parliament more powers regarding certain expenditures and the right to reject the draft budget of the European Union (EU);
2. Create a European Court of Auditors, with the purpose of auditing EU finances.
These reforms were necessary following the implementation of the own resources budgetary system, which established the financial autonomy of the European Communities.
The Treaty entered into force on June 1, 1977.
Treaty Amending Certain Budgetary Provisions is Signed
22/7/1975
