The European Parliament

The European Parliament (abbreviated as Europarl or the EP) is the directly elected parliamentary institution of the European Union. The European Parliament has been steadily gaining power over recent decades and now acts as a co-legislator for nearly all EU law (excluding nuclear issues [under EURATOM] and issues sensitive for national security of the Member States). Together with the Council, the Parliament amends and adopts legislative or non-legislative proposals from the Commission. Parliament also supervises the work of the Commission and adopts the European Union's budget. The Parliament is composed of 754 MEPs (members of the European Parliament), who serve the second largest democratic electorate in the world (after India) and the largest trans-national democratic electorate in the world (375 million eligible voters in 2009).

The President of the European Parliament (Parliament's speaker) is currently Martin Schulz from the Socialist and Democrats Party (S&D), elected in January 2012.

In 1979, its members were directly elected for the first time. This sets it apart from similar institutions such as those of the Parliamentary Assembly of the Council of Europe or Pan-African Parliament which are appointed.

'For much of its life, the European Parliament could have been justly labeled a 'multi-lingual talking shop'. But this is no longer the case: the EP is now one of the most powerful legislatures in the world both in terms of its legislative and executive oversight powers.' Professor David Farrell, University of Manchester.

Legislative power

The European Parliament shares legislative power equally with the Council of the European Union. This means it is empowered to vote on European laws (directives, regulations etc,). It can accept, amend or reject the content of European legislation, together with the Council of the European Union in a complicated procedure called co-decision or community method.

Budgetary power

The European Parliament and the Council of the European Union together constitute the Union’s budgetary authority, which decides each year on its expenditure and revenue. The procedure of examining, then adopting, the budget takes place between May and December.

With the entry into force of the Lisbon Treaty, the Parliament became a true co-legislator for the EU's entire annual budget, deciding on it in close collaboration with the Council.The European Parliament and the Council must adhere to the annual spending limits laid down in the multiannual financial perspective.

Supervisory power

"Pan przewodniczący!" - European Parliament President

Jerzy Buzek arriving to open the plenary sitting in Strasbourg.