Long-term budget makes its way through European Parliament

The European Parliament approved the EU's budget for the coming seven years on the 17 May 2006, but underlined the need to resolve a number of shortcomings, including funding, during the budget review in 2009. Following Parliament's approval, it was signed into law by the EP, Commission and the Council. MEPs welcome the extra €4 billion to be used on EP priorities, but said the higher figures approved by Parliament last June would have offered the best way of funding EU policies.