PART III: THE POLICIES AND FUNCTIONING OF THE UNION
TITLE VI – THE FUNCTIONING OF THE UNION
CHAPTER II – FINANCIAL PROVISIONS
Section 1 – The multiannual financial framework
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Article III-402 with 0 annotations
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1. The multiannual financial framework shall be established for a period of at least five years
in accordance with Article I-55.
2. The financial framework shall determine the amounts of the annual ceilings on commitment
appropriations by category of expenditure and of the annual ceiling on payment appropriations. The
categories of expenditure, limited in number, shall correspond to the Union's major sectors of
activity.
3. The financial framework shall lay down any other provisions required for the annual budgetary
procedure to run smoothly.
4. Where no European law of the Council determining a new financial framework has been
adopted by the end of the previous financial framework, the ceilings and other provisions
corresponding to the last year of that framework shall be extended until such time as that law is
adopted.
5. Throughout the procedure leading to the adoption of the financial framework, the European
Parliament, the Council and the Commission shall take any measure necessary to facilitate the
successful completion of the procedure.
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