PART SIX

INSTITUTIONAL AND FINANCIAL PROVISIONS
TITLE II

FINANCIAL PROVISIONS
CHAPTER 2

THE MULTIANNUAL FINANCIAL FRAMEWORK
Article 312
1
The multiannual financial framework shall ensure that Union expenditure develops in an orderly manner and within the limits of its own resources.
It shall be established for a period of at least five years.
The annual budget of the Union shall comply with the multiannual financial framework.
2
The Council, acting in accordance with a special legislative procedure, shall adopt a regulation laying down the multiannual financial framework. The Council shall act unanimously after obtaining the consent of the European Parliament, which shall be given by a majority of its component members.
The European Council may, unanimously, adopt a decision authorising the Council to act by a qualified majority when adopting the regulation referred to in the first subparagraph.
3
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.
The financial framework shall lay down any other provisions required for the annual budgetary procedure to run smoothly.
4
Where no Council regulation 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 act 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 its adoption.
Substituted by Procès-verbal of rectification to the Treaty of Lisbon amending the Treaty on European Union and the Treaty establishing the European Community, signed at Lisbon,13 December 2007 (Official Journal of the European Union C 306 of 17 December 2007) (2008/C 111/18)This regulation has been carried out by means of a procès-verbal of rectification signed at Rome on 30 April 2008 with the Government of the Italian Republic as depository..