TITLE VI - THE FUNCTIONING OF THE UNION
CHAPTER II - FINANCIAL PROVISIONS
SECTION 1 - THE MULTIANNUAL FINANCIAL FRAMEWORK
ARTICLE III-402
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.