Web Trader MT5
The directly elected legislative body of the European Union, representing EU citizens. Members (MEPs) are elected every five years across 27 member states. The Parliament sits primarily in Strasbourg for plenary sessions and Brussels for committee work.
The Parliament shares legislative power with the Council of the EU under the ordinary legislative procedure most EU laws require both institutions to agree before taking effect. It also approves the EU budget, ratifies international agreements, and holds the Commission accountable, including the power to force the entire Commission to resign.
In financial regulation, the Economic and Monetary Affairs Committee (ECON) scrutinises and amends legislation on capital markets, banking, insurance, and digital finance giving elected representatives genuine co-legislative power over the shape of rules affecting the financial industry.
Example: The Parliament’s ECON committee tables significant amendments to a proposed capital markets regulation, adding transparency requirements the financial industry had opposed. The Commission must negotiate a compromise with both Parliament and Council in trilogue giving MEPs real co-legislative power that shapes the final text, not merely consultative input that the other institutions can set aside.
