The Lisbon Treaty gives the European Parliament new lawmaking powers:
it now decides on the vast majority of EU legislation. Over 40 new fields come under the procedure for co-decision by Parliament and the Council of Ministers, including agriculture, energy policy, immigration and EU funds. Parliament has the last say on the EU budget. With more power comes more responsibility. Parliament, as the only directly-elected EU institution, will have new means to keep the EU accountable to its citizens.
Every new EU treaty has increased the European Parliament's legislative power. The Lisbon Treaty now places Parliament on an equal footing with the Council of Ministers in deciding on the vast majority of EU laws.
More power means more responsibility. With this increased legislative power, Parliament's decisions will, more than ever, directly affect the daily lives of Europe's citizens. Parliament shall, in all its activities, fully respect the fundamental rights of EU citizens, in line with the Charter of Fundamental Rights enshrined in the Lisbon Treaty.
More:
http://www.europarl.europa.eu/parliament/public/staticDisplay.do?language=EN&id=66
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