EU BUDGET LAW: THE MAIN DEFINITIONS AND PRINCIPLES

The article is devoted to the main definitions and principles of European Union budget law. The EU budget plays a key role in ensuring the effectiveness of EU activities; it finances the functioning of the Union’ institutional system as well as the execution of various programs within the framework of domestic and foreign EU policies. The budget is funded and accomplished in compliance with several principles necessary for the smooth functioning of the EU budget system and the management of financial resources. Principles of EU budget regulation are laid down in documents of primary and secondary EU law, among which a central place belongs to the Lisbon Treaty 2007, Council Decision of 26 May 2014 on the system of own resources of the European Union as well as several special EU Council Regulations and other statutory acts with a focus on reglamentation of revenues and expenditures of EU supranational budget.