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According to the TFEU, how is the Union’s annual budget established and what fundamental financial principle must it observe?
A
It is adopted exclusively by the Council acting by qualified majority, and revenue may exceed expenditure during crisis years.
B
It is established jointly by the European Parliament and the Council in accordance with Article 310, and revenue must equal expenditure.
C
Under the pre-Lisbon system, the Council alone established the budget without requiring parliamentary consent or balancing revenue and expenditure.
D
It is drafted and approved by the European Commission, subject to a simple majority vote in the Council.
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