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The European Parliament is the directly elected parliamentary body of the European Union. Together with the Council of the European Union, it forms the bicameral legislative branch of the Union's institutions and has been described by some as one of the most powerful legislatures in the world. The Parliament, together with the Council, form the highest legislative body within the Union. This is only within the competencies of the European Community being limited to specific policy areas, however Union law does override national law. The Parliament is composed of 785 MEPs (Member of the European Parliament) who serve the second largest democratic electorate in the world (after India) and the largest trans-national democratic electorate in the world (492 million). It has been directly elected by universal suffrage every five years since 1979. Although the European Parliament has legislative power that such bodies as those above do not possess, it does not have legislative initiative like most national parliaments. While it is the "first institution" of the European Union, the Council has greater powers over legislation than the Parliament where codecision procedure (equal rights of amendment and rejection) doesn't apply. It has however had control over the EU budget since the 1970s and has a veto over the appointment of the European Commission. (more...)
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