"Today, the European Parliament plays a firmly established role as co-legislator, with regard to most of the areas under the competence of the Union. It has budgetary powers, and exercises a democratic control over other European Institutions. It also shares (more or less equally) the “legislative” power with the Council of the European Union, it is empowered to adopt European laws, and may accept, amend or reject the content of European legislation." (Quoted from paper)