38In the second place, the Parliament is obliged to comply with the requirements that Article 314 TFEU imposes on it for the exercise of its budgetary powers in plenary sitting. The purpose of the deadlines and time limits laid down in that provision is to ensure that the annual budget of the EU is adopted by the end of the year preceding the financial year in question, as a possible failure to observe them can result in the application of Article 315 TFEU concerning a provisional budget.
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