The European Parliament approved the EU's budget for the coming seven years, but underlined the need to resolve a number of shortcomings, including funding, during the budget review in 2009. Following Parliament's approval, it was signed into law by the EP, Commission and the Council. MEPs welcome the extra €4 billion to be used on EP priorities, but said the higher figures approved by Parliament last June would have offered the best way of funding EU policies.
EP President Josep Borrell said immediately after the signing of the Financial Perspective for 2007-2013: "The EU costs 26 cents per day per inhabitant. We certainly can't consider that as expensive." The agreement was signed by European Parliament President Josep Borrell, by Austrian Federal Chancellor Wofgang Schüssel for the EU Presidency and by Budgets Commissioner Dalia Grybauskaite for the European Commission.