Indeed, the EP is not a parliament one can compare with traditional, national parliaments especially concerning the right of legislative initiative and the right to vote the budget. But the EU is not a (nation) state. Perhaps, the way the EP is working, is a new proper and European way of debating policies and laws which certainly has to evolve further but must not aim becoming like the tradition ➔
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Indeed, the EP is not a parliament one can compare with traditional, national parliaments especially concerning the right of legislative initiative and the right to vote the budget. But the EU is not a (nation) state. Perhaps, the way the EP is working, is a new proper and European way of debating policies and laws which certainly has to evolve further but must not aim becoming like the traditional national parliaments.
To answer your question: having a debating society is something we urgently need in Europe and yes, the EP is on its way becoming a decision-making center.
The different treaty reforms (lastly with the Lisbon treaty) increased the rights and areas of co-decision of the EP. It is directly elected. A legislative text on European political parties has been adopted by the Commission last week. The European "parties" decided to put a head of list on their voting lists for the next EP elections in 2014 who would be their candidate for the presidency of the Commission. The EP started a strike on some dossiers to put pressure on the Council who wants to reform the Schengen treaty... some pragmatic "reforms" show that the EP wants to be a decision-making center and not a simple pro forma institution.