Today the EU has an elected Parliament with a central institutional role; it co-decides on legislation, mostly on a par with the Council; it has budgetary  7  and oversight powers; in short, though within a narrower mandate, its status, composition and powers are largely comparable to those of parliaments in any democratic polity.
At the onset, allow me to extend my gratitude to the Hon. Deputy Prime Minister and Minister of Finance for agreeing to grace the ceremony and deliver a key note address. In the same token, let me take this opportunity to recognise the work of The Technical Committee on Collaboration which has been instrumental in organising the event.