The European Commission is the executive body of the European Union. Established in 1967 for the three European Communities then in existence, it prepares draft legislation for consideration by the European Parliament and the Council of the EU. It also monitors the execution of measures adopted under the Treaties and manages the Union budget, including oversight of EU-funded expenditure. The Commission monitors compliance with EU law across the Member States, while the Court of Justice of the European Union gives authoritative rulings on its interpretation and application. Their respective functions support the uniform application of Union law and the observance of the Treaty on the Functioning of the European Union.
Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.