With the establishment of Economic and Monetary Union, which involves the introduction of the single currency and the single monetary policy in the euro area, the recurring theme is the introduction - as a counterbalance - of the single budgetary policy across the EU (or, at least, in the euro area). This idea, though apparently natural and reasonable, proves to be a highly sensitive and controversial matter. This controversy stems from the fact that all issues related to a budget, which falls within the authority of the governments of Member States, are deemed cornerstones of national sovereignty. Hence, the implementation of the single budgetary policy flares up strong opposition, particularly in the wake of the recent relinquishment by Member States of some part of their sovereignty in terms of monetary policy. Despite those short- and medium-term difficulties with the implementation of the above-mentioned idea, resulting from the lack of political will in this respect, it is worth considering whether this process could (and should) be extended over a longer period. Therefore, the potential implications of the implementation of the single budgetary policy for the EU budget should be investigated. Firstly, it seems natural that in such case the Community budget would have to be considerably increased. Secondly, extension of the budget would lead to an increase in its importance and role, both on the revenue and the expenditure side. Hence these two major issues are tackled in the article: