Under the Lisbon Treaty the powers of the EU Parliament have been enhanced. They still don't have the right of initiative, but at least they can't be shut out of the process of legislation any longer. The Commission and the US government had an agreement on giving the US inisight in financial transactions of EU citizens. Supposedly necessary to fight terrorism.
MEP Jeanine Hennis-Plasschaert (NL-VVD) sponsored a motion to reject the agreement, which was then accepted by the EP with 378 against 196 votes. I am very happy with the outcome of this vote; it's good to see that the EP, which does actually represent the voters of the EU doesn't want to squander its voters privacy just to please a foreign government.
The Lisbon Treaty made it possible.