On Saturday 14 November 2015, the European Council and European Parliament reached an agreement on the 2016 budget of the European Union.
The agreement arrived as part of the conciliation procedure, which was initiatied following the adoption by Parliament on 28 October 2015, of amendments which the Council was unable to accept.
The total level of commitments was set at €155.00 billion, with agreed to payments of €143.89 billion. Luxembourg Minister of Finance, Pierre Gramegna, stated that he was pleased that agreement had been reached ahead of the deadline set for Wednesday 18 November 2015.
"I am particularly pleased to have secured our commitment to unanimity in the Council," continued Minister Gramegna. "This is the result of intensive negotiations between the Council and Parliament, as well as budgetary authorities, and the Commission. I want to thank all the stakeholders who have demonstrated responsibility in the interest of European citizens. The agencies therefore showed that they are able to find a balanced compromise and act together. With the 2016 budget, the European Union shall provide itself with the means to fulfil its role in the world and to concretely contribute to the revival of the economy and employment in Europe. In light of the refugee crisis, this shows solidarity, both at the level of the Union as well as third party countries."
The progress made was however sullied by news of the terrorist attacks on Paris during the meeting, with negotiations interrupted for a minute's silence for the victims of the attacks. The Parliament, Council and Commission formally condemned the violence and expressed the solidarity of the EU with the people of France in the midst of the traumatic circumstances.
The agreement will still need to be formally adopted by the Council on 24 November and by Parliament on 25 November 2015.
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