Conciliation Committee holds first meeting on EU 2016 budget
The Conciliation Committee of the European Parliament (EP) and the Council held its first meeting on the 2016 EU budget on 9 November 2015. The Committee mandated the Commission to prepare a draft joint text with the aim of reaching an agreement at the Committee's second meeting on 13 November 2015. At this first meeting, the Council and the EP also had the opportunity to exchange views on their respective positions.
The Council called upon the EP to respect existing commitments. Pierre Gramegna, Minister for Finance of Luxembourg and President of the Council, emphasised that "the Council believes that if the EU wants to be credible we also have to honour our commitments and respect the expenditure ceilings of the EU's multiannual financial framework."
The Conciliation Committee is composed of the 28 members of the Council and an equal number of members of the European Parliament; the European Commission also takes part in the Conciliation Committee's meetings. An agreement in conciliation still requires endorsement by the Council and the Parliament's plenary within 14 days. The conciliation period started on 29 October 2015 and ends on 18 November 2015. Should there be no agreement by then, the Commission must submit a new draft budget for 2016.
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