On 14 November 2015, the Council and the European Parliament reached an agreement on the EU budget for 2016. Meeting in the Conciliation Committee they agreed to set the total level of commitments at €155.00 billion and of payments at €143.89 billion.
"The budget agreed today is a concrete expression of solidarity both within the EU and with third countries", said Pierre Gramegna, minister for finance of Luxembourg and President of the Council. "It provides the EU with the financial means to boost growth, create jobs and tackle the migration crisis. And it keeps sufficient financial leeway to allow the EU to react to unforeseen needs and events."