31/07/2014 (Agence Europe) - Financial discipline for 2015. The Council and the Parliament failed to reach an agreement on the Commission's proposal for financial discipline (reduction of direct aid) for the 2015 financial year. The Commission will itself set the rate (reduction of aid) at 1.301951%, a decision it will adopt during the month of August. In the autumn amending letter to the 2015 draft budget, the Commission will update forecasts on budgetary needs [and the amount of assigned revenue] and will adjust the rate of financial discipline if needs be. Financial discipline is necessary to establish the crisis reserve amounting to €433 million in 2015. (LC)