Meeting on 16 May, euro area finance ministers exchanged views on the economic situation of the euro area and discussed the main policy challenges on the basis of the Commission’s Spring 2019 Economic Forecast which was published on 7 May. Regular discussions on the economic situation and policy challenges underpin the Eurogroup's efforts to bolster economic growth and job creation. Following the mandate received by EU leaders at the 14 December Euro Summit, the Eurogroup in inclusive format continued discussing the deepening of the Economic and Monetary Union (EMU). Ministers discussed revenue aspects – how to finance the budgetary instrument – and looked into an overview of all the features of the budgetary instrument for convergence and competitiveness for the euro area and Exchange Rate Mechanism (ERM) II Member States on a voluntary basis. The key issue is whether to rely on own resources only or also on so-called “assigned revenues” – with contributions from Member States from outside the EU budget. Each option has important legal and governance implications. The Eurogroup is expected to prepare an agreement in June.