They also tasked the Eurogroup with continuing to work on the Economic Stability Mechanism package of reforms, pending national procedures, as well as on all elements of the further strengthening of the banking union. In order to finalise the Budgetary Instrument for Convergence and Competitiveness (BICC) in the context of the next Multiannual Financial Framework (MFF), leaders invited the Eurogroup to provide its contribution swiftly on the appropriate solutions for its financing, and noted that it should be based on the October 2019 term sheet and meet leaders’ ambitions for convergence and competitiveness. The BICC will be included in the President of the European Council’s consultations with the Member States in the context of the MFF. Leaders noted that progress in these areas will also enhance the international role of the euro, which they asserted should be commensurate with the global economic and financial weight of the Union. The leaders will revisit all these issues no later than June 2020.