Moreover, they underlined that the transition to climate neutrality will bring significant opportunities for economic growth, markets, jobs and technological development.  At the same time, they recognised the need to put in place an enabling framework to ensure a cost-effective, as well as socially balanced and fair transition to climate neutrality, that takes into account different national circumstances. Leaders also underlined that the next Multiannual Financial Framework (MFF) will significantly contribute to climate action. The European Council also discussed the main features of the MFF for 2021-2027 and took stock of progress made on the implementation of the June 2019 Statement of the Euro Summit, particularly the revision of the European Stability Mechanism Treaty, the budgetary instrument for convergence and competitiveness (BICC), and technical work on the strengthening of the banking union. EU leaders discussed Brexit and preparations for the negotiations on future EU-UK relations after the withdrawal, and welcomed the Commission’s decision to reappoint Michel Barnier.