Separate from these negotiations, the Commission confirmed that it is working on a legislative proposal for a ‘digital levy’, which will be designed as an additional revenue source for the EU. Listening to presentations by the European Banking Authority and the European Central Bank, ministers also took stock of the current economic situation and outlook. After the Commission presented its communication ‘One year since the outbreak of COVID-19: Fiscal policy response’ (see above), ministers exchanged views on the conduct of fiscal policy against the current background of uncertainty. They also reviewed the implementation of the Recovery and Resilience Facility and progress in the ratification of the own resources decision. The presidency informed ministers that the Council is scheduled to adopt conclusions on the retail payments strategy presented by the Commission. The presidency and the Commission briefed ministers on the outcome of the February meeting of G20 finance ministers and central bank governors as well as preparations for the G20 finance ministers and central bank governors and IMF spring meetings. Ministers also reviewed legislative proposals and directives in the field of financial services.