The Eurogroup also held a thematic discussion on insolvency frameworks based on a technical note prepared by the Commission. Effective and efficient insolvency frameworks are very important for achieving a quicker recovery as well as more robust growth and deeper financial integration within the euro area in the future. Finance ministers also took stock of ongoing work on the euro as a digital currency and reviewed the Eurogroupʼs current practices on transparency. Meeting in inclusive format, ministers heard a presentation by Tuomas Saarenheimo, chair of the High-Level Working Group on a European Deposit Insurance Scheme (EDIS), about progress made on the consensus-based preparation of a stepwise and time-bound work plan on all outstanding elements needed to complete the banking union. The report was requested by the Euro Summit in December 2020.