The discussion was based on input from the European Commission. Laurence Boone, Chief Economist of the OECD, participated in this exchange of views with ministers. Participants discussed the solvency situation of the corporate sector and potential measures to facilitate corporate restructuring and economic adjustment in the euro area during the recovery after the global COVID-19 pandemic. Ministers also discussed the draft recommendation on the economic policy of the euro area for 2022. The draft recommendation will be approved at the ECOFIN meeting on 18 January 2022 and endorsed by the March European Council. Its final adoption is expected at a subsequent ECOFIN meeting. Basing their discussion on the Eurogroup work plan, ministers also examined the euro area fiscal framework and arrangements for financial assistance and post-programme surveillance. Meeting in inclusive format, ministers discussed the state of play on strengthening of the banking union, focusing on how to finalise a consensual, stepwise, and time-bound work plan on all outstanding elements. Ministers also took stock of the ratification of the revised European Stability Mechanism (ESM) treaty.