Meeting on 5 November, euro area finance ministers reviewed the status of the ongoing assessment of the euro area Member States' draft budgetary plans for 2019 and discussed the European Commission opinion on Italy's draft budgetary plan, which was issued on 23 October. Euro area Member States are obliged to submit their national budgetary plans to the European Commission by 15 October each year. After the meeting, the terms of reference on Italy's draft budgetary plan were published. The Eurogroup also held a thematic discussion on financial stability in the Economic and Monetary Union (EMU) based on analysis by the Commission as well as on a presentation by French economics professor and Nobel prize laureate Jean Tirole. The Eurogroup heard the biannual presentation on recent activities of the ECB Supervisory Board and the Single Resolution Board by the Chair of the European Central Bank's Supervisory Board, Danièle Nouy, and the Chair of the Single Resolution Board, Elke König. Later, finance ministers of the 27 EU Member States listened to a briefing by Eurogroup President Mário Centeno on the outcome of the October Euro Summit, which assessed the state of play of the ongoing work on the deepening of the EMU. The Eurogroup continued its discussion on establishing a common backstop for the Single Resolution Fund and how to enhance the effectiveness of the precautionary tools of the European Stability Mechanism. The Eurogroup also looked into the work on the roadmap for beginning political discussions on the European Deposit Insurance Scheme.