At an extraordinary Eurogroup meeting on 19 November, EU finance ministers discussed the deepening of the Economic and Monetary Union in preparation for the December Euro summit meeting. Regarding Banking Union, ministers took stock of the progress achieved on risk reduction, on the basis of an assessment by the institutions. They also exchanged views on possible options to better address the possible liquidity needs of resolved banks. The Eurogroup also discussed issues related to the common backstop to the Single Resolution Fund, in particular the possibility of introducing the backstop before the end of the transition period, provided that sufficient risk reduction is achieved. Building on previous discussions, ministers exchanged views on reforming the European Stability Mechanism, including the cooperation between the ESM and the Commission. Lastly, the Eurogroup examined proposals on the introduction of instruments for stabilisation and convergence.