In a statement, they noted that despite a risk of significant deviation from the adjustment path, Portugal’s medium-term budgetary objective is within reach and Portugal continues to comply with the debt rule. The Commission presented its proposal for the draft recommendation on the economic policy of the euro area for 2020, and the new governments of Spain, Austria and Finland presented their policy priorities. During the part of the meeting in inclusive format, EU finance ministers exchanged views on the organisation of further work on the deepening of the Economic and Monetary Union (EMU) in the coming months, as a follow-up to the Euro Summit of 13 December 2019. At the Euro Summit, leaders had agreed that finance ministers should continue work on EMU deepening, particularly European Stability Mechanism (ESM) reforms, solutions for the financing of the Budgetary Instrument for Convergence and Competitiveness (BICC), and the way forward for the banking union. In the Eurogroup meeting, the International Monetary Fund (IMF) also presented the main findings of its euro area Article IV interim mission to the euro area finance ministers.