In addition, they exchanged views on national fiscal policy responses as well as on the euro area’s fiscal stance in 2021. Ministers also held a thematic discussion on the political economy factors that could facilitate the introduction of reforms, maximise their impact and ensure the efficient deployment of public resources in the context of the recovery. The discussion was based on a technical note prepared by the Commission. During a session that included EU finance ministers, the Eurogroup took stock of ongoing work on the four streams for further strengthening of the banking union: the European Deposit Insurance Scheme, financial stability, crisis management and enhanced cross-border financial integration. They also discussed the reform of the European Stability Mechanism (ESM) Treaty which envisages the introduction of a backstop to the Single Resolution Fund by 2023 or earlier and the provision of liquidity in resolution. This was the first meeting chaired by the new Eurogroup President Paschal Donohoe.