Their discussion focused on the extent to which the COVID-19 crisis has exacerbated existing macroeconomic imbalances at the euro area level and the policy strategies needed to respond. While recognising that the COVID-19 crisis runs the risk of aggravating pre-existing macroeconomic imbalances in the euro area, ministers reconfirmed the need to maintain a supportive budgetary stance. Ministers also exchanged views on the preparation of the national Recovery and Resilience Plans in line with the priorities agreed in the euro area recommendation (EAR). Lastly, the Eurogroup exchanged views on the global monetary and financial system, in particular on prospects for transatlantic cooperation. Lawrence H. Summers, Harvard professor and former US Secretary of the Treasury, was invited to share his insights and experience with the Eurogroup.