Ministers held a policy debate on the proposed Council directive on ensuring a global minimum level of taxation for multinational groups in the Union. They agreed on the need to transpose the new rules of international corporate taxation into EU law as soon as possible. Ministers also discussed the state of play regarding implementation of the Recovery and Resilience Facility (RRF). At this stage, Commission assessments of Recovery and Resilience Plans (RRPs) for five Member States are still pending while the Council has approved the assessments of 22 plans within the tight timeframe set forth in the regulation. So far, 21 Member States have received pre-financing (13% of the amounts requested) for a total of €56.6 billion. The Council discussed the annual European Semester process and adopted conclusions on the 2022 alert mechanism report and the 2022 annual sustainable growth survey. It approved the 2022 recommendation on the economic policy of the euro area (EAR). In addition, ministers gave guidance for further work on the G20 EU Terms of Reference in preparation for the upcoming meeting of G20 finance ministers and central bank governors. Lastly, ministers received updates on legislative proposals in the field of financial services, the priorities of the G7 Presidency, and the latest EIB investment report.