At the Euro Summit in December 2020, leaders tasked the Eurogroup with preparing, on a consensual basis, a stepwise and time-bound work plan on all outstanding elements needed to complete the banking union. Leaders underlined this mandate once again at their informal meeting in Versailles on 10-11 March 2022. During an ECOFIN meeting on 3 May, ministers focused on the economic recovery in Europe and exchanged views on the Council implementing decisions approving national recovery and resilience plans for Bulgaria and Sweden. Bulgaria’s recovery and resilience plan consists of €6.3 billion in grants while Sweden’s consists of €3.3 billion in grants. As provided in the RRF regulation, at least 37% of expenditure should be dedicated to climate and at least 20% to digital targets. Apart from these two areas, investments and reforms under the facility will also focus on: smart, sustainable and inclusive growth; social and territorial cohesion; health, and economic, social and institutional resilience; and policies for the next generation.