Ministers also exchanged views on candidates for Managing Director of the European Stability Mechanism (ESM). They received a presentation from the Commission on its opinions concerning the updated Draft Budgetary Plans of Germany and Portugal, and issued a statement agreeing with the opinions. Meeting in inclusive format, ministers discussed the draft work plan for the completion of the Banking Union. During a meeting of the Economic and Financial Affairs Council (ECOFIN) on 24 May, ministers assessed the economic and financial consequences of Russia’s military aggression against Ukraine and exchanged views on the European response to Ukrainian financial needs. Ministers also took stock of the implementation of the €672.5 billion Recovery and Resilience Facility (RRF), following a presentation by the European Commission on the state of play.