The way forward on economic governance will be discussed further until a broad consensus is reached. Ministers also discussed the current situation regarding the financing of Next Generation EU and the implementation of the Recovery and Resilience Facility. In addition, ministers approved conclusions on the future of the European Semester in relation to the Recovery and Resilience Facility.The conclusions call for the return of the essential elements of the European Semester in the 2022 cycle, in particular country reports and country-specific recommendations.

The EU economy and finance ministers also discussed the recent steep increase in energy and consumer prices and their policy implications. After a presentation by the Commission, ministers debated a set of legislative proposals aimed at implementing the outstanding Basel IIIagreements. They received information from the Slovenian presidency on current financial services legislative proposals, and from the Slovenian presidency and the Commission on recent meetings of the IMF and G20 finance ministers and central bank governors

Lastly, the European Court of Auditors presented its annual report on the implementation of the EU budget for the 2020 financial year.