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...We then heard from our two banking regulators, the Single Supervisory Mechanism (SSM) and the Single Resolution Board (SRB). It's a decade now since the establishment of the SSM, and the Single Resolution Board, has been with us now also for some time. They gave us a cautiously positive update on the stability of the financial sector, but they again pointed to the progress that we have to make. The ratification of the ESM treaty and also the conclusion of the work in relation to the crisis management framework that will be moving into trilogues. We hope that both of those avenues can reach a successful conclusion to move forward the project of Banking Union.
After this, we turned to competitiveness. We have issued a statement on competitiveness giving the views of finance ministers on an array of topics that will contribute to the future growth of the European Union. A quick highlight on the points that we make with regard to energy, to trade, our view on the need to protect the single market, our identification of the importance of public financing, and the role that it could play with the development and delivery of European public goods. And also a reaffirmation regarding the importance of capital markets.
The meeting concluded with a look at where we are on our work on Capital Markets Union (CMU). We have now agreed a structure regarding how the Eurogroup will continue to engage in the implementation of our statement on CMU in the months and years ahead. This isn't about reporting, it's about action. But if we don't monitor what's happening, action won't be taken in the way we want. We also discussed today a report on the work that was happening in different member states, highlighting, again, the progress that we can make in some areas with regard to securitisation and the retail participation of our citizens in CMU.
One last update from our meeting - my intention to extend an invitation to the UK Chancellor of the Exchequer, Rachel Reeves, to attend our December Eurogroup meeting. This is part of the format that we established in our engagement with other G7 partners, and I look forward to being able to do the same with the Chancellor in a few weeks' time.