Due to COVID-19 precautionary measures, this second meeting of the Economic and Financial Affairs Council (ECOFIN) under Germany's Council Presidency became a videoconference. The virtual meeting of EU ministers for economic and financial affairs followed a videoconference of the Eurogroup on 5 October and came three weeks after the Informal Meeting of EU Ministers for Economic and Financial Affairs in Berlin on 11 and 12 September.

EU ministers spent the day deliberating a series of legislative and non-legislative topics, including the EU’s Recovery and Resilience Facility, a central pillar of the temporary emergency recovery instrument Next Generation EU, which aims to address the immediate economic and social effects of the COVID-19 pandemic and support the EU’s economic recovery.

An exchange of views on the path towards recovery and lessons learnt during a European Semester defined by the pandemic, as well as preparations for virtual meetings of the G20 Finance Ministers and Central Bank Governors and the International Monetary Fund on 12-17 October 2020, also took place.

The German Finance Ministry's art project for the German Presidency of the Council of the EU: The ECOFIN Bear