The Economic and Finance Ministers (ECOFIN) within the Council have reached political agreement on the Recovery and Resolution Directive (RRD). The Presidency had previously published a note on its approach and a compromise proposal. It noted the importance of the "resolution triangle" comprising (i) the design of the bail in tool, in particular the balance between harmonisation and flexibility, (ii) minimum requirements for own funds and eligible liabilities and (iii) financing. Agreement on each of these elements is critical and a change in approach to one would affect the others. The Presidency believes it has now achieved a balance between harmonisation and flexibility that should meet the demands of conflicting Member State preferences. Michel Barnier, welcoming the agreement, said trilogue discussions should now begin. (Source: Approach Note on RRD, Compromise RRD 19 June and Commission Welcomes RRD Agreement)