The European Union's twenty-seven finance ministers met with the European Commission and the European Central Bank on Tuesday for the monthly Ecofin Council meeting and agreed to increase the capital of the European Investment Bank, the European Union’s investment unit. There was also agreement on four key directives for financial stability: the strengthening of bank deposit guarantee systems; the increase of banking capital requirements; the overhaul of the regulatory framework of UCITS (Undertakings for Collective Investment in Transferable Securities) and the continuing integration of insurance activities. However, there was little progress on the implementation of the European Commission's €200bn economic stimulus plan that was announced last week.