Home      Discussion      Topics      Dictionary      Almanac
Signup       Login
Economic and Financial Affairs Council

Economic and Financial Affairs Council

Discussion
Ask a question about 'Economic and Financial Affairs Council'
Start a new discussion about 'Economic and Financial Affairs Council'
Answer questions from other users
Full Discussion Forum
 
Encyclopedia
The Economic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of the Council of the European Union
Council of the European Union
The Council of the European Union is the institution in the legislature of the European Union representing the executives of member states, the other legislative body being the European Parliament. The Council is composed of twenty-seven national ministers...

 and is composed of the Economics and Finance Minister
Finance minister
The finance minister is a cabinet position in a government.A minister of finance has many different jobs in a government. He or she helps form the government budget, stimulate the economy, and control finances...

s of the 27 European Union member states, as well as Budget Ministers when budgetary issues are discussed.

ECOFIN often works with the European Commissioner for Economic and Financial Affairs and the President of the European Central Bank.

Tasks


The Council covers a number of EU policy areas, such as economic policy coordination, economic surveillance, monitoring of Member States' budgetary policy and public finances, the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

 (legal, practical and international aspects), financial markets and capital movements and economic relations with third countries. It also prepares and adopts every year, together with the European Parliament
European Parliament
The European Parliament is the directly elected parliamentary institution of the European Union . Together with the Council of the European Union and the Commission, it exercises the legislative function of the EU and it has been described as one of the most powerful legislatures in the world...

, the budget of the European Union which is about €100 bn.

Decision making


The council meets once a month and decides mainly by qualified majority, in consultation
Consultation
The Consultation served as the provisional government of Mexican Texas from November 1835 through March 1836 during the Texas Revolution. Tensions rose in Texas during early 1835 as throughout Mexico federalists began to oppose the increasingly centralist policies of the government. In the...

 or codecision with the European Parliament
European Parliament
The European Parliament is the directly elected parliamentary institution of the European Union . Together with the Council of the European Union and the Commission, it exercises the legislative function of the EU and it has been described as one of the most powerful legislatures in the world...

, with the exception of fiscal matters which are decided by unanimity. When the Ecofin Council examines dossiers related to the euro and EMU, the representatives of the Member States whose currency is not the euro do not take part in the vote of the Council.

External links