Economic and Financial Affairs Council (ECOFIN)

Source: Europa Nu.

The Council configuration on Economic and Financial Affairs (ECOFIN) is composed of the Ministers (or State Secretaries) of Economic Affairs of the Member States of the EU. Member states that have the euro as their currency form a sub-group known as the Eurogroup.

In the Council of the European Union, the ministers from the EU Member States take a joint decision on the policy to be implemented within the EU. The Council is supported by the Committee of Permanent Representatives, which prepares decisions and guards the implementation and adherence of the decisions monitored by the Council.

The Council presides a formal meeting once a month, but there can be held several informal meetings. The Eurogroup usually meets a day before the Council meets.


Relevant policy fields

This council deals with, among others, the following policy fields:

  • coordination of national economies
  • economic and monetary policy
  • euro Policy
  • fiscal policy
  • budget of the European Union (annual)
  • fraud