ECOFIN and the Portuguese Presidency Priorities

Portugal

Economic and Financial Affairs Council

The Economic and Financial Affairs Council, also known as the ECOFIN Council, is one of the oldest and more influent formations in which the Council of the European Union is organized, having played an essential role in the creation of the Economic and Monetary Union. The ECOFIN Council is composed by the Finance Ministers of the European Union Member States. The Council meets monthly either in formal or informal sessions. The formal Council meetings take place in Brussels or Luxembourg and each Presidency hosts one informal ECOFIN Council.

The ECOFIN Council is responsible for the coordination of economic policies, as well as for the Member States public finances surveillance process, in particular fiscal policies in the framework of the Stability and Growth Pact. The ECOFIN Council also deliberates on areas such as, tax issues, financial markets and capital movements, and covers the relations with third parties regarding economic and fiscal issues. Finally, the ECOFIN Council approves every year, together with the European Parliament, the European Union Budget and it is also responsible for other budgetary issues such as own resources and budgetary control.

Following the adoption of the Euro, the Eurogroup. an informal body for the coordination of economic and fiscal policies of the states which have adopted the single currency, has been established. It meets the day before the ECOFIN Council meetings and gathers the Euro zone countries represented by their Finance Ministers.

Economic and Financial Affairs Council – Presidency Priorities

Key Dates: ECOFIN Councils, Informal ECOFIN Council and EUROMED/ECOFIN