Economic and Financial Affairs Council configuration (Ecofin)
The Economic and Financial Affairs Council is responsible for EU policy in three main areas: economic policy, taxation issues and the regulation of financial services.
How does Ecofin work?
The Ecofin Council is made up of the economics and finance ministers from all member states. Relevant European Commissioners also participate in meetings.
There are also specific Ecofin sessions, attended by national budget ministers and the European Commissioner for financial programming and budget, to prepare the EU's annual budget.
Ecofin meetings generally take place once a month.
About economic and financial affairs policy
Eurogroup - an informal body bringing together euro area ministers to discuss euro-related matters
The Economic and Financial Affairs Council, commonly known as the Ecofin Council, is responsible for economic policy, taxation matters, financial markets and capital movements, and economic relations with countries outside the EU.
It also prepares the EU's annual budget and takes care of the legal and practical aspects of the single currency, the euro.
The Ecofin Council coordinates member states' economic policies, furthers the convergence of their economic performance and monitors their budgetary policies.
It also coordinates EU positions for international meetings, such as the G20, the International Monetary Fund and the World Bank. It is also responsible for the financial aspects of international negotiations on measures to tackle climate change.